Two Ways To Debt Relief
By Terje Ellingsen
There are many debt relief programs out there both off line and online.
Sometimes it can be difficult to chose one from the other. To make a reasonable
choice, you need to know
your specific debt problem for example student loan debt, credit card debt or
several small loans with high interest rate, which in it's turn defines the
requirements to the debt management program
If you know this, you can find the right program for you. There are roughly two
main types of debt reduction programs; Debt consolidation and debt settlement.
To be honest, it is not hard to find relief for your debt.
There are some really good companies online that can help you with debt
reduction and get you out of a pressing and annoying situation. Before we take a
closer look at this two types of debt reduction, just know that it is easier to
accumulate debt than to eliminate it. Unfortunately, it's a pretty long way to
go. But if you keep patient you'll get rid of your debt problems for ever.
1. Debt consolidation
called by some a debt management loan, is a means to consolidate your debt.
Especially when you currently have several small loans, you take these, whether
they are credit cards or student loans, and combine them into one loan. With
only one loan you only have to make one monthly payment. This is much easier to
manage than several payments on several loans. Usually with this solution, the
interest rate will be lower as well and you'll save money compared with the
2. Debt settlement
also called credit counseling or debt negotiations, are a little different form
of debt reduction. The companies dealing with this kind of debt management is
called debt counseling companies. Examples of such institutions can be companies
like KimberlyCcredit, GoDebtFree and Lexington Law. They work with your
creditors to modify and change your terms. Through such a company, you can get a
lower interest rate and eliminating late fees. This might be the wisest thing to
do, if you're really over your head in debt. With a debt settlement company you
pay a lower total sum of money than you would otherwise.
All of these programs can be reasonable options. The difference is in the
details of the programs. Your job of getting relief from your debt is first and
foremost to find a debt relief program that is right for you.
About the Author: Terje Brooks Ellingsen is a writer and internet publisher. He
runs the website
http://www.1st-in-loan.net Terje gives advice and helps people with personal
financial issues like getting rid of debt, see
http://www.1st-in-loan.net/debt_help.htm and loan consolidation, see