Debt Consolidation: Consolidation is the process of combining all your debts into a single, lower payment by taking out a loan to pay off your creditors.Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.New Era Debt Solutions is another standout company.
Accredited Debt Relief is an affiliate and offers the same programs.
Debt Consolidation is worth looking at if you have at least $7,500 of debt.
These debt relief programs don’t have a negative impact on your credit but may limit your credit options for their durations.
Bankruptcy: This should be a last resort as it negatively affects your credit for many years.
Most often, the required collateral is a second mortgage or a home equity line of credit.
This is incredibly risky because if you cannot meet your payments, your home is on the line.Furthermore, if you have bad credit, debt consolidation loans may come with high interest rates.In addition to putting your home at risk, many consumers end up prolonging their debt.Types of debt vary, and this influences what you can consolidate.The first thing to determine is if your debt is secured or unsecured. For example, car loans and mortgages are secured debts.Freedom Debt Relief is also one of the industry leaders, and it offers some of the highest quality customer service.