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American Debt
Foundation
http://www.americandebtfoundation.com
What is Debt
Consolidation?
Debt consolidation is
designed to help pay off your debt by combining all your bills into
one affordable monthly payment. Under our program, monthly payments
are lowered and interest rates are reduced - sometimes totally
eliminated. Your save thousands of dollars in interest, and your
payoff time is typically much less.
Why are my
creditors willing to do this?
Creditors are willing to
lower interest charges and monthly payments as a way to help the
client avoid filing bankruptcy, or to avoid having to turn accounts
over to a collection agency.
How will this
affect my credit?
Debt consolidation is
the often regarded as the best way to become Debt Free. Future
creditors will view enrollment in a consolidation program as your
taking responsibility by making regular monthly payments to meet
your debt obligations. It may be that you are current with payments
but realize that you will never be free of debt by paying only the
minimum payment each month. In this case, you are in financial
danger but your credit rating may still be very good. Once you have
begun our debt consolidation service, your credit report may or in
most case, may not indicate as this bill is being paid by a Third
Party payer. This is not a negative or positive aspect, simply a
neutral remark.
Which types of
debts can we work with?
All unsecured types of
debt can be successfully consolidated under our program. These will
include credit cards, bank lines of credit, judgments, attorney
fees, IRS back taxes, previous rent, previous utilities,
disconnected cell-phones, student loans, medical bills, and
department store cards.
Secured debts such as
home mortgages and auto loans typically cannot be consolidated.
Should I declare
bankruptcy to avoid paying my debts?
If you are in an
absolute financial crisis, then choosing the drastic measure of
declaring bankruptcy should be a last resort. Again, Bankruptcy
should only be considered as a final option. It will have an adverse
affect on your credit report for up to 10 years. It will also harm
any potential relationships with future creditors. Most future
creditors won't even consider extending credit to you. You also need
to go to bankruptcy court and pay attorney fees. With our debt
consolidation alternative, you repay your obligations at a faster
rate, at reduced interest charges.
Is taking out a
consolidation loan, a good decision?
No, Many consumers see
this as the best option for resolving debt. They receive a lump-sum
check and are lead to believe that the interest is tax deductible.
Unfortunately, many families encounter deeper financial difficulties
than they had before taking out the loan. Payments and interest
charges on debt are not reduced, and you end up having to pay down
added debt from your new loan. Your home can be jeopardized if you
become unable to pay back the loan.
How long will it
take to get out of debt?
With the average client
debts can be resolved in approximately 4 years or less. Typically 2
to 4 years, though it varies from case to case.
Does your company
serve all 50 states?
Yes, we work within all
US governed states and provinces. This includes Puerto Rico and
Guam. We also work with Canadian creditors as of this time.
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