Debt Consolidation - Your Options

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Debt Consolidation – Your Options By Lucy Bartlett

Paying off various unpaid loans by taking out a fresh loan is called debt consolidation. Some alleged benefits are that debt consolidation provides a lower interest rate or a fixed interest rate. An asset that is put up as collateral – in most cases this is a house – to secure a loan is also known as debt consolidation since putting up collateral results in paying a lower interest. The amount of loan can be discounted by debt consolidation companies. To get some sort of saving, a debtor who is prudent can shop around looking for consolidators. Discharging debts by debt consolidation is a tricky issue, and it is better to use this method cautiously. In theory, the burden of credit card debts can be reduced by debt consolidation. Unpaid amount from credit card purchases or cash withdrawals carry a very heavy percentage of interest. Very high fees are charged by debt consolidation companies, by making use of the benefits of refinancing. Find more info at The loans given to students in the United States carries the guarantee of its government hence these federal student loans are differently consolidated. The department of Education or any agency authorized by them closes the existing student loans in a Federal Loan Consolidation programme. Recently, concerns were raised by the media about debt consolidation. The temptation to consolidate debt, which is unsecured debt, into secured one, is widespread among people. Due to the long period of the repayment programme, the total amount repaid is considerably higher even though the monthly payment is lower. In such circumstances, snowballing debt is a solution which is better than debt consolidation. Through a payment settlement plan, unsecured debt can be modified into a secured debt, which is a better option. Four different options are available in debt consolidation. The common features for all the four are a provision to roll all the small debts into one bigger debt. Based upon the situation, the option which is best, can be selected. A debt consolidation loan is one option wherein money can be saved by a reduced monthly payment amount. The other benefit is the selection of a lower interest rate for the consolidated loan.
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Credit counseling is the second option in which a third party helps to consolidate the debts. Instead of a bigger loan, one bigger repayment is made to the credit counselor who will take care of the distribution of the payment to the debtors. Bankruptcy is the third option, which should not be a surprise. A part of the debts is repaid as per the new provisions of the law, which came into effect in 2005. Debt negotiation is not actually a consolidation of debts. A third party calls for a negotiation with all the creditors, guaranteeing a portion of money due from the debtor who makes a regular payment into a special account, which will be handled by the debt negotiator. Lucy Bartlett is a proud contributing author. Find more articles at For more info visit or

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Debt Consolidation Loan Online: How To Prepare To Apply For A Debt Consolidation Loan Online By Thomas Erikson

The first step that you need to take when it comes to a debt consolidation loan online is to shop around for the best deal on such a loan from the most reliable lender. Regardless of your reason for obtaining a debt consolidation loan online, the process is going to be about the same. After you have done your research on the different kinds of debt consolidation loan online options that are available and are armed with latest data on interest rates and costs, it's time to make a particular decision regarding which debt consolidation loan online lender is the best choice for you. You need to be fully aware of all costs and fees associated with a debt consolidation loan online in addition to the interest rate that will be charged on such a loan. A reputable lender should be more than willing to clearly explain all of the fees and costs that are associated with a debt consolidation loan online. If a debt consolidation loan online lender will not give this information to you, look elsewhere. You will not want to obtain a debt consolidation loan online from such a lender. Such a lender of debt consolidation loan online products may use your lack of knowledge of their fees against you in very detrimental ways. Get a commitment regarding the fees and costs -- and interest rate -- associated with a debt consolidation loan online in writing. When you have chosen your lender, you will have to get your documentation in order as part of the application process for a debt consolidation loan online. While some debt consolidation loan online lenders have gone the paperless route -- the route where you do not have to pull together hard copy documentation -- many will still require supporting documentation such as tax returns and proof of income. At this point, you will want to make certain that all of the materials and information that you are preparing to provide to a debt consolidation loan online lender is accurate. By the time you reach the juncture at which you are going to submit an application to a debt consolidation loan online lender over the Net, you need to make certain that all of that information that you will be sending is completely correct. By properly preparing to apply for a debt consolidation loan online, you will be in a far better position of obtaining approval for such a financing package. Thomas Erikson is co-founder of which provides debt consolidation information and solutions.  Find out how you can quickly and easily get your finances under control with a Debt Consolidation Loan Online.

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