Who can consolidate debt from credit cards using loan modification?
For the most part, this drastic plan to consolidate debt and reduce liabilities is only for those who have no income and have not paid their bills in many months. If it looks like you can still make some payments then banks will likely want you to just keep paying and milk your account for long term interest charges and fees. These loan modification agreements are in the banks best interest, not yours, so they will pick and choose when to negotiate. Credit counselors can help assist you in these credit card debt negotiations but beware of huge fees and percentages added to the total. You might be surprised at how well you can negotiate your own loan modification program and the experience will teach you a lot about the whole process which can help you to consolidate debt in the future.
