2011/01/10

Tips To Get The Best Debt Consolidation Quote

If you are neck deep in debt and are considering using a debt consolidation program so that you can regain control of your financial situation, there are several things that you need to take into your careful consideration. You will have to do a thorough research and comparison-shopping in order to get the best debt consolidation quote. Besides that, you also need to do some basic homework to ensure the quotes you are getting from different companies are accurate based on your specific situation. Following are a few tips that you will find quite useful in this regard.

Know Your Actual Debt And Financial Situation

The first thing you have to do is to do a thorough analysis of your current debt and financial situation. So, roll up your sleeves and gather all relevant documents, such as your debt account statements, debt payment slips, your salary slips, bank statement, credit card statement, utility bills and other such relevant papers. Write down all the important details on a notepad, such as the number of debt accounts that you have in your name, the outstanding balance on each account, the rate of interest that is being charged on them, and other such details, such as your regular monthly income and your regular monthly expenses.

Shortlist 3-4 Reputable Companies

Now that you are ready with all the details, the next step that you have to follow to get the best debt consolidation quote is to do a thorough research and shortlist a few good companies that are not just legitimate but are also highly reputable with a great success record. You can do the background check of those companies by studying their past records with the Better Business Bureau. You can also read their reviews online on various web forums. Visit their official websites and review the kind of services they provide, the fees they charge, and other such things. All these things will help you make an informed decision on which of the companies should be short listed.

Fill Out The Online Quote Forms

Once you shortlist some reputable companies, you just have to fill out the online quote forms that are available on their official websites. In order to be able to choose the best debt consolidation quote, you must provide accurate details in the quote about debt and financial situation. The more accurate detail you provide, the more accurate quote you are likely to receive. After relieving your quote application, the company studies your specific debt and financial situation and then provides you a quote accordingly.

It Has To Be A Free, No-Obligation Quote

It is also very important for you to make sure that the quotes you are receiving are free, no-obligation quotes. It means you must not be charged even a single penny for these quotes. Besides that, just because you have applied for the quotes and getting the same, it should not at all mean that you are obligated to accept those offers. If a company is asking you to make a certain amount of payment, no matter how small it is, you must take it as an alert sign and should look out for another company.

Compare Different Quotes

In order to choose the best debt consolidation quote, the last thing you have to do is to compare all the quotes you have received thoroughly. Look out for their suitability. It means you need to understand that the quotes you have received have genuinely been designed for your specific situation. Compare the kind of solutions that the companies have offered through those quotes and how much they are charging for their services. A thorough comparison will make it very easy for you to decide which quote is the most suitable one for you. Once you make a final decision, go for it.

Overall, as you can see, if you follow the above steps thoroughly and keep your eyes open, you will not only be able to avoid possible frauds but you will also be able to choose the best debt consolidation quote.

Filed under Debt Consolidation, Debt Consolidation Services