Free Debt Consolidation Loan Claims Examined

Free debt consolidation loan - is such a thing even possible? Unfortunately, such a loan is not currently available, however, there are ways in which you can begin the process of cleaning up your debt.

Try Working It Out on Your Own

The first step toward financial responsibility is to try to work out your debt on your own.  Contact your creditors and see if you can arrange reduced payments or a repayment plan that won't cripple your existence.  After all, some money on a demonstrated payment plan is better than having you walk away or declare bankruptcy.

Contact a Reputable Credit Counseling Agency

Since there's no such thing as a totally free debt consolidation loan, your next step may be to contact a reputable credit counseling agency.  Two sources you can check out  include the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies.

Lenders Charge Money to Consolidate Debt

While you will have to pay money in the form of interest to consolidate your debt, if you have steady employment and can demonstrate a willingness and ability to repay, lenders may be able to help you with an appropriate loan.  No, it won't be a free debt consolidation loan, but it will put you on the right path to financial solvency.