Now a days a number of companies are providing educational programs and training on debt settlement, reduction, management, repayment methods, negotiation, arbitration, debt consolidation and credit counseling but important thing to understand is that is it all about a help and a better solution for the consumer or do these companies work only for their monthly stipends.
Talking about every other method of settlement which involves individual settlement of debt amount, these are not as crucial and may not need that much help as a debt consolidation requires because in a method of debt consolidation you do not only combine all your debts as one to seek a single payment amount with a reduced interest level which is many time up to 9% or some of the cases more than that but on the other hand you also increase a level of risk that if you go down or run short of payment you go down with all your debts smaller to bigger.
Therefore a debt consolidation and credit counseling comes together and as far as the relation of a debt consolidation and credit counseling is concern we surely need help.
A number of companies are offering their services for free on debt consolidation and credit counseling therefore fell cheap because they do not charge you any fee so this is not only where you save on a total amount in shape of reduced interest but also you save the amount of monthly fee and as many cases the process needs 12 months to approximately 30 months or in a few 5 years installments you can save money in all those months.
In some of the cases of multiple bills and as well as the credit cards you may also get a chance of a consolidation with 40% to 60% reduction in your primary amount but it is important to know that it is possible if your debt is unsecured and not backed by any security.