This document discusses different types of debt consolidation programs and options for getting out of debt. It describes debt management plans offered by credit counseling agencies, unsecured debt consolidation loans including payday loans, and secured debt consolidation loans using property equity. It advises that aside from debt consolidation, options like debt settlement, negotiation, or arbitration exist. It stresses the importance of consulting experts to determine the best solution for an individual's economic situation and getting help as quickly as possible.
2. Debt Consolidation Program
A typical debt consolidation
program offered by a credit
counseling agency is called a
debt management plan.
3. Unsecured Debt Consolidation
Loan
O As another type of debt consolidation
program, some people look to unsecured
debt consolidation loans.
O Payday loans are a type of unsecured
debt consolidation loan, but the interest
rates are extremely high.
4. Secured Debt Consolidation
Loan
O If you have a home or other property with
equity, you will receive offers to take out a
secured debt consolidation loan against
your property.
O While this sounds attractive, in reality, it is
one of the riskiest types of debt
consolidation program and decision a
person can make.
6. If you are considering a debt
consolidation program, chances
are you have debt and are
looking for a solution.
7. Aside from debt
consolidation, there are other
forms of debt relief such as
debt settlement or also
known as debt negotiation or
debt arbitration
8. Get Help As Quickly As You
Can
It is important to consult the right
team of people for any questions or
concerns that you might have and let
them help you decide if debt
consolidation is right for your
economic situation.
9. A good debt counselor will
listen, understand and inform
you of the most logical and
effective way to help you get
out of debt.