What Is The Maximum Length Of Time To Do A Debt Consolidation Program?

By Phillip Williams on March 11, 2010, 6:04 am Posted in Economy News

Debt can take years to accumulate, and just as long to pay off. When deciding whether to enroll in a debt consolidation program or which kind of program is best, many people find themselves wondering what is the maximum length of time allowed to complete a program. Initially, the application and acceptance process takes about one to two months if everything runs smoothly depending on the company that you choose to work with, and this amount of time can be increased due to issues that may come up during the process. Once accepted, the amount of time that it takes to complete a debt consolidation program will vary from case to case depending on the amount of debt and what sort of program the debtor is interested in.

 

What Is The Average Length Of Time That A Debt Consolidation Program Takes To Complete

The average length of time that a debt consolidation program takes to complete is generally two to four years. This amount of time applies to those with a relatively decent amount of debt, but if there is a large amount of debt that needs to be paid off, the amount of time will increase depending on the clients ability to pay. The length of the program can be decreased by the client promptly paying more than is required each month. Also, if the client chooses to consolidate debt with their mortgage payment, this kind of program will generally take fifteen to thirty years to complete. There are many options available to those who want to consolidate and pay off their debt, depending on their ability to pay and amount of time they are willing to spend paying off their debt. Regardless of the amount of time it takes, debt consolidation can save a lifetime of financial instability and the stress that comes along with it.


One Response to “What Is The Maximum Length Of Time To Do A Debt Consolidation Program?”

  1. Algrah says:

    Just a few observations .I am not imeserspd with all of the suggestions to check out Dave Ramsey or Suzy Orman’s sites .from what I could see they are more interested in selling their books and programs then in helping you out.And even worse most of the info they give is already readily available in the internet. All you have to do is spend some time researching it.Credit Repair Services are a joke. They do the exact same thing that you can do yourself, and they charge you a very large amount of money. It also has a bad impact on your credit.Debt consolidation is a good way to go, but you need to be aware of the traps.What many people do is run up credit cards, then get a consolidation loan to combine the cards together and get their payments lower each month. The problem is they turn around and run up the now-empty credit cards again. The end result is they are twice the amount of debt, and end up filing for bankruptcy. I’ve seen this happen to dozens of people.As long as you understand this trap and can control your credit, go for it.If you need to find the easy way out, look for a non-profit credit counseling service that will help you out with all of these problems.

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