Debt Consolidation Programs

Debt Consolidation Programs

There are a lot of debt management programs out there, but not everyone qualifies for all of them. For instance:

• Student loan debt consolidation is for people with $10,000 or more in student loan debt.
• A debt consolidation loan requires the borrower to have collateral sufficient to cover the amount of the loan.
• Debt settlement requires you to have a lot of money saved up (or requires you to at least have access to a lot of money).
• A debt consolidation mortgage is only for homeowners.

So what are people who don't fit into these categories do? They enroll in debt consolidation programs!

What Debt Consolidation Programs Do

As we said before, debt consolidation programs are for people who don't qualify for the other debt management programs. However, even if you do qualify for the others, you can still choose to enroll in a debt consolidation program instead. Here are some benefits of debt consolidation programs:

• The interest rates on your unsecured debts get significantly reduced
• All of your new balances are combined into one, and you make one monthly payment to the debt consolidation company instead of several monthly payments to your credtiors
• If your creditors are harassing you about late or non-payment, this will end. Once you enroll in a debt consolidation program, they have to direct all phone calls or correspondence about your account to the debt consolidation company.
• You're out of debt in five years!

Sound too good to be true? Maybe not. Maybe you think five years is still too long to be in debt. Well, think again. If you continue to try to battle your debt without help from any debt consolidation programs, only paying the required monthly minimum, it will take you 13 years or more to pay off your debts--and that's assuming you don't owe more than the national average of $9,300 and your interest rates are fairly low (by low we mean 14%, which is low by credit card standards).

Are you ready to check into debt consolidation programs further? Because they're waiting for you!

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