MyTabstart > Favorites Directory > Business > Bad Credit - Debt Consolidation Management
If you have several outstanding balances on credit cards and home, auto, or student loans, it may be prudent to consider visiting with a counseling agency to consolidate your debt into one monthly payment. This TabStart page features the best debt consolidation advice from around the web. Because there are so many scams out there regarding debt consolidation, we have only consulted the most trustworthy resources, such as the Federal Trade Commission, the U.S. Department of Justice, and the New York City Department of Consumer Affairs. There is also expert advice here on understanding how your credit score is determined and how you can legally improve it. This TabStart page even includes a debt consolidation calculator that computes how much you could save by condensing multiple payments into one.
These resources explain what debt consolidation is and how it can be beneficial in certain situations.
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Department of Justice: Credit Counseling Agencies for Debt Consolidation - This page from the website of the Department of Justice's U.S. Trustee Program presents a searchable database of approved non-profit credit counseling agencies. You can search by state and by language.
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Debt Consolidation from the National Foundation for Credit Counseling - The National Foundation for Credit Counseling is the largest and longest serving non-profit financial counseling organization in the country. Check out their site to explore credit and housing counseling, bankrupcy education, and consumer tools and alerts.
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Debt Consolidation from the Federal Trade Commission - This page from the Federal Trade Commission explains how to help yourself manage your debt by developing a budget, contacting your creditors, and managing your auto and home loans. Or, if you need help with your debt, this resource advises you to contact a debt relief service. In some instances you should consider a debt management plan (DMP).
If you are knee deep in credit card debt, these websites offer options for consolidating your balances into one monthly payment.
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Settling Your Credit Card Debts from the Federal Trade Commission - This page from the Federal Trade Commission is a must-read if you are interesting in using a debt settlement company. This overview highlights the fact that if a debt settlement company makes an offer that sounds too good to be true (e.g. that they will dramatically reduce or even erase your debt), it probably isn't. There is also useful advice here on companies' disclosure requirements.
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Debt Consolidation Calculator - The University of Maryland College website supplies this debt consolidation calculator. With this fantastic tool you simply enter the amount of debt and the interest rate for each of your credit cards, and it calculates the savings you would accrue if you consolidated your debt into a monthly payment.
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Credit Card Repayment Calculator from the Federal Reserve System - This page from the Federal Reserve features a calculator that computes how long it will take you to pay off your credit card balance if you only make the minimum payment.
Your credit score follows you for your entire financial life, so it's best to learn now how to manage and improve it.
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Building a Better Credit Report from the Federal Trade Commission - Check out this Consumer Facts sheet from the FTC that explains how to improve your credit score. There are comprehensive sections here that explain how to legally imrpove your credit report; that offer tips for dealing with debt; that help protect you from credit-related scams and identity theft; that describe your rights under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act, and more.
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Ways to Improve Your Credit score - NYC Department of Consumer Affairs - The New York City Department of Consumer Affairs presents this easy-to-follow list of ways to improve your credit score. For instance, pay your bills on time, and pay more than the minimum requirement.
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Five Easy Tips to Improve Your Credit Score - The Federal Reserve features this concise list of ways to improve your credit score. Perhaps the simplest rule to follow: pay your bills on time.
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Understanding Your Credit Score and How to Improve It - This is an excellent resource that describes how your credit score is calculated, and, just as importanty, it explains how your credit score can and will effect you. Also, it offers ways to boost your credit scores.