Typically, credit counseling programs are debt repayment programs operated by non-profit organizations. They can consolidate most types of unsecured debts from major credit cards to personal and student loans. You choose the accounts you want to enter into the program when joining. Once enrolled, the company will contact your creditors to negotiate more favorable repayment terms on your accounts including a reduction in your interest rates and the elimination of late fees. You will then send that company one lump sum payment monthly which they will disperse to the creditors you enrolled on your account when joining.
Most so called debt consolidation loans are just home equity loans in disguise. They use the equity built up in your current home loan and use it to repay all of your unsecured debts. These types of loan options usually come with heavy application fees and can greatly extend the amount of time it will take you to pay off those debts. These loans also convert all of your current unsecured debts into on secured debt which is now backed by your home. If you fall behind on your payments you could risk losing your property.
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Thursday, January 28, 2010
Friday, January 15, 2010
Different Credit Card Debt Consolidation Loan options Resolve Any Type of Debt
Every debt problem is a unique one and all of them have different solutions. If you are seeking help with debt relief, an understanding of options should be there. You should assess the options available before plunging in the deep ocean of debts.
If you have trouble with credit cards or store bills because of their ever rising interest rates,you should consider debt consolidation or credit card consolidation. This way all your debts can be consolidated into a single monthly payment. So, if you cannot pay the bare minimum of your credit card payment; you should go for debt settlement program. Sometimes, medical bills pile up and you need to go for debt settlement. A reputed debt settlement firm will negotiate with the creditors i.e. hospitals and doctors and help you decrease the bill amount by 40-60%.
Student loan debts are also common debts. If you are unable to pay your student loan you can take help of debt consolidation.
Personal debt programs can be sought after if you are unable to pay your personal loans. Utility loans are another advantageous option for you if you have not paid utility bills.
As you already know, the amount on auto loans can always be negotiated to a lower one. You can get the best interest rates on auto loans if your credit history is good. Debt elimination is not so hard now. All you have to do is a little hard work.
Some expert credit card debt consolidation companies also talk with the IRS for a lower tax amount and hence you can save a lot on tax.
Source
If you have trouble with credit cards or store bills because of their ever rising interest rates,you should consider debt consolidation or credit card consolidation. This way all your debts can be consolidated into a single monthly payment. So, if you cannot pay the bare minimum of your credit card payment; you should go for debt settlement program. Sometimes, medical bills pile up and you need to go for debt settlement. A reputed debt settlement firm will negotiate with the creditors i.e. hospitals and doctors and help you decrease the bill amount by 40-60%.
Student loan debts are also common debts. If you are unable to pay your student loan you can take help of debt consolidation.
Personal debt programs can be sought after if you are unable to pay your personal loans. Utility loans are another advantageous option for you if you have not paid utility bills.
As you already know, the amount on auto loans can always be negotiated to a lower one. You can get the best interest rates on auto loans if your credit history is good. Debt elimination is not so hard now. All you have to do is a little hard work.
Some expert credit card debt consolidation companies also talk with the IRS for a lower tax amount and hence you can save a lot on tax.
Source
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