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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Do It Yourself Debt Consolidation

The hard truth about debt is no one will eliminate your debt (credit card debt, student loans, auto loans, etc) for you.  You must do it yourself.  It's as simple as that. It’s not necessary to pay a professional debt counselor a hefty sum of fees (which will just get you into more debt!) just so he or she can "advise" you. This website is here to show you how you can do it yourself, and for free! Don’t be intimidated by the process, learn how to manage your debt like a professional.

Many debt counselors these days, attempt to deceive you by making the case that they can eliminate your debt.  This is simply not true, and would be against the law if it were being done.  They will tell you that you can take your thousands of dollars of credit card debt and simply shrink your payment into one "consolidated monthly payment". These claims not only defy belief, but are simply that; not true. 

Video: How to Get Out of Debt

Many companies will fill your email inbox with catchy headlines like:

  • "Debt Relief is just a Click Away!"
  • "Reduce Your Monthly Payments by 50%!"
  • "Eliminate Interest Payments to 0%!”

Don’t be fooled by these scams, all the so-called tricks of the trade are easy to complete yourself.  There is a path to debt consolidation and the elimination of your accumulated debt, but there is no quick fix.  You must take the necessary steps to reconcile your finances yourself, and put your debt behind you for good. 

DIY Debt Consolidation

In this “Do It Yourself Debt Consolidation” section, we will provide you with useful resources that will help you with your debt elimination efforts. Learn more about avoiding these scams here.

Video: The Fair Debt Collection Practices Act (FDCPA)

  • Creditor's Database: A list of all creditors and collection agencies in USA, their contact details and their debt settlement policies. Our forums will also provide reviews of these creditor's business practices and ethics.
  • Sample Letters: Sample letters you can use to communicate with creditors and collection agencies. We also incorporate letters to communicate with harassing collection agencies by using the guidelines specified by the Fair Debt Collection Practices Act (FDCPA).   Using these letters provided will give you an excellent starting point for when you choose to contact your creditors directly.  Remember to always do any communication with your creditors in writing.
  • Advanced Calculators: We provide you with advanced debt calculators such as the Debt-Income ratio calculator, APR Calculator (Annual Percentage Rate), Credit Card Payments Calculator and more.  Use the debt-income ratio calculator to find out how much debt you are accruing each month.  This tool will help you get a grasp on how much money you have going out versus coming in.  It is integral to formulating a real budget and debt management plan.
  • Debt, Money Management and Budgeting Spreadsheets in MS Excel Format: Lots of sophisticated helpful MS Excel spreadsheets helping you keep track of your debts and manage them better, with a long term goal of paying them off. Included are also spreadsheets that help with monthly budgeting of expenses.  Use these tools to formulate your personal debt management program.  Include payment dates, amounts, and to which creditors.  Remember to always prioritize your debt from most urgent to pay off to least in order of interest, highest to lowest.

debt consolidationWhen consolidating your debt, remember one important rule: it is a simple process.  You are simply gathering all your bills together and making a single lump payment to be rid of them once and for all without continuing to drown in interest payments.  You can get this lump sum easily and on your own by taking a loan out from your local bank or credit union.  These types of loans are personal loans, or lines of credit, and need not be specific to debt consolidation.  Once you have the total amount of your bills added up, apply for your loan in that amount.  When the loan is approved and the funds available, break out your checkbook.  Pay off each and every one of your bills yourself in one sitting.  Make sure you always make your new loan payment on time, and your credit will actually benefit from this consolidation.  It’s win-win.  Better credit and no more debt, and best of all you will have done it yourself for free.