Debt Consolidation Programs for Veterans

It is estimated that around 85% of families are in debt. Debt is something that most of us have, often times because we owe on a mortgage. Beyond our mortgage, many people end up getting into further debt with purchasing vehicles, owing on multiple credit cards, and taking out additional loans. All the debt can lead to a lot of stress, because it’s difficult to keep up with making payments each month. There are debt consolidation programs for veterans, which may ease the burden some.

People don’t usually set out to get into debt. It’s the type of thing that creeps up little by little, and before you know it, you are struggling to pay the monthly bills. The debt becomes such a huge burden, largely because of the interest that is added each month. The interest makes debt difficult to overcome, because it’s added monthly and your payment doesn’t usually cover it and bring the principal down. Debt consolidation can be a helpful solution to consider if you have a lot of debt that is creating a burden.

Defining Debt Consolidation

You may have heard about debt consolidation, but may not be clear on what it is. Before jumping into it, it’s a good idea to gain a better understanding of what it is and what it involves. There are numerous options when it comes to debt consolidation programs for veterans, and it’s a good idea to know about them before choosing one. That way you will not be caught off guard or disappointed later on.

Debt consolidation is the process of taking all of your debt, or some of it if you don’t want to include all of it, and it combining it into one loan. While you will still owe the debt and will need to make monthly payments on it, there are some real advantages to doing this. For starters, it makes keeping up with the monthly payments easier. Most people have debt with multiple lenders and each month they need to make a payment. It is easy to overlook making one of the payments, especially if you owe on five or six accounts.

Once you consolidate your debt, you will only have to remember to make that one payment each month. You won’t have to try and remember all the lenders and due dates and try to keep up with them. You will no longer have to risk being hit with late fees for a payment you overlooked. Another benefit of debt consolidation is that you should save money on interest.

When you decide to do debt consolidation, you will take out one loan that will pay off all the debt you want included. Then you will just owe on that one loan.  Your debt will be more simplified, easier to keep track of, and you should save money, too.

Types of Debt Consolidation Programs for Veterans

In Charge Debt Solutions – This organization offers a program that will provide you with a lower interest rate. You will also be able to get smaller monthly payment arrangements, and you will help to eliminate the additional fees you have been being charged. If you follow their debt consolidation program, you should be able to be out from under the debt within 5 years, depending on how much debt you have. You can apply for the program online. To apply, click here.

National Debt Relief – This is a nationwide program that can save you a lot of money. The average that they help save their customers is over $6,000. Their program will help you with settling debts, saving on fees, and reducing the overall amount that you need to pay. You can apply for National Debt Relief online. To apply, click here.

Clear One Advantage – They offer debt consolidation programs for veterans that will help address your collection debt, medical bills, and credit cards, among other types of debt. They have simplified the debt consolidation process, and they offer a tool to help you determine how much you could save each month. You can apply online. To apply, click here.

In addition to these places that offer debt consolidation for veterans, you should check with your bank. Many banks and credit unions also offer programs, and you may be able to negotiate a more attractive interest rate by working with a local lender. Debt can be a burden, but you can help eliminate the stress and save money when you opt to consolidate. Be sure to thoroughly evaluate the programs before choosing one to go with, so you can find the best option for your circumstances.