subject: An Effective Debt Relief Solution is Debt Settlement [print this page] The better alternative for debt relief services in 2010 is debt consolidation program. For debt consolidation, you need to own your own home to qualify for a debt consolidation loan. Debt consolidation is a home equity loan and thus makes your mortgage payment larger. Other qualifications may include a minimum FICO score, steady employment, and a minimum monthly income. Find out how much you will save with a debt consolidation loan rather than paying your credit cards' minimum payments. Determine if you can afford to make a larger mortgage payment. To figure this out, subtract from your monthly income, any food, transportation, and insurance costs. If you don't have enough money to cover a larger mortgage payment, then debt consolidation is not right for you. If you do qualify, determine if the benefits of debt consolidation outweigh its complications. Debt consolidation can lower monthly payments and reduce interest rates for your unsecured debt. This is debt relief freedom. Plus, you only have to make one payment, and you can write off the interest. However, with debt consolidation, it will take you longer to pay your bills. Before you're done, you may be tempted to use your credit cards again. Plus, you will spend more money in interest over the life of the loan. You could also lose your home if you can't make your payments. Hence it is important to determine how much unsecured debt you have from credit monitoring company.
An Effective Debt Relief Solution is Debt Settlement
