subject: Debt Relief Options - Consolidation Or Negotiation - Which is the Fastest Option? [print this page] These days everyone is hearing about the debt relief programs because they are now selling like hot cakes because thousands of debtors have suffered a lot due to the recent financial turmoil and now they have opportunities to regain their financial status and get rid of their massive financial obligations by taking the debt relief programs. Now they are enjoying the enormous benefits but still they are unaware about the facts of which program (i.e. debt consolidation or debt negotiation) is fastest in helping them to get rid of their debts. They must know that there is no doubt of the fact that every program is equally beneficial but only if you use them wisely and as per your unique financial preferences. Then you can get much more benefits from them than just choosing the simple ways. You must know which one is the fastest option meaning which one can bring you out from the circles of your massive debt at the fastest speed as compare to other ones.
The debt consolidation program is very unique in its nature because it has special specifications which you can use in your best interest. As its name suggests, in this program you can consolidate your entire multiple loan and then you can get one huge loan to wipe out your entire existing financial obligations. You must keep in mind that this loan will be based on an asset, meaning that it will be secured by the asset and offered with fixed but lowered interest rates so you have no fear that the rate will be increased just like the unsecured debt which made your loan almost double in previous years. Another advantage of debt consolidation program is that, it will be offered for only five or six years so that you will come out of it in just a very small period of time.
In the debt negotiation, you will be entitled with reduction of your massive loan amount even with more than 50 percent and you will have to repay the remaining amount in a lump sum so that you can get rid of your massive and unaffordable loan by first getting a considerable amount of reduction for it and then repaying it at once.
Debt settlement is a legitimate alternative to filing for bankruptcy. Most people are able to eliminate at least 50% of their unsecured debt when the process is complete. There are also other debt relief options available which is why it would be wise to speak with a debt relief specialist.
Debt Relief Options - Consolidation Or Negotiation - Which is the Fastest Option?
