Settle Debt Faster. Low Interest Rates - that is the buzz.

The fact is that basically the debt consolidation company benefits from this one. They buy - yes buy - a lower rate of interest from the company you owe money to by negotiating pay back of thousands of dollars of debt. You are charged an amount for this service and a monthly fee after that.

The debt consolidation supplier pays off your loan faster, you don't. You keep paying them rather.

If you thought making regular paybacks by your due date was expensive, try making ONE LOW Payment monthly.

These companies only buy bad debt to minimize the interest. They will buy collections of debt - thousands of dollars of debt from a firm to get the lower interest rate - plus they get a percentage kickback from your loan company to reward themselves for payment of that balance due.

Debt consolidation scam fees are built into your monthly payment - So practically you pay as much as you could have if you had sent that extra payment to your credit company and paid off your higher interest rate credit card sooner by adding that increased fee to your payment every month. Actually, you pay more.

They don't re-negotiate your due date. That means that they pay everyone's debt at the same time, once a month.

If they pay on the 15th of the month and your payment was due on the first, then your credit will carry a 30-day late payment once a month - every month-on all three of your credit records. Late payments stick on your credit history for 7 years (or more). Feeling good now, I'll bet!

That's not all. You could also be one of those individuals whose payments get skipped once in a while - Yes it happens all the time with Debt Consolidation techniques.

Negotiation is something you can do yourself. If you just hate talking to these people you can even empower someone you know and trust to make a deal for a lower interest rate for you on your behalf. If you can't get anywhere negotiating with the first person you talk to, ask to talk to a manager. If you can't get anywhere by the third supervisor, you're caught.

- Negotiate your own lower Interest rate

- Extend your repayment schedule

- Pay off the largest interest debts First and add extra money

- Write 2 checks: One for the lowest payment and One for any additional money with a word in the memo that states: "Principal Only Payment." This one simple step can save you tons of money. If you don't state this, your money is automatically used to the interest and you'll pay more interest for a longer period. Yeah, that really sucks, definitely not for them. For you.

- Figure out - there are freely available debt calculators all over the internet - what it would take to repay your highest interest cards first. I connected my own and came up with the fact that if I add $60 a month to my minimum credit card payment, I can have a $1300 debt cleared in 12 months with $66 interest.

- If I proceed with the minimum payment, It can take longer than 6 years and cost me over $2500. Simply that one action that I took put over $1134 back in my pocket - in one year. And I did it on my own. Without debt consolidation costs!

I don't recommend any debt consolidation company. They prey on your desperation and the doom and gloom of the length of paying out your credit cards at minimum payments.

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