Debt Relief
How Do You Spell Debt Relief?
There are at least five different ways, depending on your resources and what type of debt you have. That's right--there are at least five different debt management programs out there, most of which can get you out of debt within five years, and all of which will save you thousands of dollars in the process:
- People who have access to a lot of cash can get you debt relief from a debt settlement program. This program gets 60-80% taken off your debt, but you have to pay the remaining amount immediately. (This debt relief program may have a slight negative effect on your credit report, however.)
- If you have collateral (like your car--if it's paid for) you can get debt relief from a debt consolidation loan. This is simply a low interest loan to pay off your unsecured debts. Because of this low interest rate, you can get out of debt in five years.
- If you're a homeowner, the absolute best way for you to get debt relief is through a debt consolidation mortgage. This too is a loan, but it's added to your mortgage so you get that same interest rate. Plus, since you get to write off some of the interest on your mortgage, you can save even more money!
- If you have a lot of student loans, student loan debt consolidation can give you debt relief by combining them all into one and giving them one low interest rate. Then the payments are extended for a longer period of time, so your payments are cut in half.
- If you don't fit into any of the above categories, debt consolidation is the debt relief program for you. (Just when you thought all hope was lost!) Through this program, a debt consolidation company gets your creditors to reduce your interest rates. Sometimes they can even convince them to remove past fees. The result? Much lower balances that are combined into one. Then you make one monthly payment to the debt consolidation company that they can distribute to your creditors on your behalf, and you become debt free in five years.
Thaaat's all, folks! NOw go out there and find the best darn debt relief program your available money can buy.
All material copyright © 2008 Debt Doldrums. All rights reserved.
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