http://www.debtconsolidationsavior.com/debt-elimination-programs.html Debt elimination programs can save the day! en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Are you looking for a debt elimination program? Do you know what's available on that front? There are at least five basic debt elimination programs, and we're here to tell you about all of them. Basic Debt Elimination Programs The five basic debt elimination programs we are referring to have similar names, but they're all very different. Debt Consolidation Programs - These are debt elimination programs that involve 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. Debt Consolidation Loans - These are low-interest loans given to pay off unsecured debts. You pay off your unsecured debts immediately, and your unsecured debt payments are replaced by loan payments. But the interest rate on the loan is so much lower (generally half of what you're paying now) that you can have it paid off in five years or less. Debt Consolidation Mortgages - These are debt elimination programs for homeowners. They allow you to borrow from the equity in your house to pay off your unsecured debts, then your payment is combined with your mortgage. You get the same interest rate as your mortgage, which is usually a lot less than what you were paying on your unsecured debts. In some cases, the interest is even tax-deductible (check with your tax advisor to see if this will work for your tax situation). Student Loan Debt Consolidation Programs - These debt elimination programs are designed to combine all of your outstanding student loans into one and lock 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. Debt Settlement Programs - These debt elimination programs allow you to pay off your debts at 30-60 cents on the dollar as long as you have the funds to pay off your new, lower balances all at once. Some debt management companies will give you 1-3 years to pay it off though. The best way to determine which of these debt elimination programs is right for you is to contact a debt management company. For many people, one of these debt elimination services will be the right one. But some will qualify for multiple debt elimination programs. For example, homeowners could qualify for a debt consolidation mortgage, a debt consolidation loan or a basic debt consolidation program, while someone with no collateral would only qualify for basic debt consolidation. Someone who's only debt is student loan debt would only need student loan debt consolidation. But there's something for everyone. Just check it out. It will be well worthy your while when it becomes clear that a debt elimination program could really help. Stick to legal debt elimination to get the job done! Sat, 26 Jul 2008 15:00:00 EDT