It is a type of home loan refinancing that draws in debts, such as credit cards, phone bills, personal loans and car loans into one loan account.One debt, one regular repayment By consolidating your debts, you have the advantage of just one regular repayment – making it easier to budget and manage your finances.
You may continue with your online enquiry, providing security where requested, or you can contact our Member Support Centre on 13 19 87 to discuss our security requirements prior to completing your enquiry.Today, a majority of the home equity lines he approves as owner of Priority Plus Lending will be used to pay off Americans' credit card debts.Nor is his route the only one to spring up in a capitalistic society: Where there's a need, there's a buck to be made, even among the broke.Basically, the DMP plays policeman, taking your monthly lump-sum payment and distributing it to your creditors until the accounts stand at zero. According to Greenberg, less than 35 percent of the people who call consumer credit counseling agencies truly can benefit from a DMP. This is a numbers fudging claim that holds true only in the narrowest of circumstances.For instance, if you miss two 0 payments on a ,000 balance, the third month's bill will make it 0 that you owe.If you are considering debt-consolidation options, avoid these misrepresentations: Credit counseling involves helping consumers develop a budget and the discipline to make steady payments to clear their debt loads. "Most of these individuals make a decent living, but at the end of the week don't have enough money and don't understand why," says Joel Greenberg, president of New Jersey-based Novadebt.