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People with multiple credit card debts may be surprised to see how much money they can save with a monthly debt relief program.
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Credit Card Debt

In a tight economy, many residents in Virginia and throughout the country are experiencing tough financial times and are struggling with credit card debt. If you are also looking for a proven way to get relief, and pay off your credit card debt and other types of unsecured debts (such as medical bills, department store charges, and even utility charges), there is good news.

There are several ways these days for consumers like you to get off the debt treadmill, including debt consolidation through credit counseling, debt settlement, a debt consolidation loan, or even bankruptcy. Debt consolidation, or a debt management plan (DMP), debt consolidation loans, and debt settlement have become popular alternatives to bankruptcy - which can lead to a more damaging and longer lasting impact on your credit.

Compare your debt relief options and see if you qualify for savings. Answer a few, simple questions and get a free debt relief analysis and savings estimate.

Debt Consolidation vs. Debt Consolidation Loans

For many people, it is very easy to fall into the buy-now, pay-later credit card trap. As a result, many consumers have found themselves in a position where they have unmanageable credit card bills and are struggling to pay them off. Fortunately, there are several credit card debt relief solutions available - including, as mentioned earlier, debt consolidation, debt management, and debt consolidation loans. Out of these methods, there is often confusion between debt consolidation loans and debt consolidation, so it's worth noting the differences between the two.

A debt consolidation loan combines high-interest rate debt from credit cards and other unsecured debts into a single and lower-interest loan. To qualify for a debt consolidation loan, you typically have to put up secured assets, like your home or other property, as collateral. Unfortunately, many consumers who get a debt consolidation loan, in general, do not have the discipline to stop using their credit cards and end up accumulating new, high-interest charges. As a result, these consumers often end up with new, high-interest charges to pay off on top of their monthly loan payment.

Debt consolidation, on the other hand, is a form of debt relief where you combine, or "consolidate," your high-interest charges into a single, more manageable, and more structured monthly payment made to a credit counseling agency.

When you enroll in a debt consolidation or debt management plan, credit counselors review your finances, debts, and income. When they have a clear understanding of your financial situation, these credit counselors will typically develop a strategy to help you reduce your debts sooner than if you only continued to pay the minimum monthly payment on your credit cards at higher interest rates. They typically achieve this by submitting proposals, on your behalf, to credit card companies requesting a reduction of interest rates as well as the waiving of late fees and penalties.

Creditors that agree to the proposals are entered into the debt management plan. The goal is, with debt consolidation, you can ideally direct more of your payment toward paying off the principal of your debts versus just the interest.

See your debt relief options and see if you qualify for savings. Answer a few, simple questions and get a free debt relief analysis and savings estimate.

Debt Settlement Alternative

For many consumers struggling with credit card debts, relief can be found through debt settlement. Unlike debt consolidation where you pay off the entire amount of your debts, with debt settlement, you are hoping to settle with creditors for substantially less than the original debt amount.

Like other debt relief methods, debt settlement does pose some risks. For one, as the term "debt settlement" suggests, creditors are certainly not legally required to settle or negotiate with you. In addition, many debt settlement firms advise consumers to stop making their credit card payments to save up funds, over a certain period of time that they can later use to make a reasonable settlement offer.

However, some creditors might threaten to sue consumers who default on the terms of their credit card agreements. Also, many consumers who do default on the terms of their credit card agreements often see their credit scores decline.

As you can see, there are potential risks with debt settlement, but it is worth noting that in spite of those risks, it is still a popular alternative to bankruptcy - which has a more devastating and longer lasting impact on one's personal credit. Debt settlement also has become, in recent years, an honorable way to reduce credit card and unsecured debts.

The bottom line is, regardless of which debt relief method you choose, be sure that you manage to review the pros and cons of each, and make sure that you understand how long it will take you to reduce your debts and the potential impact to your credit score.

Compare your debt relief options and see if you qualify for savings. Answer a few, simple questions and get a free debt relief analysis and savings estimate.