Dealing with some crazy amounts of debt from multiple sources can feel extremely stressful. You just have to keep up with making numerous monthly payments all while still trying to cover regular living expenses. It most times feels impossible to make any form of real progress.
This is where a debt consolidation service like Freedom Debt Consolidation comes in and can potentially help provide some relief. They do this by combining multiple debts into one consolidated payment plan. It is the main aim of Freedom Debt Consolidation to help you finally tackle debt and work towards becoming debt-free.
This blog post will let you know all you need to know about Freedom Debt Consolidation.
What Exactly Is Freedom Debt Consolidation?
Freedom Debt Relief is a financial services company that offers various debt consolidation and relief programs, Which include:
- Debt settlement – This involves having to negotiate with creditors to settle accounts for less than you owe
- Debt management plans – Here they work with creditors to lower interest rates on debts and consolidate them into one payment
- Credit counselling – They also offer advice on improving credit and managing finances
Freedom Debt Consolidation has been in business for over 15 years and has settled over $15 billion in debt for over 1 million clients to date. They have high ratings with the Better Business Bureau (A+) and Trustpilot (4.8/5 stars) showing most customers have been satisfied with their services.
What Are the Pros and Cons of Freedom Debt Consolidation?
Pros
- Provides you with lower interest rates that save you money
- It consolidates your payment which makes it easier to manage
- Helps you avoid harassing calls from creditors
- Customized program based on your situation
- May stop debt collector’s lawsuits against you
- It has a dedicated debt specialist who provides guidance
Cons
- It is not a loan, so debts are not fully consolidated
- It charges fees for enrollment and ongoing service
- Debt settlement can hurt your credit score if accounts lapse
- There is no guarantee that all your settlements will be approved
- The process of working with them can take several years to be completed.
Debt consolidation can be a helpful tool for some consumers, but there are tradeoffs to consider with services like Freedom. Make sure to weigh the pros and cons carefully when deciding if it aligns with your debt relief needs.
How Can Freedom Debt Consolidation Help You?
The key benefits of using a company like Freedom for consolidating your debts include:
- They can help to lower interest rates. They negotiate much lower rates on credit cards and loans, reducing how much interest you pay overall.
- The firm tries to consolidate all debts into a single monthly payment, Instead of of you tracking 5, 10 or more payments to various creditors, you pay one amount to Freedom Debt Consolidation that they distribute.
- You get an Improved credit score. As accounts get paid down or settled, it has a positive impact on your credit report and FICO score.
- You also enjoy customized debt relief plans. Freedom Debt Consolidation provides a personalized plan tailored to your unique financial situation.
- The fees you have to pay are much lower so you enjoy some form of savings on fees. Freedom Debt Consolidation fees are lower compared to many other debt settlement companies. They also provide a debt reduction analysis so you know exactly how much you’ll save on interest and fees.
What Types of Debt Can Freedom Consolidate?
Some of the most common debts that can be included in Freedom’s debt consolidation programs are:
- Credit card balances
- Medical bills from doctors, hospitals or clinics
- Personal loans from banks, online lenders or payday lenders
- Past due utility bills
- Charged off unsecured debts that have gone to collections
The minimum amount of debt required to enrol is $10,000 across all accounts. As long as the debts are unsecured (not tied to an asset like a house), they are usually eligible for consolidation.
Who Qualifies for Freedom’s Debt Relief Programs?
To be approved for Freedom’s debt management plan (DMP) that consolidates debts into one payment with reduced rates, you typically need:
- Minimum $10,000 in total unsecured debt
- Steady income sufficient to maintain monthly DMP payments
- Willingness and commitment to enrol in financial education
- Credit score of at least 600
Then for Freedom’s debt settlement program, the eligibility criteria are more flexible:
- $10,000+ in unsecured debt but no set income requirements
- Lower minimum credit scores needed compared to the DMP program
- Assets like home equity are not considered
How Does the Freedom Debt Consolidation Process Work?
If you enrol with Freedom, the debt consolidation process involves:
Step 1. The Initial consultation – You will have to speak with a Freedom debt specialist for an assessment of your financial situation.
Step 2. Review of program options – Freedom will outline your relief options including settlement, DMP, credit counselling or a combination.
Step 3. Enroll in your chosen program – – You will have to sign your debt consolidation agreement.
Step 4. Make a single monthly payment to Freedom – They will disburse money to your creditors.
Step 5. Track savings progress – Freedom provides updates so you can see debts getting resolved and interest/fees dropping.
With persistence, you can be debt-free much faster compared to tackling debts individually. Many clients get out of debt in 24-48 months with Freedom.
Conclusion
Managing overwhelming amounts of debt is stressful and challenging to tackle alone. Freedom Debt Consolidation offers debt settlement and management programs that can provide real savings in interest, fees, and time to become debt-free.
If your financial situation has become unmanageable, partnering with a proven debt consolidation service like Freedom Debt Consolidation may provide the expertise and solutions you need to eliminate your debt.
For many people struggling with high amounts of debt, Freedom Debt Consolidation has proven itself as a trusted consolidator that can provide real savings and solutions. Their debt specialists are available for a free consultation to see if their services may be able to help you finally tackle your debt.
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