If you have fair credit — usually considered to be a credit score between 640 and 699 — you might still qualify for a debt consolidation loan from certain lenders.
Also know, is Freedom Debt Relief a legit company?
Freedom Debt Relief is an accredited debt settlement company based in Arizona that offers consumers a way to eliminate their debt by reducing what they owe. The business has served more than 650,000 consumers and resolved more than $10 billion in debt since 2002.
Besides, is there a government Debt Relief program?
There is no government program that forgives or even minimizes the burden of paying off your credit card balances. There are, however, 501(c)3 nonprofit consumer credit counseling services that work with you to provide debt relief. These agencies are funded through grants from credit card companies.
What are the risks of debt consolidation?
The biggest risks associated with debt consolidation include credit score damage, fees, the potential to not receive low enough rates, and the possibility of losing any collateral you put up. Another danger of debt consolidation is winding up with more debt than you start with, if you’re not careful.
Michigan Resident Debt Relief. InCharge provides free, nonprofit credit counseling and debt management programs to Michigan residents.
You shouldn’t look at consolidation as a solution to credit card debt, because it’s not. It’s simply a way to save money on interest and reduce the number of monthly payments you’re making. … If you weren’t making enough money to cover your bills, that means either cutting your expenses or increasing your income.