Washington Debt Consolidation Services

Our consolidation partners usually offer two primary services: debt consolidation and debt settlement. Here is an explanation of each service to help you decide which is right for you.

Debt Consolidation

This is usually the most common service offered by our Washington Debt Consolidation partners. Debt consolidation works by applying reduced interest rates to your accounts to help you pay off your debts more quickly with less interest expense. The interest rates you receive are substantially lowered and not available to the general public. Debt consolidation is ideal for people who have under $20,000 in unsecured debt and are current on payments. Washington Debt Consolidation customers who choose this option usually want to reduce their interest rates to get out of debt faster. You might opt for debt consolidation if:

You have between $5,000-$20,000 in unsecured debt
You are current on your payments
You have lots of creditors
You have a lot of high-interest debt
You want the convenience of one monthly payment

Debt Negotiation

Washington Debt Consolidation partners can also offer you a more intensive service called debt negotiation or debt settlement. This is a more serious intervention for those who are possibly in danger of bankruptcy. When you sign up for debt negotiation with a Washington debt consolidation service, you will be required to cease paying your creditors back, for a time. During this time, your Washington Debt Consolidation service will negotiate with your creditors to reduce your total balance. As negotiations are in process, you will make deposits to a holding account. After negotiations stop, you will make one lump-sum payment to your creditors to pay off your debts. Usually, Washington Debt Consolidation services are able to reduce the total amount of your debt by 40%-60%. Consider debt negotiation if:

You have over $20,000 in debt
You are over three months delinquent on your payments
You are in danger of bankruptcy
You understand the initially negative impact the service has on your credit
You have dropped out of or fallen behind on a debt consolidation program