Get Out Of Debt Quickly in One Of The Three Ways

March 31, 2010 - PRLog -- So, how did you wind up underwater in debt? Have you become so buried in debt that you can no longer see a clear way out? If you want to get out of debt quickly, then you should consider non-profit credit counseling or taking steps to consolidate debt. Loans and credit cards can be managed if you take steps before it is too late and your only alternative at that point is usually bankruptcy. Depending on your unique situation, there are a couple ways that you can take action, through either non-profit credit counseling, non-profit debt consolidation, or debt consolidation loans. It’s important to know the difference.

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Non-profit credit counseling services

A non-profit credit counseling service may be able to find a answer to your credit cards and other unsecured debts, without the adverse consequences that can result from bankruptcy or charge-offs, which can cause long-term harm to your credit score. Non-profit credit counseling services are open to Americans who have accumulated a large amount of credit card and unsecured debt as an alternative to filing for bankruptcy. One of the main goals of a non-profit credit counseling service is to inform consumers about proper budgeting, planning, and credit management. You will have a much deeper understanding of how to organize your family budget, as well as an action plan to pay down your bills, and a contingency plan if something in your situation should change, like income or other finances.

Consolidate debt: loans and credit cards merged into one lower payment.

If you’re only making the minimum payment on your credit card bills, it can often take up to twenty years to fully repay the credit card with its interest rate and other fees, no fooling. A debt consolidation program puts a stop to this by negotiating individually with all of your unsecured creditors (credit cards or loans) to bring down or remove the interest rate entirely, and in some cases, the account balance that you owe also. Any credit cards and unsecured debt that you owe will be merged into a non-profit debt consolidation. Loans can be added in as well, so long as they are unsecured. You will have just one lower interest payment each month, far lower than what you were paying before beginning the debt consolidation process. Debt consolidation services will also permit you to decide the due date when you bill is to be paid monthly.

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Debt Consolidation Loan

Debt consolidation loans are a very different thing than the two other aforementioned processes. Debt consolidation loans are only available to homeowners, and are actually a mortgage refinance where extra cash is taken out of the home at the time of the refinance in order to pay off your creditors and other bills. If you have equity in your home, debt consolidation loans are the way to go. Debt consolidation loans allow you to get out of debt quickly by utilizing your home’s equity. It is important, however, to take steps not to fall right back into the same credit card trap after you have paid your cards off. Consider getting rid of most of your cards at this point, or put them is a safety deposit box or elsewhere where you do not have regular access to them.

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All types of debt consolidation plans help you get rid of debt. Also settle your debts with low interest rates. Various other debt relief options to serve you a debt free life.