Best answer:

Answer by Debtgurus
You have two very popular programs out there. The first program is Debt Settlement and the second program is Debt Consolidation. Debt Settlement is designed for people that are behind on their payments or if they see themselves falling behind shortly. Usually, with that program your payments could be cut by up to half of what it is now. Debt Consolidation is different, that is designed for people that can afford their payments and just want a lower interest rate. I would look into this company www.rapiddebtsolution.com . They offer both options for you.

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Finding the best debt consolidation method may require that you do some personal research in order to determine the terms and amounts that will work best for you.  If you are like most individuals looking for a way to manage financial obligations, it has taken a while to get into the financial predicament, so you should expect that it will take time to succeed in reducing or eliminating the debts. Like many other projects, though, the journey begins with a single step.  Taking positive action to identify and reduce your obligations will give you a sense of satisfaction and will result in lower costs each month.

 

Identify Your Obligations

 

In order to prepare the best debt consolidation plan, you will first need to determine exactly the level of obligations that must be dealt with.  This is not the time to play games with yourself or your potential lenders.  Prepare a list of each and every debt that you currently owe.  This should include identifying information such as the account number, the total amount of the principal and the interest rate.  The minimum monthly payment amount, if that is applicable should also be listed.  Once you have this information in hand, you can begin to determine what is the size of the loan needed.

 

Prioritize

 

Once you have listed each of the outstanding obligations with which you must deal, you are ready to move onto the next step.  Determining the best debt consolidation plan to pay off or manage the obligations successfully means that you must determine which of the obligations are most important.  For example, most people would consider a loan against the equity on their house to be more important than a loan for credit card debt.  This is not to suggest that you ignore any obligations, just that you prioritize the level of importance to your financial wellbeing. You may also choose to prioritize based on the size of the monthly payment, the interest accruing, or the level of arrearages.

 

Add to Your Income

 

Before picking the best debt consolidation plan, you should also be aware of the income that you have available or that is likely to become available to you over the period when you will be paying off the debt consolidation loan.  This is important whether you are fairly certain your income level will increase or decrease during the term of the loan. You should not count on a ‘maybe’ such as a higher Christmas bonus or record high sales commissions.  You may also want to include the realistic potential of a second job to add to the income.  Alternatively, you can look at ways to cut existing expenses significantly in order to reduce your debt and make the loan payments.

 

Stick With the Plan

 

Once you have determined the best debt consolidation plan for your situation, it’s vitally important that you implement your plan and follow through consistently with what you have decided.  If you have a partner, you should develop and work the plan together.  If you are single, consider asking a trusted friend or family member to be your accountability partner.

 

Related Best Debt Consolidation Plan Articles

Question by John Fisher: Loan debt consolidation, What is the best debt consolidation company at the moment?
have over 10,000 dollars worth of credit card debt. should I consider consolidating?

I can afford the payments no problem, but in the long run, the interest may be more than what I could have paid if I was in a debt consolidation program. Does that make sense to you? Thank you for your time.

Best answer:

Answer by Aari Lee
on 10k and you can afford it?,,,that means you can do it on ur own quite easily..

Give your answer to this question below!

Question by Franc Carey: What is the best debt consolidation company?
I am looking for the best debt consolidation company to help get me out of the mess I am in. Suggestions?

Best answer:

Answer by Kurt
i tried CCC whatever

i tried Powers and associates

Add your own answer in the comments!

Due to recent steep increase in the interest rates of credit cards and other financial interest rates, most individuals find it tough to pay off all their debts and hence financial irregularities have crept into their repayment record. Debtors are looking for easier ways which could relieve them off their credit woes and help them fix their financial problems.

Unsecured loan for debt consolidation does exactly that and has come as a relief to people who are in desperate need of help. This type of loan is not secured, that is you don’t need a property or asset to get the loan as collateral. There is no risk of repossession of the property and you now have only one single consolidated loan with one lender to deal with. Since there is no security for the lender against his money, it is difficult to obtain unsecured loan especially for people who have poor credit history. Unsecured loan is mostly used to get small loans and is not the best choice when it comes to obtaining large amount of money.

Although there are various other loan facilities available, the unsecured loan for debt consolidation is a much better option for you if you have a good credit history as you wouldn’t have to secure an asset as collateral. Unfortunately the decision to lend this type of loan lies entirely on the hands of the lending institution and banks but still companies do provide loans to people who don’t have a very great credit history at a higher interest rate.

The lending institutions maintain a fixed set of rules and criteria when it comes to offering unsecured loan for debt consolidation. They look at good employment record and good credit history before approving the loan. They also look into the income details in order to be assured that you have the means to pay back the loan.

Unsecured loan for debt consolidation has become very popular in the recent few years. The interest rate charged against the loan has also come down. Since there is no collateral, documentation is minimal and hence the processing time for obtaining the unsecured loan is fast.

Visit http://www.debtconsolidationinfo.info for more tips on how to get Unsecured Loan For Debt Consolidation to help you get out of debt fast.

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Once you have decided that you want to consolidate all your debts you have some decisions to make about how you do this and which company you approach to help you to achieve a successful result.  You first of all need to ensure that you understand what debt consolidation means, so that you are clear about the type of debt company to approach, and so that you know what you will be asking them to do for you.

I want to clarify the meaning of debt consolidation first, as there are different interpretations of it, which can be confusing.  Debt consolidation always means making an arrangement that gives you just one payment to think about, instead of lots of individual debts to different organisations.  However, there are two different ways to achieve this.  In the UK, the term consolidation almost always means taking out a new loan to pay off all your old debts.  In the US, it can also mean that, but is more usually understood as putting all your debts into a debt management plan.

This article is about how to consolidate your debts through a debt management plan, which is the most widely used approach to debt problems in both the US and the UK.  You can consolidate all your debts through a loan in both countries too, but there are fewer occasions when this is the best solution, whereas a debt plan is frequently the best option available for most serious debt situations.  So you need to be clear that you are looking for a debt management company to help you, not a debt settlement company, which is a completely different thing.

What a debt management or debt consolidation company will do for you is negotiate with all the different companies that you owe money to, and set up new agreements for how that money will be paid back.  The best companies will manage to change the repayment terms to include less interest and other charges, so that your debt is frozen and your monthly repayment amounts are reduced.  The combined effect of all these changes is that the total amount you pay towards your debts each month is reduced, and it is rolled into just one payment which you make to the debt management company.

As well as being more affordable and easier to manage, you will also benefit from not having each of your individual creditors contacting your for payment all the time.  The debt company will deal with them for you, and pass on your payments at the agreed rates.  To consolidate all your debts in this way, you will normally need to have quite a bit of debt to at least two or three different creditors.  These debts must be of the unsecured type, which just means that the debt is not secured against something you own, like your house.  Mortgages, for example, cannot be included in debt consolidation, but most other things can, including credit cards and personal loans.

Once you have an understanding of how to consolidate all your debts, you need to find a good company to set up the payment plan for you.  This is the most crucial stage, because not all organisations are reputable or trustworthy, and you need to be sure that you are getting advice based on what is best for you, not the debt company.

As with most things, you can protect yourself by shopping around and comparing different services.  If you apply to about three different companies that you know to be reputable, you can then go with whichever you think is offering the best deal.  This depends on finding a list of good companies to start with, so you should follow recommendations for organisations that are known to be well established and ethical, and which have a proven record of success in assisting people out of debt.

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New Era Debt Solutions Quickly Becoming Preferred Debt Settlement Choice As Bankruptcies Skyrocket

Los Angeles, CA (Vocus) March 27, 2010

It’s no secret — Americans love to spend. As consumer debt continues to grow, Americans are now entering uncharted waters. According to http://www.CardWeb.com , 43 percent of American families now spend more than they earn each year. The nationwide fiscal fallout has resulted in personal bankruptcies doubling over the past decade.

According to the Associated Press, bankruptcies are soaring, and in 2009 1.41 million Americans filed for personal bankruptcy. This is a 32 percent jump from 2008. Although bankruptcy has a negative impact on a consumer’s credit score for ten years, the stigma of bankruptcy can last a lifetime.

From a financial planning perspective, sometimes it makes sense to consider debt settlement as a favorable alternative to bankruptcy. New Era Debt Solutions, a national leader in providing consumers and small businesses financial relief through debt settlement, has five suggestions that will help consumers choose the right debt settlement company:

1. Shop, compare, and ask the right questions.

Consumers should do their homework first and not rush into things. Anyone facing financial troubles must be careful and do their due diligence. New Era Debt Solutions has a list of 14 debt settlement questions consumers must ask when shopping for a reputable company. This list will assist the consumers in making the right decision.

2. Is the debt settlement company an accredited member of The Association of Settlement Companies (TASC)?

TASC is the largest trade association serving the debt settlement industry. TASC members voluntarily agree to comply with TASC’s strict industry standards. Accredited members of TASC comply with best practices standards and undergo annual audits performed by BSI. Any company a consumer chooses should be an Accredited TASC member.

3. Look for a performance-based fee structure and money back guarantees.

A company should charge fees based on performance and results. Most companies charge a flat fee based on a percentage of the debt amount. The problem is that they collect their fees up front, before any debt is settled. The majority of fees should only be paid after the work is done, not before. Consumers should expect results and get a written money back guarantee.

4. Look for a company that will discuss all of the options.

Every consumer’s financial needs are unique, and so should the debt solution plan. There are only five debt relief options available to people who are struggling with their finances. It is important that consumers know what these options are so that they can make an informed decision.

5. Look for honesty and transparency.

Consumers must look for honest answers to tough questions. Will creditors call? Can I get sued? What about my credit score? Some companies will promise anything to get a customer in the door. Consumers must educate themselves and ask the right questions to in order to get the right answers.

“Selecting the right settlement company to negotiate debt is essential to any consumer’s financial freedom,” said Alex Viecco, Vice-President of New Era Debt Solutions.

For additional credit card and debt settlement tips, go to http://www.NewEraDebtSolutions.com .

About New Era Debt Solutions

New Era Debt Solutions is a national leader in providing consumers and small businesses financial relief through debt settlement. We provide unparalled financial services through our reputable debt-settlement solutions, performance-based compensation model, top-ranked customer satisfaction rate, and by setting the standard for the most debt settled per client. For over a decade, our clients have helped make us the success we are today. We have achieved a new milestone, providing debt resolution services for more than 20,000 accounts involving assets in excess of $ 140 million.

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Finding out which is the best debt management company is really about finding the best company for your particular situation.  There is no single company that is right for everyone.  The important things are to make sure you take steps to narrow your search to only a few companies that you know to be excellent, and then approach a few of them and make your final judgement based on what they offer you and how you feel about the people you have dealt with.

It is imperative to steer well clear of any of the less reputable companies, those who are simply not very good, or even those who are just too new for you to assess properly.  The easiest way to come up with an initial shortlist of companies you can trust is to follow recommendations or reviews for the best debt management companies, in terms of how well established they are, the number of people they have already helped and how reliable and responsible they are in terms of the advice they give.

Before you start approaching a debt management company, it will help you to have a good awareness of what you should expecting from them.  If you understand what it is that a debt management company can do for you, you will be better equipped to make your decision about which one to use.

The principle service provided by debt management companies is the setting up of debt management plans to help people pay off their debts.  This process is sometimes referred to as debt consolidation, though that is a term that can also be used to include taking out a new loan to pay off old debts.  You need to be clear that a debt management plan does not involve any borrowing of money.

Debt management plans are not appropriate for all situations, so for a debt management company to help you, there are a few basic criteria that you need to meet.  Firstly, the debts that you can consolidate into a payment plan have to be unsecured debts and they have to be to more than one creditor.  This is fine for most people because unsecured debts include things like credit cards and personal loans.  What it does not include is any home equity loan or mortgage, as these are secured debts.

The other main requirement is that you have a steady income and enough money spare each month to afford the payment on the plan.  Apart from that, you will only be able to deal with a debt management company that are based in your country of residence.  If you are in the UK, for example, there is no point applying to a company operating from the US, so make sure you check this before you apply.

When you sign up for a payment plan with a company, they will approach all of your creditors and rearrange the agreements for paying back your debts.  The aim of this is to change the terms under which you repay what you owe in order to make it possible for your total monthly outgoings on debts to be brought down to an amount that you can afford.  These negotiations usually involve getting reductions in interest charges and other costs.  Your debts should stop getting any larger from this point on.  What you end up with after this process is a single payment that you have to make each month to the debt management company.

Now that you understand what you will get from a debt management company, you should follow recommendations for some of the most reputable companies, and apply to perhaps three of these.  Applying can be done easily online and puts you under no obligation to take the process any further.  They will need to contact you to go through your situation, which will give you an opportunity to assess how you feel about the debt advisors you deal with.

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The best debt solution for anyone will depend on their particular financial situation.  There is no one solution that can always be the best for everyone.  Your starting point should be to have an understanding of the main debt solutions available and what circumstances they are most appropriate for.  You will then be able to see which option is likely to be the best fit for your own situation.

I want to get consolidation loans out of the way to begin with, because this is often the first thing people consider when they are looking for a way out of debt.  It must be said that there are not that many situations where borrowing more money is going to ultimately leave you in a better position.  There are some circumstances when it can be the best option, but these are far less frequent than many people imagine.

The attraction of such loans is the prospect of lower monthly payments and only one payment to make, but if you are not careful you can pay a high price for this short term gain.  The problem is that your new loan will mean you are paying for your debts over a much longer period, with the result that by the time the loan is paid off it has cost you far more than you originally owed on your old debts.

A much better prospect is likely to be a debt management plan.  This too is often referred to as debt consolidation, especially in the US, but it does not involve taking out any new loans.  Debt management is where a company set up a payment plan for you, which means you just make a single reduced payment to the debt solution company instead of to all your creditors.  The payments on such a plan are lower because the company negotiates with your creditors to set up more favourable terms for the repayment of your debts.  You usually end up paying less in interest and other charges, which means that your monthly outgoings are reduced.

This is generally regarded as the best debt solution for substantial amounts of unsecured debt, because it is an informal arrangement which can be modified if your circumstances change.  Unsecured debts include any kind of debts that do not have a legal binding to a valuable asset as security.  Mortgages are not unsecured because they are tied to your house, which can be repossessed if you default on payments.

To be considered for a debt management plan you will have to have a source of income that is sufficient to cover your normal monthly outgoings and the payment required by the plan.  Some people find that their situations are such that they simply do not have enough spare money for the necessary payments.  For these people the best debt solution is likely to be debt settlement if they are in the US or an Individual Voluntary Arrangement (IVA) if they are in the UK.

Debt settlement is quite different to debt management in that the main idea is to get agreement to write off as much of your debt as possible, rather than attempting to repay it all.  This is a process undertaken by debt settlement companies who have skilled negotiators working on your behalf to agree deals with creditors.  The incentive they use to persuade creditors to settle is that the agreed settlement amount will be paid in a lump sum.  Their other incentive is that when dealing with people facing possible bankruptcy, they understand that getting at least part of the money back can be a more attractive prospect than perhaps getting nothing at all if they go bankrupt.

To make it possible to pay off the settlement amounts you will need to stop paying creditors when you start on a debt settlement program, and put money instead into another holding account.  This can then build up over the period of the negotiations and be used to make settlement payments as terms are agreed.

The other option I mentioned for UK residents is an IVA, which to all intents and purposes does the same job as debt settlement.  This is a formal agreement only available in the UK, whereby you make a fixed monthly payment that goes towards your debts, but at the end of the agreement your remaining debts are written off.

Both debt settlement and IVAs are designed for people in very serious situations who are not managing to keep up with their debt repayment and who might otherwise face bankruptcy.  Debt management is for people who are struggling with substantial debt but do have a steady income.  All of these options are only suitable for unsecured debts, such as money owed to card companies or loan providers and the best debt solution for you will depend which situation you are in.  Whichever option you require, you will need to take steps to find the best debt solution company you possibly can to work on your behalf.

Taking care about how you choose a debt company is absolutely vital because there are some who are simply not very good and others who are verging on being scam artists.  It is easy to avoid such companies by using only organisations that have been recommended following thorough research.  If you start off with a list of the best debt solution companies, known to be the most reputable and ethical, you can then apply to three or more of them, which will give you the opportunity to make a comparison.  Applying online is very simple and puts you under no obligation to proceed.

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I’m trying to help my friend get out of massive credit card debt. I need a good, reliable debt counseling company.

Best answer:

Answer by Catherine H
If you are in UK the Citizens Advice Bureau would be the best place to go!

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