How to Get Out of Debt Regardless of Your Credit! - Bad Credit Debt Consolidation
Wednesday, July 15th, 2009 Subscribe To Our Feed
You have many different options when it comes to unsecured debt consolidation. This is the type of debt that does not have property attached to it. This is unsecured because it is not a loan against an automobile or against a home. This type of debt is easier to settle and can in many cases be done for a reduced amount of what you owe. Here are your options for debt consolidation.
If you are willing to give up the home you live in and move into something much less expense and you are willing to sell any extra automobiles you have or sell the one you have and purchase a less expensive model, then credit counseling is an option.
Second, another option for unsecured debt consolidation is to use a credit counseling service. These are not for profit services that do charge a fee and will help you settle your debts and get your finances under control.
If you can move several thousand dollars to a zero percent loan for six months, then do so, but make sure you work on paying off higher interest cards.
Be sure and read the small print on the 0% credit card contract because at the end of your “free” period the interest rate on that new card account can oftentimes be higher than any of your other credit card interest rates.
Last, the best option is a debt service that will work with you as long as you have over $10,000 in unsecured debt. They will negotiate with all your creditors for reduced balances, payments, interest rates, and waived fees.
Then, they will combine all your creditors into one monthly payment that fits your budget along with their fee. This will be paid to them monthly and they will split it up for you and pay all your creditors. You can be debt free in less than 36 months with this option.
Resource Author Francisco Rodriguez H.
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