http://www.debt-solution.info/debt-solution/debt-relief-solution.html Debt relief solution - which one is right for you? We've provided a description of each debt relief solution that's on the market today. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Do you have a debt relief solution? Do you wish you did? We can give you information that can steer you towards the right debt relief solution for you. What's Your Debt Relief Solution? If you're new to the debt relief scene, you might not know what your options are. However, we're going to explain how the five most basic debt relief programs work. Debt Settlement - Allows you to pay off your debts at 30-50 cents on the dollar. Generally, you have to have the money all at once, but some debt management companies will give you one to three years to pay it off. This debt relief solution does leave a slight "blip" on your credit report. Debt Consolidation - This most popular debt solution involves negotiation to get your unsecured debt balances and interest rates lowered. Then the new, lower balances are combined and you make one monthly payment to the debt consolidation company, which they distribute among your creditors. Because of the reductions, you can become debt free in about five years. If your creditors have reported your accounts as late or delinquent, they may report them as current once they've received a few on-time payments from you. And enrollment in a debt consolidation program can put an end to harassing phone calls and mails from creditors. Debt Consolidation Loan - A loan given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. The benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now--sometimes less) that you can have it paid off in five years or less. Student Loan Debt Consolidation - Combines all of your outstanding student loans into one and locks in a much lower, fixed interest rate for you. Your monthly student loan payments are cut in half, too, because you are given more time to pay them off. Nut you have to act quickly--Congress is likely to end the opportunity to get fixed rates in July 2005. Debt Consolidation Mortgage - Allows you to borrow from the equity in your house to pay off your unsecured debts. Your payment is combined with your mortgage, and you get the same interest rate as your mortgage. In some cases, the interest is even tax-deductible (check with your tax advisor to see if this will work for your tax situation). But beware--if you miss payments, you could lose your house. To figure out which of these programs would be a good fit for your situation, contact one of the debt relief services on our Related Resources page. Sat, 26 Jul 2008 15:00:00 EDT