If you have debt, free debt consolidation help is the ideal way of resolving your debt. But is there really anything out there that is truly free? There are several ways to get out of debt and they all vary in cost. Some of them are quite costly and others are reasonable and well worth the small investment. debt consolidation loans
If you choose to get out of debt on your own, there would be no charge. You should call all your lenders and request an interest rate reduction. You also have the option to do a balance transfer to a low interest credit card. The more aggressively you pay these accounts off the more money you will save. debt consolidation loans
A debt consolidation loan will most likely have lower interest rate, but there are a number of reasons this is a bad idea. This loan will probably be secured with your home. Bottom line-if you default, you will probably lose your home, that is, if you can get a HELOC. Lenders are not anxious to give out money right now. This type of loan will not be easy to get. The big problem-most people will have credit card debt again within a year. debt consolidation loans
If you use a debt settlement service, your credit card balances will be reduced by as much as 40-60 percent. Now the bad news-you will probably pay a fee of 15-25 percent of the discounted amount of the account, it will ruin your credit and you will be taxed on the forgiven amount. debt consolidation loans
Credit counseling is another option. Your interest rates will be reduced significantly, saving you a lot of money. Your fee will be $30-$50 a month and it will be paid along with your monthly payment. Of all the options listed, this one will save you the most money just because of the interest rates being reduced. Your credit will also remain intact during this process. This method can have you debt free in about five years and you can get started as soon as today.
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