The Best Debt Consolidation Company May Be Yourself

Looking for the best debt consolidation company is a challenge considering all the options. Many companies claim to be able to reduce your debt by lumping all your bills into one low monthly payment. Many of these companies charge heavy upfront fees and don't really do anything to help you eliminate debts. Most of the time the low monthly payment is just another loan paying off only the minimums on your previous loans.

The best debt consolidation company for you may be one of the free consumer credit counseling services. The debt management programs they offer were first introduced by the major credit cards companies in an effort to reduce the number of bankruptcy filings. If someone files bankruptcy and has their debt discharged, there is no way to get their money back. Through credit counseling, they negotiate with the debtors and work out a payment schedule without having to go to bankruptcy court. At least this way both parties are willing to work out the debt problems.

The National Foundation for Credit Counseling is one of the best debt consolidation companies. Founded in 1951, they are considered to be the national largest credit-counseling network. With 1,000 agencies based nationwide, they help over 1.5 million families per year. Their services are either free or available at low cost. With their nationwide chain of offices and low cost, NFCC is a good option for someone considering seeking credit advice.

Perhaps the best debt consolidation company for you could be yourself. Elimination of credit card debt takes time but with some careful planning and perseverance, you can succeed. Consider paying off the credit cards with the highest interest rates first. Always pay more that the minimum payment on your credit cards as well. Even a few dollars will help reduce those monthly interest charges. After you have paid off a credit card, go ahead and cut it up. The best strategy to control credit card debt is eliminating the source.