The aftermath of the recession has left many with debts that they simply cannot pay on their own. With job losses in the thousands, many have to live on a lesser income than before. This is when help is needed with finances and it comes in the form of debt consolidation via www.loanmarketparamount.co.nz/mortgages-and-loans/debt-consolidation/
What this method of financial planning does is help you manage your finances all in one lump sum. If you consult with a credit counselor they will advise you on what you need to do to budget your money and they will take your bills and analyze them and negotiate with your creditors for better repayment terms.
In a nutshell, they can save you between 50 to 70 percent of what you would normally payout on your debts and this is done by negotiating with creditors to reduce or eliminate late fees and reduce interest rates as well as other types of fees and charges.
Those fees can really add up and before you know it, your bill is beyond what you can pay on a monthly basis and you will need to seek help of some kind.
When your debt management counselor negotiates with your creditors they will be lowering your overall balance to something more manageable and the total of all your debts are summed up and you only have to pay one low monthly payment to the counseling agency who will then take the money you give to them and pay off your debts one by one.