There are a lot of folks out there carrying around a lot of debt. Sometimes, though, making all those payments becomes a hassle – especially if you are trying to pay on multiple credit cards. Wouldn’t it be a great thing to be able to make one payment – and at a lower interest rate?

That is where debt consolidation can enter the picture. Yes, you can get a loan, but you can also get in touch with debt consolidators who can provide you with various strategies for paying off that debt through debt consolidation loans or other strategies. All of these can help you preserve your credit rating and get out of debt more quickly.

What are some of these options? Well, as I mentioned before, there is always the standard debt consolidation loan. You get one large loan that will cover your unsecured debt and start making payments over a number of months – often 36 or 48 months, though some might run larger if you are really in debt. Then you simply pay on that one loan while avoiding the sort of spending habits that got you into your predicament in the first place. Sometimes credit counseling might be a part of the plan.

You can also negotiate new repayment options with your creditors. They want their money back – and they are willing to work with you to make that happen. Believe it or not, you can often do this yourself. Similarly, there are companies that will do this for you.

Then there are debt settlement options for you – something that you rarely can do yourself and almost certainly need professional help to accomplishment. The companies that negotiate settlements for you can often reduce what you owe to “pennies on the dollar” – cutting your amount owed by half or more.

Posted by: Greg at 12:48 AM | No Comments | Add Comment
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