For unsecured debt, there are three primary approaches to debt consolidation: Debt settlement, credit counseling, and credit card consolidation. Though the two latter options aim to reduce the overall interest on your debt load, debt settlement seeks to lower the principal balance by up to 50%. Opting for this method often leads to a clean financial slate within 1-3 years, while maintaining the same monthly payment rate or lower. On the other hand, by reducing interest alone as a strategy to eliminate debt, you will most likely be debt free in 7-12 years or longer and your current monthly payment rate. In the long run, debt settlement is a great way to lower debt while saving you precious time and money.
Debt Settlement: This strategy is a great time and money saver as you work with a Certified Debt Arbitrator who negotiates a workable settlement with your creditors on your behalf. For a free consultation with a certified debt arbitrator, please fill out the form on the right.
Credit Card Debt Consolidation: This is the many-for-one debt relief option. In essence, you take out one new loan to pay off all of your accounts, and you only pay back one loan rather than multiple loans. Because this is a secured loan, it is difficult to qualify for, i.e. you have to put up enough collateral to get the loan. Again, if you’d like to search for the best rate in consolidation loans, simply fill out the form to the right.
Debt Counseling: Consumer credit counseling programs are non-profit organizations that seek to negotiate lower interest rates with your creditor on your behalf. In reality, these organizations hardly work without a profit. Nobody works for free- credit counseling programs generally receive stipends from the credit card company for each client that they bring in. The bottom line is that they work for the credit card company, not the consumer, and they have creditors’ best interest first and foremost on their agenda.
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