Debt Elimination Programs

Debt elimination programs can be the poison you need to kill your debt dead. Learn more about debt elimination programs here.

Debt Elimination Programs

Are you faced with all the symptoms of debt? Could you use a little debt elimination? I think the whole sorry lot of us can use a little assistance. Could you? Well, rest assured, you can learn all about the debt elimination programs right here.

Show Your Debt Who's Boss with Debt Elimination Programs

Ever seen that commercial for Raid bug spray where the bugs are all arrogant, making fun of the homeowner until they see the big can of Raid towering over them? Imagine that your debt is the bugs, you are the homeowner and debt elimination programs are the Raid. Show 'em who's boss when you bring out the big guns!

Since debt elimination programs is a vague term that encompasses many things, we're going to explain what the five basic debt elimination programs are:

  1. Want big reductions in both balance and interest rates? Check out debt consolidation. This is a program that uses negotiation to get your unsecured debt balances and interest rates lowered. Then they're combined and your monthly payments to your creditors are replaced by one, affordable monthly payment to the debt consolidation company, which they distribute among your creditors. There are even debt consolidation programs for people with bad credit. Because of the reductions, anyone enrolled in a debt consolidation plan can achieve total debt elimination in about five years.
  2. Got collateral? A debt consolidation loan might fit the bill. This is a loan given to you to pay off your unsecured debts immediately, then your monthly payments are replaced by an affordable monthly loan payment. Because the interest rate on the loan is so low (generally in the single digits) you can have it paid off in five years or less.
  3. If you're a homeowner, one of the best things you can do to get out of debt is to put your house to work for you with a debt consolidation mortgage. This 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. And since some of your mortgage interest is tax deductible, it's an even bigger bonus.
  4. If the main source of your debt is student loan debt, get wise to student loan debt consolidation. This combines all of your outstanding student loans into one and locks in a much lower, fixed interest rate for you. (We've heard of rates as low as 1.675% and 2.) Your monthly student loan payments are cut in half, too, because you are given more time to pay them off.
  5. Looking for the absolute fastest way to become debt free? Look into debt settlement. This allows you to pay off your debts at 30-50 cents on the dollar in lieu of paying that new, lower amount off all at once. However, some debt management companies will give you anywhere from 1-3 years to pay it off.

If you think any of these debt elimination programs is right for you (and how could there not be one that is?) search the Internet or our Related Resources page today for a debt management company that will get you started. Just think how good you are going to feel when the debt elimination program you choose works its magic.

Let Credit Counseling Explained help you with the debt elimination services that best suit your financial needs.

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