Debt Consolidation Guide 
Debt Consolidation (Counseling)
If you have $15,000 in unsecured debt at an interest rate of 18%, are making
minimum payments, you can expect to be out of debt in approximately 64 months with a payment of
approximately $345 (includes monthly processing fees) for a total of $22,080. This web site
has partnered with DSLG to provide additional support and resources.
Advantages:
- Some creditors will reduce or eliminate interest rates. Reduction in interest rates
depend on individual creditor policies and your charging and payment history. The average
interest rates you can expect will be between 8-10%.
- All of your payment dates are adjusted to one date in the month so that you make one
payment/month. Your monthly payment is determined by the specific group of creditors you
include in the program. Average payment works out to approximately 2.2% of you debt. Most
of the time this can be lower than your current minimum requirements, however, it can be
more.
- Your monthly payments are processed by an accredited 501(c)(3) not-for-profit debt
consolidation company. They have established relationships with the consumer credit
counseling departments of the major creditors. They also provide our clients with
educational materials that can assist you in understanding how you got into debt and how to
stay out of debt.
Disadvantages:
- Monthly payment is fixed by the creditors and it is your responsibility to make your
monthly payments every month. If you miss payments you will be disqualified from the program
and the creditors will set your interest rates back to the higher rates and may add fees. In
addition, you may not be eligible for consolidation benefits for 5 years.
Two ways to Qualify:
- Option 1: Fill out the form below and a DSLG Agent will contact you.
Or
After selecting an option:
- A DSLG Partner will provide you with several monthly payment options. Choose the
monthly payment that fits your budget.
- Provide the DSLG Partner with budget information and hardship reason. Your
hardship reason is important as many creditors will inquire why you are seeking debt
relief.
- The DSLG Partner will send you the required paperwork.
- Fill out paperwork.
- Make timely, consecutive monthly program payments and continue to make your monthly
payments. You will continue to receive statements from your creditors which will reflect your
adjusted interest rates and payments.
Debt Consolidation not right for you? Try Debt Settlement
|
