American Debt Solution

Debt Relief

If you're looking for debt relief, the best way to find it is to contact a debt management company who can lead you towards the right debt relief solution.

Debt Relief Options

There are a lot of options when it comes to getting debt relief, and the kind of debt relief you enroll in will depend on the kind of debt you have and the resources at your disposal. Here's a brief outline of some of the most popular debt relief programs:

Debt Consolidation - A debt relief solution that involves negotiation to get your unsecured debt balances and interest rates lowered. The new, lower balances are then 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 depending on the debt relief companies .
Debt Consolidation Mortgage - Got a house? Put it to work for you! 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. This is probably the best debt relief tool available. But don't miss a payment--your house is your collateral, so if you miss a payment, you could lose your home.
Student Loan Debt Consolidation - You never thought your student loans would give you an education in debt relief programs too, did you? Student loans have variable interest rates and high monthly payments. But student loan debt consolidation 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. This is an excellent way to manage your student loan debt.
Debt Settlement - 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. This is not always the best option though, as it does leave a little "blip" on your credit report.

To find the best debt reduction program, contact a debt management program. You can find one on the Internet, or better yet, on our Related Resources page. That happens to be an excellent place to locate a debt relief company. And when you find the right company, you'll be able to locate the right debt relief program.

And if you are a Christian and would like a more specialized program, consider your Christian debt relief options.

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