Debt counseling isn't right for everyone. If you are not in serious financial distress, it could be worth looking in to. If you can manage your payments now, but would like some more wiggle room, or need to have them lowered due to unforeseen circumstances, debt counseling might be right for you. If you know you can pay off your loan, consolidating your debt could result in a lower interest rate. Of course the other perk is that it also simplifies your payments, so instead of paying several bills, you're only paying one. Finally, if you're interested in learning more about how to manage and maintain a budget, a debt counselor can help you with that.
On the other hand, if you have a large amount of debt, and you're struggling to make payments, consolidating your debt could be the wrong move, especially if your home is on the line. There are other options you can pursue that don't involve losing your house. Also, if the only option you have is unsecured consolidation, your interest rate may be too high. You could end up paying more than you originally owed in the long run. If you're suffering under the burden of crushing debt, you might want to pursue a more aggressive option than debt counseling.
Every debt situation is unique. For some, debt counseling and debt consolidation are a excellent solutions. For others, it can result in more debt over time, and even foreclosure. How can you find out if debt counseling is right for you? Call Freedom Financial and speak to a debt specialist. We're here to help put you on the right path to financial freedom. If debt counseling isn't right for you, we can suggest alternatives. All it takes to get started is a conversation. Call today.