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Debt Consolidation Program Financial Glossary

What is it? A program which is usually handled with you through a consumer credit counseling organization. They contact creditors on your behalf to lower your interest rates so your payments will be more manageable. You send them money weekly or biweekly and they pay your creditors for you. This program usually allows you to get out of debt within 3 to 7 years if you stick with it.

Finance Term Definition Added By: Carson

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