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Debt Consolidation Vs. Debt Negotiation New York

When debt starts piling up, something has to be done to take care of it -- but what? There are two major options for dealing with debt, debt consolidation and debt negotiation, and the pros and cons of each are discussed in this article.

Local Companies

Anthony B. Smolen, Jr., CPA
(716) 834-6111
3949 Forest Park Way 100
N. Tonawanda, NY

Olsson & Feder LLP
(585) 563-1422
1580 Elmwood Ave
Rochester, NY

Petro McCrum Consulting, LLC
(845) 566-0391
1662 Route 300
Newburgh, NY

Mid-Hudson Pattern for Progress
(845) 565-4900
Desmond Campus, 6 Albany Post Road
Newburgh, NY

D'Arcangelo & Co.,LLP
(315) 336-9220
200 East Garden Street
Rome, NY

NS Navarro CPA
(516) 876-8226
646 Mason Street
Westbury, NY

Citibank
(718) 248-2091
One Court Square
Long Island City, NY

North Fork Bank
(212) 818-1028
420 Lexington Avenue
New York, NY

Union State Bank
(212) 614-6870
11 East 22nd Street
New York, NY

Valley National Bank
(973) 305-4005
1455 Valley Road
Wayne, NY

Debt consolidation is a plan to get you out of your debt through combining all your debts into a single larger debt, and paying to a single creditor through a single check each month. Debt negotiation is a process of negotiating with your creditors to bring down your total amount of debt. A good debt negotiation company can help bring down your total debts by as much as 50 to 70 percent. A word of caution, though. Debt negotiation may sound great, but it can adversely affect your credit report.

The Pros And Cons Of Debt Negotiation

A debt negotiation company discusses your financial status with your creditors, and offers to pay off all your debts in one go. The catch is that they offer to pay, say, $4,000 cash now against the total debts of, say, $12,000. The very fact that you have appointed a debt negotiator on your behalf is a sign that you are a bad risk, and most creditors will settle for cash now, as against the balance over the next 10 years or so.

The flip side to debt negotiation is that it affects your credit rating in a negative way. The commission to your debt negotiator is usually between 14 and 25 percent of the total settlement.

What Debt Consolidation Experts Do

Debt consolidation experts negotiate on your behalf to arrange to reduce the rates of interest, and to reduce or eliminate the late fees and other charges and penalties. They help consolidate all your outstanding debts into a single debt, and arrange a monthly payment schedule consisting of reduced amount, by as much as 20 to 40 percent.

They usually charge a monthly service fee of around 10 percent, and your payments are referred to credit bureaus. They advise you to close all your credit card accounts, and may allow you to keep one active for emergency uses.

It is for you to decide which course of action you wish to take.

About the Author:

Gibran Selman takes care of http://debtconsolidationcenter.net a website dedicated to gather information, on and off the internet, about debt consolidation and other related subjects.

For more articles on Debt Consolidation please go to: http://debtconsolidationcenter.net

Article Source:

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Featured Local Company

Anthony B. Smolen, Jr., CPA

(716) 834-6111
3949 Forest Park Way 100
N. Tonawanda, NY

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