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May 5, 2019
The Truth About Debt Consolidation

The Truth About Debt Consolidation

When it comes to debt, we know there are a ton of emotions that pop up. We may feel confused, scared, and sometimes depressed. Having a mountain of debt ahead of you can feel daunting and overwhelming, but it doesn’t have to feel that way. The truth about debt consolidation can actually give you, as a consumer, a lot of freedom.  Debt consolidation is a great option for so many people, and we’ve seen it help thousands of people get control of their debt.

The Truth About Debt Consolidation

Less Stress

One of the main perks of debt consolidation is that it consolidates your attention. It’s right in the name! Debt consolidation involves taking multiple debts and renegotiating them into one loan. Yes, you still have the same amount of initial debt, but the peace of mind that comes from having just ONE loan to focus on can be a huge asset to people.

Think about how much mail you get each week. Imagine if you had 3-6 smaller loans outstanding.  That’s a ton of paper you’d get each month reminding you of loans. Your odds of getting disorganized with that many different accounts is much higher than if you are only focused on one loan in front of you. If you know yourself, and know that you can sometimes get unorganized, debt consolidation can truly save you a lot of stress, by the simple fact that it is only ONE thing you have to focus on.

Responsibility

The trust about debt consolidation is that you still are responsible to pay off the original debt. Sometimes you can lower your interest rates on that debt, but you still have to pay off the full amount of debt owed.

The original amount you charged to credit cards, took out in loans, or were charged for things like medical bills will still be there staring you in the face. Debt consolidation does not necessarily take away any of the initial debt you face. This is an important thing to understand because ultimately, you will need to work on paying off the new loan that gets set up for you. Ultimately, you are still responsible for any debt, which can be a different option than things like bankruptcy and other debt settlement plans.

Interest

With debt consolidation, you still have to pay interest on the outstanding loan. You may be able to get a lower overall interest rate than what you had on other smaller loans, but you will still be paying interest over time. This is common practice with loans and debt management and it’s important to understand what you are actually paying out in the end. For many, though, this is still a great option so that you can get the large sum of debt managed.

Time

The trust about debt consolidation is that your debt management will be part of your near future. You will now have a loan based on a certain amount of months, and sometimes years for repayment. It is going to take discipline and a focus on the long game. It is normal for debt management to take time to get out of. Can we tell you a secret though? The truth is that by making those consistent payments and chipping away at debt through a debt consolidation plan, you CAN meet your goals and get your debt under control. It probably won’t be overnight, but it can happen. We’ve seen so many of our clients learn healthy financial habits as a result of participating in a debt consolidation plan. We know it takes work, but we also know that you can grow in ways you never considered possible before.

At Debt Quest, we are all about financial health. Most of our clients come to us because they are in need of help. They are not as financially healthy as they want to be. If that’s you, know that you are not alone! Our goal, though, is to help our clients get to a place of financial health. Your financial past does not have to dictate your financial future. You CAN get out of debt and debt consolidation is a wonderful option to consider.

If you want to learn more about our debt consolidation, debt resettlement, or other debt management services, our team would love to talk with you. We’ll listen to what your needs are and present to you what your options are. We’re here to answer your questions and help you get a place where debt is no longer ruling your life.

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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