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Colorado Debt Consolidation is Highly Regulated
By Lacy Gallagher on November 9, 2011

colorado-government-(1).jpgThe Colorado Uniform Debt Management Services Act (DMSA) oversees the companies that provide or sell debt management services for the purpose of protecting Colorado consumers.

Debt management services legally means a negotiation service between a debtor and one or more of the debtor’s creditors for gaining a compromise. The act defines debt management providers as non-profit and for-profit credit counseling and debt settlement companies. This definition includes law firms and attorneys, if the attorney is not licensed to practice law in Colorado and is not providing legal services in an attorney-client manner. It also excludes accountant-client accounting services from a certified public accountant certified in the state of Colorado.

There are several companies that may offer you too-good-to-be-true debt solutions, beware. If a deal is too good to be true, it most likely is. Colorado Attorney General maintains a regularly updated list of registered debt-management providers and any disciplinary actions that should be consulted before signing an agreement with any company.

Debt consolidation can be an ideal route for reducing debt if you prefer to deal with a bank in regards to loans rather than a third party. It allows the debtor several different loan options for combining their multiple creditors:
  • Personal Loans are provided based on your word to repay the loan. If you have a good relationship with your bank, then this loan may be great way for you to combine your debts to one line of credit. Since these loans are unsecured, no collateral is held against the loan, however there tends to be a higher interest rate despite your credit. These loans are typically used for small expenses.
  • Home Equity Loans (Second Mortgages) are lent with the borrower’s home used as collateral. These have a typically have a fixed interest rate and are for a shorter term than the original mortgage. The house’s appraisal will need to be current because they are secured for the value of property.
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