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Understanding Bad Debt Bill Consolidation Services
By Siddarth Nagaraj on January 27, 2011

telephone-agent-(2).jpgAs bad debt increasingly abounds, so does the number of options that are marketed as good strategies to help you settle accounts with your creditors and regain financial independence. These self-proclaimed solutions range from the sensible to the fraudulent, but any financial decision can only be made after careful consideration of both your situation and the options that are available to you. If you are troubled by problems related to debt, you should be aware of bill consolidation, regardless of whether or not you intend to undertake it.
To those who are overwhelmed by complex financial dealings and the demands of multiple creditors, bill consolidation can appear to be an intriguing concept. After all, who wouldn’t want to have to deal with a shorter list of bills? While such prospects are pleasant to contemplate, bill consolidation is far more complicated. In theory, bill consolidation works as follows: your outstanding debt (as well as your loan payments) is transferred into a single bill following the approval of a bill consolidation plan. As part of the bill consolidation process, you hire the services of a company which will negotiate a lower interest rate with your creditors on your behalf. Although you receive the benefit of the lower interest fee, you are beholden to the bill consolidation company and must pay them a nominal fee.

Alternatively, a debt settlement company pays your creditors and profits by keeping the difference from the fee. These payments charged by bill consolidators tend to be exorbitantly high and are often demanded either upfront or on a monthly basis.

Bad debt bill consolidation loans fall into two categories: secured and unsecured. A secured bill consolidation loan allows you to consolidate your debts into one large loan. Although your interest rate may be lower and your repayment period is longer than if you were to acquire an unsecured loan, you must be consistently prompt with repayment or you will suffer heavily. Failure to pay will result in the repossession of your property by the lender. If you do not have any assets to pledge as collateral, you may still qualify for a bill consolidation loan. These unsecured loans are relatively easy to acquire but you will face high costs in return. You will be charged a higher interest rate and you must repay in a shorter amount of time than those who have taken out other loans.

Bad debt bill consolidation does not primarily exist as a means to help stressed debtors (although it can certainly do so). It instead principally benefits the bill consolidators themselves, who profit from acting as an intermediary between you and your creditors. By introducing them into your financial affairs, you are making a tradeoff. Although using bill consolidation services may seem as though you are simplifying your payment plans, do not fool yourself into thinking that you can distance yourself from your creditors or lessen your responsibility for your own affairs. Bill consolidation could or could not be the right option for you, but don’t think of it as an easy way out.
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