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How to Recognize Your Best Debt Consolidation Options

Do you need to take control over your monthly debt payments? If you do, you may be a candidate for a debt consolidation loan.

A debt consolidation loan is just what it sounds like. Instead of paying multiple creditors every month, you repay your debts to a single creditor every month.

Instead of trying to negotiate reductions in interest rates with multiple creditors on your own or through a debt reduction plan (which is something quite different from a debt consolidation loan), you almost always can get a lower interest rate for all of your debts with a single payment to a debt consolidator.

Instead of trying to get creditors to forgive your debt, or part of your debt, your debt consolidation loan repays your debts in full — as long as you list all of your debts on your application.

Debt consolidation loans can combine credit card payments, installment loans, medical bills, home repair bills, and other unexpected expenses into a single monthly payment. But how do you recognize the right place to apply?

Symple Lending is a company that recognizes that they make more profits when they are genuinely helpful to their customers. No matter which lender you choose, here are some of the ways experts at Symple Lending confirm a good choice.

  • You found your lender online or by word of mouth. Your lender did not come to you first. The best debt consolidation lenders let you come to them, rather than the other way around.
  • Your lender has an A+ rating with the BBB as well as great Trust Pilot reviews. If customers have run into problems with these companies — and even the best companies sometimes have customers with questions — they worked out problems quickly and satisfactorily.
  • Your lender has customer support available seven days a week. You will never have to call them from work. Some lenders even offer customer support 24/7.
  • Your lender has an online customer portal where you can make payments and check on the status of your account, as well as leave messages for or chat with customer service.
  • Your lender makes it clear they are refinancing your debt, stretching out your payments, not eliminating your debt. They give you a clear estimate of when you will finally be out of debt.

It’s always best to apply for a debt consolidation sooner rather than later. You want to get your application in before you are late with your credit card payments, or you have skipped a month on your installment plan with the orthodontist, or you have to cut back on necessities to pay your bills.

Your interest rate will be lower if your credit score is higher. Don’t wait until you have damaged your credit before you apply for debt consolidation.

Symple is here to help. Don’t leave any questions unasked. Make sure you understand your options and the potential of your debt consolidation loan to make your financial life easier.