Debt consolidating loan companies Young adult chatting

As many individuals have become financially overextended with credit card or other debt, they have considered debt consolidation as a possible solution.

The new loan is also typically made at a lower interest rate than the average interest rate of the previous debts.However, consumers need to exercise caution and due diligence when considering a debt consolidation company.Some debt consolidation services lower monthly payments and interest rates but, in fact, end up costing an individual more money, due to the fact that the loan term is extended for a longer time period.The best debt consolidation companies negotiate with creditors to lower the total amount of debt owed before putting together a debt consolidation loan, rather than simply providing a new loan to cover the existing debt, thus providing genuine, substantial savings for the indebted individual.Based on reviews from a number of consumer websites, these are three of the best debt consolidation loan companies in 2016.

National Debt Relief is ranked right at the top on a number of sites and articles that review debt consolidation companies.

The company has an A+ rating from the Better Business Bureau (BBB) and is accredited by the BBB, the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA).

National Debt Relief is recommended in part because of the high level of transparency in regard to exactly what consumers can expect to pay for its services — 18 to 25% — and the average debt reduction savings realized — a net 30% after deducting National Debt Relief's fees.

Unlike many debt settlement or debt consolidation companies, National Debt Relief can also help with business debt as well as personal debt.

National Debt Relief debt settlement plans are designed to retire debt within a time frame of 24 to 48 months.

The minimum level of debt required to qualify for the program is ,500. Cura Debt offers debt-burdened consumers an impressive level of average net debt savings at 40%. Like National Debt Relief, Cura Debt offers to consolidate both personal and business loans and has a minimum debt requirement of ,500.