Debt Elimination Facts

Facing the Facts

If ever there was a need for a new debt eliminationsolution, it's now. And we talk about debt solutions, we don't mean any old solution, people. Listen up, because the problems we are referring to are serious and you need a serious solution. You need legal debt elimination:

• Americans bought $2 trillion worth of goods on credit in 2004
• Current unpaid debt in America stands at $800 billion
• The average amount of unpaid credit card debt for families who have it is $12,000
• Credit card debt for Americans living below the poverty level doubled by the mid 1990s.
• The average credit card balance for senior citizens went up 89% from 1992 to 2001
• The average college student owes $2,800 in credit card debt (this does not include student loans)
• Average consumer debt per person is $7,100
• Over 55 million Americans need debt help

Do you fit into the statistics listed above. Yes? You may qualify for debt elimination programs.

Debt Elimination Options: Debt Consolidation

If you need a debt elimination program, there are plenty of options. In fact, there's a debt elimination program for just about any debt situation. The most popular debt management option is debt consolidation.

• Negotiation to get your unsecured debt balances and interest rates lowered.
• Lower balances are combined
• You make one monthly payment to the debt consolidation company
• Payment is distributed among your creditors.

These debt elimination plans give you the option to become debt free in less than five years.

Debt Consolidation Mortgage

If you are a homeowner, you can get a debt consolidation mortgage. This allows you to borrow from the equity in your house to pay off your unsecured debts. Your payment is combined with your mortgage, and you get the same interest rate as your mortgage. How's that for a debt elimination plan?

Debt Relief Loan

You can receive debt relief from a debt consolidation loan, which is a low-interest loan given to you for the specific purpose of paying off your unsecured debts. Your monthly credit payments are replaced with your loan payment, and because your interest rate on the loan is so low, you can have the loan paid off in about five years.

Debt Settlement

Looking to get out of debt a little faster than five years? There's a debt elimination program called debt settlement that can help you do just that--if you have access to a lot of cash (just not enough to pay off your debts in full). Debt settlement allows you to pay off your unsecured debts at 30-60 cents on the dollar, but you have to be able to pay it off almost immediately. Some debt elimination services, however, can negotiate to get you more time, like anywhere from 1-3 years.

To figure out which debt reduction program is right for you, contact a debt elimination service. The best place to start your search is on our Related Resources page.

All material copyright © 2008 About Debt Solutions. All rights reserved.

Contact Us | About Us | Site Map | What's New | View as RSS