When your find yourself in debt you may consider a debt consolidation.
Is it better to use a debt consolidation company or try to do it yourself? It is probably better and much easier to use the debt consolidation company.
They can do some things you may not be able to.
A debt consolidation company will contact all your creditors and negotiate your bill down from where they are presently, so you'll save some money there.
They can often get any late fees waived and the interest rate lowered, which is another savings.
Debt consolidation companies can make you avoid bankruptcy.
The debt consolidators will handle all the calls from the creditors and collections agencies you might be getting.
They will stop calling you.
They will arrange a monthly payment for you based on what you can afford.
Many times using a company for consolidation of debt to pay off your bills will actually result in your credit rating being improved.
This is because a good debt consolidation company will get your debts paid off earlier than if you just paid what you owed monthly.
This early repayment gets your credit rating to improve.
These companies also have debt advisors who will do all of the above and also work with you and take into consideration your income and debts when helping you make a budget They will also give you tips to keep out of debt.
As you can see you can probably go through all the trouble trying to get your creditors to reduce what you owe and reduce you interest rates on top of that but you probably won't succeed.
Those collection agencies will still be calling you also.
A good debt consolidator can get all of this to stop and you will not have to do anything but make a lowered payment every month.