Consumer Debt Relief Program

Consumer Debt Relief Program

Looking for a consumer debt relief program? Good for you! That's the mature, responsible thing to do.

Why Consumer Debt Relief is Helpful

Enrolling in a consumer debt relief program is one of the smartest things you can do to get out of debt. Not only can the right consumer debt relief program get you out of debt in five years or less, but it can also save you tons of money in the process. And if you've had some late payments, your creditors are probably hounding you about it. But once you enroll in a consumer debt relief program, they are legally required to contact the consumer debt relief company about it, not you. In addition, most consumer debt relief programs offer credit counseling to teach you skills and techniques that will keep you out of debt.

When it comes to debt relief programs, there are at least five, so one of them is sure to be a good fit for you:

• Debt Settlement - Through this consumer debt relief program, a debt settlement company contacts all your creditors to get your balances reduced by 60-80%. They actually try to get it reduced to an amount of money you have saved up because if your creditors agree to this, they will want their money immediately. So it wouldn't make sense for them to reduce it to an amount you still don't have. Some debt settlement programs can get you 1-3 years to pay the difference between what you owe and what you have if that happens though. But your creditors will report your participation in this program to the credit reporting agencies and it will leave a scar on your credit report.
• Student Loan Debt Consolidation - This debt relief program combines all of your outstanding student loans, gives them one low interest rate and lowers your monthly payments by as much as 50% because they are extended over a longer period of time.
• Debt Consolidation Loan - This consumer debt relief program is actually just a loan given to you to pay off your unsecured debts all at once, leaving you with just the loan to pay back. To qualify, however, you need to have collateral. The benefit is that the loan's interest rate is so low that you can be out of debt in five years!
• Debt Consolidation Mortgage - This consumer debt relief program is for homeowners, and it's really the best option. It's very similar to a debt consolidation loan, but instead, it's a loan from your mortgage company to pay off your debts. That amount is then added to your mortgage, so you're paying off your debt at the same low interest rate as your mortgage, which these days is typically 4-6%! Your mortgage payment does go up, but only a little bit. And since you can write some of your mortgage interest off on your taxes, that's just an extra added bonus!
• Debt Consolidation - This consumer debt relief program is sort of a catch-all--it's for people who don't qualify for any of the other programs listed above. Or maybe you do qualify for one of the other programs, but this one appeals to you most. Under this program, a debt consolidation company negotiates with your creditors to get your interest rates reduced. Sometimes they can even get past fees removed. Then they combine all those new, lower balances and you pay the debt consolidation company one payment each month, which they distribute to your creditors. The result? You're debt free in five years!

Think one of these will work for you? Then contact a consumer debt relief company to get started today.

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