Unless a consumer happens to have an accountant in the family, the first place that is checked for debt help is online. The consumer finds any number of sites that offer debt consolidation quotes. The first thing to overcome is getting past the headlines which promise enormous amounts of reduction. It isn’t uncommon to see 50, 60 or even 70%, and while those figures are enticing, many of them aren’t realistic.
Whether consolidating debt through traditional counseling, settlement or management methods, there are reduction amounts that are possible and no consumer should set their goals toward over 50%. There are exceptions to every rule but with creditors, even they have their limits.
This type of wild debt consolidation quote is one reason that there are so many misconceptions about debt relief. While the various types of consolidation can be helpful to get out of debt, it is still work and none of them just magically erase debt. Even bankruptcy doesn’t do that anymore. In the cases of debt settlement and debt management, the consumer can decide whether or not to include all debts. If there are credit card debts that are able to be paid in time and continue using the account, it is possible to keep that one out of the consolidation mix. Before requesting online quotes, it is wise to sit down and make a concise list of debt. Look at it long and hard before pursuing any debt resolution program.
It is also wise to do a little price shopping and not regarding the fees. Chances are that if you input figures into a dozen online quote sites, you’ll get a dozen different results as to what the monthly payment will be. Avoid those that over promise or make it seem as if the monthly payments are too good to be true. If that’s the case, it probably is too good to be true.
Getting a debt consolidation quote is a smart thing to do, and it does give the consumer an idea of what monthly payment may be in store for them. Also expect that before a quote is in any way accurate that it will take a conversation with a debt relief specialist. The online quotes are not tailor made solutions, and in order for a program to be successful for a consumer, it needs to be customized for the best benefit. Get those quotes, but know that they aren’t the final number either.