What Is the Best Debt Consolidation Company?

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There is no best debt consolidation company because debt consolidation is not going to accomplish anything other than giving a credit score a red flag. Learn about debt consolidation companies and their relationship to banks with help from the owner of a debt negotiation company in this free video on debt and money management.

Part of the Video Series: Debt Consolidation & Management
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Video Transcript

Hi. My name is Peter Repak, I'm the owner of Clear Financial LLC, a debt negotiation company. What is the best debt consolidation company? There isn't one. Consolidating your debt will only hurt your credit, and it's not going to accomplish anything what so ever. What you're going to end up with, is you're going to put all of your money to somewhere else, or you have someone else to handle it for you. That's automatically going to give a red flag onto your credit score, they're going to hinder you for later purchases. It's not really a good idea. Consolidation companies however, are very deceiving. They're having these wonderful commercials that they are "non-profit" agencies, and it is the best thing that you're going to ever have. And we will help you to get out of debt. They are claim that they are going to be getting you out of debt within the next four years, in fact it takes about eight to twelve years to get out of debt. And at the same time, you have to know that they were set up by the banks themselves. Please do your research before you go into any of those companies at all. Credit card companies want you to go into that because they are actually getting paid by you. But what you really want to do, is you want to find out from a debt settlement company what are your real options are. So please do that, and you can definitely call my company, but debt consolidation companies, I don't know any of them that actually will really help you. My name is Peter Repak. I'm the owner of Clear Financial LLC. Thank you for watching.

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