http://www.become-debt-free-today.com/debt-management/debt-management-solution/ A debt management solution might be a foreign concept to you. But we're here to explain how the right debt management solution can help you get out of debt a lot sooner than you think. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Need a debt management solution? Of course you do. Otherwise you wouldn't be here on our free debt management page! The Perfect Debt Management Solution... ...is not to get into debt in the first place!! But alas, it's too late for that, so it's time to implement Plan B. What's Plan B? You may be here trying to figure that out. If you're afraid that bankruptcy is your only option, think again. In fact, if you're thinking about filing for bankruptcy, you'll find out that you have to have enrolled in a government-approved debt management program within the last six months first. That part might be confusing if you didn't know there were options outside of bankruptcy. There are at least five debt management programs, in fact, and they are all far less damaging to your credit than bankruptcy. With so many options, you're sure to find the perfect debt management solution for your situation. In fact, in some cases, you'll find you have more than one option. To give you an idea of what's available, we'll give you a brief explanation of each: Student loan debt consolidation is a debt management solution for people with a lot of student loan debt. If you have more than $10,000 in student loan debts, this program can combine the loans into one, lower the interest rate significantly, and cut your payments in half by spreading them out over a greater number of years. A debt consolidation mortgage is a debt management solution that simply adds the amount you owe to pay off your unsecured debts to your mortgage. You get the cash to pay the debts immediately, and that amount is tacked on to your mortgage. Your mortgage payment will go up slightly, but it's minimal. Your interest rate is the same as your mortgage too, which is an extra added bonus! A debt consolidation loan is a loan given to you to pay off your unsecured debts. You have to have collateral to get this loan. The bonus is you can pay your unsecured debts off all at once, and the interest rate is much, much lower (think single digits) than what you were paying on your unsecured debts (in most cases) which means you can be debt free in five years or less (depending on how much you owe). Debt consolidation doesn't involve a loan, so you don't need collateral or a house. This is different from a loan because your debt consolidation agent will contact your creditors to negotiate with them for lower interest rates and to get past fees removed. All of this negotiating results in lower balances. They take these new, lower balances and tie them together into one, then you make one monthly payment to the debt consolidation company, which they distribute among your creditors. Because of the reductions, you can be debt free in about five years! Debt settlement is the least noble of any of the aforementioned debt management programs. It involves debt settlement agents negotiating with your creditors to get your debts reduced by 60-80%. As a result, you need to pay the remaining balances off immediately. If that's a problem, you might be able to get them to allow you to pay it off over 1-3 years. If you think one of these programs is a good fit for your situation, contact a debt management company and get started to start saving today! The sooner you find that debt management service that suits you, the sooner you can expect to be debt-free! Sat, 26 Jul 2008 15:00:00 EDT