Debt Relief Solution

Debt Relief Solution

Do you need a debt relief solution? We're betting that if you're on this site, you do. But do you know your options? We're betting that you don't. But we want to help you by explaining what your options are.

Debt Relief Solutions

Want to enjoy debt relief in about five years or less? It's possible through one of the following debt management programs:

• Debt Consolidation - A debt relief solution that involves negotiation to get your unsecured debt balances and interest rates lowered. Then the new, lower balances are combined and you make one monthly payment to the debt consolidation company, which they distribute among your creditors. Because of the reductions, you can become debt free in about five years.
• Debt Consolidation Loan - A loan given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. The benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now) and you can have it paid off in five years or less.
• Debt Settlement - If you have access to a fairly large sum of money all at once, debt settlement could be the a debt relief solution for you. It allows you to pay off your debts at 30-50 cents on the dollar. Generally, you have to have the money all at once, but some debt management companies will give you one to three years to pay it off. However, it does appear as a "blip" on your credit report.

The next two take a little longer to pay off, but they're some of the best debt relief programs out there:

• Debt Consolidation Mortgage - A debt relief solution that allows you to borrow from the equity in your house to pay off your unsecured debts. Your payment is combined with your mortgage, and you get the same interest rate as your mortgage. In some cases, the interest is even tax-deductible (check with your tax advisor to see if this will work for your tax situation). Recently one of our staff members got a debt consolidation mortgage. This is what he had to say: "Getting a debt consolidation mortgage was the best thing I could do for my credit. It's the best debt solution I've ever seen. My credit card interest rates were disgusting. But now they're gone, thanks to my debt consolidation mortgage. I'm saving hundreds of dollars a month."
• Student Loan Debt Consolidation - This debt relief solution combines all of your outstanding student loans into one and locks in a much lower, fixed interest rate for you. Your monthly student loan payments are cut in half, too, because you are given more time to pay them off. Someone else in our office recently enrolled in a student loan debt consolidation program. This is what she had to say: "I just enrolled in a student loan debt consolidation program. It is really, really awesome. It really cut my payments down. It's helping me out a lot."

Debt Relief Options

Within each of the options listed above, you can generally find sub-categories. For example, if you have a lot of credit card debt, you can find a credit card debt solution. If you have bad credit, you can even find a bad credit debt solution. There's a debt management solution for everyone. Start your search for a debt relief solution on our Related Resources page.

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