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You need to do some homework before you shop around to get a debt consolidation loan:

1. Gather the most recent copy of all of the bills which you are considering to consolidate.
2. Note down the minimum monthly payment, the interest rate, the monthly finance charges, the due dates, the total balance due, and your credit limits.
3. Add up your total balance due among all of your cards. Add up your total minimum monthly payments. Add up your total available credit (if applicable).

Now that you are armed with this information, you can shop around to get a debt consolidation loan. When shopping around for one, try to get the answers to the following questions, to see whether what they offer you will be beneficial to you or not:

1. How much is their fee for their service?
2. By how much of a percentage or how much of a dollar amount will your total monthly payments go down?
3. What is your overall interest rate going to be for your new monthly payment?
4. How will getting a debt consolidation loan impact your credit score?
5. How long will it take to pay off your debt compared to how long it would have taken if you were to just continue on the path you are now?
6. How soon will you be able to apply for new credit in the future?
7. Will your accounts with your current creditors be closed?
8. What happens if you default on your debt consolidation loan payments?
9. Can you renegotiate the terms of your consolidation loan agreement at a later time?

Need expert advice for your specific debt-situation? Get a free, no-obligation debt consolidation consultation today and you can soon be on your way to enjoying peace of mind once again.

By Hyder Khan

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