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If you have been struggling with high credit card debt that is causing you to fall several months behind on your payments, and you are facing bad credit and the possibility of seeking a loan, you're not alone. Many residents of Virginia and all across America are also experiencing their own debt crisis, regularly missing payments, and as a result, are watching their credit rating go from good to bad. But the good news is, there is help available and you may qualify for debt relief. These days, your available debt relief options may include debt consolidation through a credit counseling agency, debt settlement, loans, or even bankruptcy. Here's a brief overview:

Debt consolidation or a debt management plan (DMP) typically involves combining, or "consolidating," multiple credit card debts into a single, more structured, and more manageable payment made to a credit counseling agency. Debt settlement, or debt negotiation, allows many consumers who generally have high balances on their credit cards to settle, or negotiate, with their creditors for substantially less than what they originally owe. Finally, loans typically involve combining your high-interest credit card debts into one, lower interest loan. These days, these debt relief methods have become popular alternatives to bankruptcy - which can provide many consumers a new lease on life, but it affects one's credit rating in more damaging and longer lasting ways.

To explore your debt relief options, answer a few, simple questions online and get a free debt relief analysis and savings estimate. Begin.

"How Does Debt Consolidation Work?"

As noted earlier, debt consolidation or a debt management plan is a popular debt relief option among many consumers who are searching for a more structured and predictable path to becoming debt-free. Debt consolidation typically involves combining or "consolidating" debts spread across multiple credit cards, as well as other types of unsecured debts like utilities, medical bills, or department store charges, into a single, more affordable, and more manageable monthly payment made to a credit counseling agency.

When you enroll in a debt consolidation program, you will generally get a one-on-one consultation with a credit counselor who will review your finances, income, and total debt amounts. Once they have a clear picture of your finances and determine a reasonable amount that you can allocate to paying off debts, they will typically develop a strategy that can hopefully lead to a more lenient and more affordable payment plan. This strategy generally involves submitting proposals (on your behalf) to your creditors asking for reduced interest rates, or the waiving or elimination of any late fees or penalties.

Creditors that agree to the proposals are placed into the debt management plan. As mentioned earlier, the goal of debt consolidation is - with a single, more structured, and more affordable payment plan, you can typically direct more of your payment towards paying off the principal of your loans rather than just the interest - and eventually, reduce your debts sooner than if you continued making the monthly payments on your credit card debts at higher interest rates.

Can I Pay Off Debts with a Loan?

Depending on their debt situation, many consumers may consider obtaining personal loans to help pay off their credit card debts. As previously noted, a personal loan typically involves combining your high-interest credit card and unsecured debts into one, lower interest loan. Take note: A debt consolidation loan involves taking unsecured debt and paying it off with funds that come by way of a "secured" loan, or a loan where you would have to put up a collateral, like your home or other asset.

Keep in mind that unlike debt consolidation through credit counseling, loans are generally associated with certain risks. Many consumers who get a debt consolidation loan generally end up using their credit cards again, and accumulate new, high-interest credit card debts to deal with on top of their loan. Under this scenario, a debt consolidation loan has generally made their debt situation go from bad to worse.

In comparing a personal loan with debt consolidation, a loan may be a smart move for disciplined consumers; however, debt consolidation through credit counseling certainly provides many consumers with a more predictable and accelerated path towards relief and becoming debt-free.

Debt Consolidation Savings

For many budget-conscious consumers, debt consolidation, if followed faithfully, can provide a more accelerated and more structured way to paying off debts. With debt consolidation, the amount of money that you can save every month generally depends on several factors: the total amount of your debts, the current interest rates, and any late fees or penalties.

The bottom line is, if you are struggling with credit card and unsecured debts, there is help available. The first step is to find out what your debt relief options are, compare and contrast their benefits and savings, and determine which program can help you get back on track financially and help you manage your debts. Answer a few, simple questions now to get your free debt relief analysis and savings estimate. Begin now.