Requirement of Consolidation Services

Open any newspaper, magazine, or web page and you will find plenty of bad/depressing news about today’s economy: unemployment is higher than 10%, foreclosures are rising, healthcare and education are becoming more and more expensive and as a result, many people are drowning in debt. To solve their financial problems and save whatever is left of their credit rating people turn to debt consolidation services. Can they do something for you that you can’t do yourself? Is it worth paying someone else to do what you can do on your own? Lawyers in Dubai are here for your assistance. 

What is debt consolidation and what can debt consolidation companies do for you?

Debt consolidation is combining your debts into one large long-term debt you repay over a long period. What debt consolidation company will do for you: combine your debt, try to negotiate a lower rate, try to settle your accounts. They usually charge 10% fees for their services. After all said and done you could be worse off than before. It would be smarter to pay these 10% fees toward your debt. 

  1. Make a list of all your credit cards and personal loans; write down amounts that you owe and phone numbers for customer service. 
  2. Start calling them: ask for an interest rate reduction, payment reduction, or settlement options. 
  3. Explain your situation (loss of job, medical emergency, divorce, whatever it may be (It may be embarrassing, it may hurt your pride, but…). 
  4. Ask for everything in writing (new interest rate, settlement option, etc…)
  5. Make arrangements and stick with them.

If you can not do it on your own, it is a better idea to turn to nonprofit debt consolidation for help and you can also access advocates in Dubai. They can also help you with money management and budgeting.

And of course, the most important thing is no new debt, change your spending habits, and live within your means.