http://www.aboutdebtsolutions.com/debt-reduction/debt-reduction-loan.html Debt reduction loan: Get one today and be debt free in about five years. Learn more about a debt reduction loan here. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Do you feel like you're at your wits' end when it comes to your debt? Feel like there's no hope except bankruptcy? That's where you're wrong. We suspect that you're on this site because you've heard about debt reduction solutions like debt consolidation or a debt reduction loan or any of the other popular forms of debt reduction available. The Basics of a Debt Reduction Loan Basically, a debt reduction loan is a loan given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. In that sense, you're trading one set of debts for another, but you'll have only one monthly payment to keep track of instead of several. The biggest benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now) that you can have it paid off in five years. Five years might sound like a long time, but consider this: A $10,000 debt at 18.5% interest typically takes 32 years and $24,500 to pay off if you don't pay more than the required monthly minimum. But the lower interest rates of a debt reduction loan enables more of your payment to go towards the principle. That's how you can get the debt paid off in about five years. Other Options If you don't have collateral, don't worry. There are other options. Debt consolidation involves negotiation to get your unsecured debt balances and interest rates lowered. The new, lower balances are combined and you make one monthly payment to the debt consolidation company instead of several monthly payments to your creditors. A debt consolidation mortgage allows you to borrow from the equity in your house to pay off your unsecured debts. Student loan debt consolidation combines all of your student loans into one and gets you a lower fixed rate and lower payments. Finally, debt settlement allows you pay off your debt at 30-50 cents on the dollar, but you have to come up with the new, lower amount all at once. To find the perfect debt reduction solution for your situation, check out the companies on our Related Resources page. Sat, 26 Jul 2008 15:00:00 EDT