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Now, debt consolidation is basically centralizing your debt into one location and negotiating to lower your monthly payments and interest rate. Like for example you may have 5 debt accounts and the outstanding balance on each debt account is USD$1500, USD$150, [link widoczny dla zalogowanych] USD$200, USD$ 650 and [link widoczny dla zalogowanych] USD$700 respectively, you take [link widoczny dla zalogowanych] out a consolidation loan [link widoczny dla zalogowanych] of an amount USD$3200. You can either use collateral or take out an unsecured debt consolidation loan. It is always better to take out a debt consolidation loan that is unsecured. This is because you will not lose your home if you fall behind on payments.

Other than debt consolidation relief methods, you might be able to make some financially responsible moves and get a hold on this debt and also [link widoczny dla zalogowanych] lower your interest rate to get a secured [link widoczny dla zalogowanych] debt consolidation loan, like for example [link widoczny dla zalogowanych] Home Loan Equity loan (HEL) which is a type of loan which the borrowing party get it against a collateral. It is also termed a second home loan as it is [link widoczny dla zalogowanych] secured against the value of the property. This loan comes usually with a [link widoczny dla zalogowanych] low interest rate whereas credit cards have high interest rates. But you need to measure your risks before putting your house as collateral.

While debt settlement works differently, an advisor company will help you to get rid of your debt for a fee. Now this may sound too good to be true but debt settlement is, in fact, a perfectly legal solution. It is suited for those who have fallen 3 to 6 month behind in their payment and seek it as an alternative to [link widoczny dla zalogowanych] bankruptcy. The debt settlement companies negotiate with the creditor and the creditor would much rather agree than to have you file for bankruptcy and lose all their money. However, it has a down side as a history of delinquent payments or charge offs will remain on your report.

So as [link widoczny dla zalogowanych] you weigh your options to settle either with debt consolidation or debt settlement, it is equally important to know who you would be doing business with.

As you square in on a company find out about its service cost and whether you can afford it and see if it has IAPDA (International Association of Professional Debt Arbitrators) certified debt arbitrators as they have a solid understanding of the laws [link widoczny dla zalogowanych] governing Debt Settlement Industry. Further find out if the company offers any type of service guarantee. Like, if the company could not negotiate a settlement, the fees will be refunded.

Most of all, the company should be your one stop resource for saving money.