What Happens in a Debt Consolidation Consultation?

When you seek out a debt consolidation consultation, you’re basically asking for help with managing and restructuring your financial situation, in particular your monthly payments to the institutions which have lent you money. In doing so, you’re getting some advice and some help on the road to financial recovery.

Debt consolidation consultations take place online, in person, or over the phone. The process begins with filling out fairly detailed financial questionnaires that seek to gauge, as precisely as possible, your financial picture. You’ll be asked questions concerning your debt, of course – credit cards, loans, mortgages, student loans, car payments, and your income. You’ll also answer questions about your spending habits. Additionally, you will be asked about where you stand in terms of your payments, and whether or not you’re about to start falling behind on them. The purpose of all this information gathering is to find the best debt management solution for your specific needs.

You can also ask a lot questions too. If you’re getting constant harassing phone calls, you can ask if debt consolidation will end them. You can also ask questions about payment plans and schedules, transactions, and commitments.

The advice you get from your debt consolidation consultation can range from taking out a debt consolidation loan, declaring bankruptcy, enrolling in a credit counseling program, to debt settlement. It’s up to you to decide which course of action is best for your needs.

If you’re thinking about having a debt consolidation consultation, make sure you sit down with a trusted financial advisor first, if you can, so that you can get a sense of what’s to come. You should also do as much research of your own in order to prepare yourself. After all, when it comes to your money, you can never be too well-informed.