Debt Consolidation

A Debt Consolidation Loan will typically lower your interest rate, which sounds enticing and will immediately decrease your monthly credit card payments. However, it will not lessen the amount you pay back and in some cases, the time it takes for you to pay off your principal will increase.

Many debt consolidation loan lenders are now only offering the loan if it is secured against collateral such as your house or car. This is typically a terrible idea. Why would you want to leverage the property you own or the home you live in if you don’t have to?

For many people who have a large amount of unsecured debt it is difficult and sometimes impossible to pay the lowered interest amount, which will result in increasing debt and a further downturn in your credit score. A Debt Consolidation Loan can negatively affect your credit score right out of the gate.
Even if you are able to pay the monthly payment, it is guaranteed that you will be paying off the bank for a considerably longer period than if you did not consolidate your debt because you are putting less against the principle.
If you are not able to keep up with the payments, debt consolidation won’t save you a dime and will cost you more than our debt settlement program.
Using Turning Point Debt Settlement to negotiate on your behalf will enable you to stop having to pay interest on your credit card bills. It will shelter your credit score in a way that no other debt resolution service can. To learn more about what Turning Point Debt Settlement has to offer, read about our Debt Settlement Program.