Accelerated Debt Consolidation – How Does it Work?

By | March 8, 2013

Ever heard of unsecured debt consolidation loans before? If you have not, perhaps you have heard about accelerated debt consolidation loans instead? Both these loans are pretty much the same, and would assist you greatly when you are struggling with plenty of debt, especially when you have several credit accounts that you have no control over! If you are finding it extremely difficult to cope with the high interest rates that all your credit accounts throw upon you, or been missing payments regularly, then you are in need of this solution without a doubt!

Debt consolidation is a simple solution that has been proven effective for thousands out there today, thus it is a safe bet for you if you are in need of it. Then again, be careful to only engage in the services of legitimate debt consolidation and relief companies that have proven track records instead of unknown companies, as this would prove to be the safest bet for you. How does accelerated debt consolidation work one may ask.

To make it simple, it combines all your current debts into one single account that would give you the comfort of lower interest rates and easier management of the account. The debt consolidation firm would then pay off your current creditors regularly or on a lump-sum basis, while you only have to worry about dealing with the debt relief company that you signed an agreement with. No more late or missed payments, as these firms would call you up and remind you when your payment date nears. Saving on late payment alone can save you a few hundred dollars a year! And with lower interest rates, you could probably settle your debts earlier, and achieve debt-free status a lot faster compared to before!

Usually when you combine loans such as credit card and personal loans within a single account, you would not need collaterals to back you up. Only when you deal with secured debts such as property or vehicles would the debt relief company require collateral. Accelerated debt consolidation loans deal with unsecured debts.

Usually a counselor would be assigned to you, and the counselor would quickly assess your credit situation and come up with a way to combine all your debts within a single account, with repayment amounts that you can cope with. This new repayment plan would without a doubt help you overcome your debt issues in a faster, more functional way. Opt for it if you are facing financial difficulties with no way out, and emerge unscathed from the ordeal with the help of these debt relief agencies!

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