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How to Open a Debt Consolidation Business

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From Quick Guide: Basics of Debt Consolidation

Summary: Opening a debt consolidation business requires the appropriate training as a liability specialist, registration with the appropriate reporting agencies and ample advertising to build up a clientele. Star a debt management company from the ground up with money advice from a registered financial consultant in this free video on personal finance.

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By Patrick Munro, eHow Presenter

Patrick Munro's affinity for investing and financial matters began over 20 years ago with business education and service throughout the ranks of the banking, insurance and brokerage...read more

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Video Transcript

"This is financial adviser Patrick Munro talking about how to open a debt consolidation business. Debt is a growth industry in America and the problems that come with it are also a problem, so it is possible for an individual to open a debt consolidation business if they are appropriately licensed in their state to do so. It's important to get the appropriate training, as a liability specialist cause after all that's what debts are, liabilities. Many financial planners are debt managers, I am one as well. And it's important to have a name for your company as well and be registered with the appropriate reporting agencies, that is to say Better Business Bureau, any consumer agencies that would help in your business. Then of course you would advertise to people that could have some debt problems. You can do this in the newspaper or on the radio as well. And once these individuals contact you you can have banking relationships set up so that you can move these clients over to the banks and charge a fee for that. This is Patrick Munro and I'm talking to you about how to set up a debt consolidation business."

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