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Debt Management Plan: A Few Debt Management Programs

Debt Management Plan: A Few Debt Management Programs


When an individual is found to be trapped in multiple debts, either in his personal life or in his business life, it is natural that he wants to get rid of the trap. It is not right to think that debt management is limited to the field or sphere where the task is to find out immediate measures to provide him a relief. People are aware of the provision of debt consolidation loans which are secured by the borrower as a solution of the financial crisis. There are different measures to achieve the goal. Debt management plans, however, start with the debt consolidation loans.

1) Debt consolidation loans:

In this scheme, multiple loans are consolidated into a single loan. The provider of debt consolidation loans is expectantly equipped with negotiation aptitude. He negotiates with the debtors and draws a settlement plan. He assists and guides the concerned borrower to the best of his satisfaction.


2) Debt consolidation mortgage:

This scheme is mainly a debt management plan and this is, in essence, a second mortgage. The borrower secures finance at lower rates of interest.

3) Debt consolidation through remortgage:

The same mortgage lender is approached in debt consolidation mortgage. In debt consolidation plan of debt consolidation through remortgage, another mortgage lender is contacted as the loan will be obtained at more favorable rates of interest. The target is cheaper finance.

4) Debt consolidation through credit cards:

Sometimes, the borrower looks for faster settlement of his debts. He is benefitted if he goes for Debt consolidation through credit cards. In mortgages and loans, patience of the borrower is required. A credit card holder achieves quicker approval and sanction. Collateral is not necessary in the debt management plan with credit cards. This plan is usually more expensive, no doubt.

5) Debt consolidation through home equity loans:

Home equity loans refer to the secured variant of loans where the finance is available against the equity value of the home of the borrower. The terms and condition in this kind of debt management plan is favorable to the borrower.

6) Debt consolidation through debt settlement:

In this scheme, a debt settlement company takes responsibility to clear the debts when the borrower pays off the loan amount in small monthly installments.
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Debt Management Plan: A Few Debt Management Programs Anaheim