Whatever your debt circumstances may be, it is essential that you know there are options available that will help you better manage debt, which will lead to real financial freedom. Debt consolidation programs are one of those options, though they are not the best solution for everyone. We’re here to discuss what consolidation is, whether it’s an option that might work for you, and how Liberty Debt Relief can help.
Contact us at (800) 756-8447 for debt consolidation advice and to regain your financial freedom!
Debt Relief Through Consolidation
Debt consolidation gives you a loan to combine all of your unsecured debt into one place. So, instead of having to make several credit card payments a month as well as paying off a medical loan, student loan debt, or any number of other unsecured lines of credit, you only have to make one monthly payment that would go towards paying the total sum of all your debt. This gives you the opportunity to have a lower interest rate, but almost certainly with higher penalties for late and non-payment. For example, one form requires that you put up collateral to secure your arrangement. This can lead to huge penalties and lost collateral if you get behind on your payments.
The main detractor with this option is that you are not immediately paying off all your debt. You’re paying off old debt by taking on new debt. This could be the right solution, but only if you can qualify for an interest rate that is much lower than your current interest rates. If you’re maxed out, or close to being maxed out, on your accounts, or you have a less-than-desirable credit score, then debt consolidation programs or loans are probably not the right solution for you. In these cases, debt settlement would most likely be more viable.
Debt Consolidation vs. Debt Settlement
While debt consolidation is taking on new debt to pay off your current debt, debt settlement is the process of negotiating with your creditors to reduce your overall debt. Debt settlement is the better option for most people because you are not taking on any new debt,
Most people know what the former is, but only a few know that debt settlement exists and is most likely the right option. This is mainly because negotiating with creditors can be daunting. That’s where our debt settlement expertise comes in. We have years of experience working with creditors to get results for our customers.
Reach Out to Liberty Debt Relief for Debt Consolidation Advice
Choosing the right debt solution can be stressful, but Liberty Debt Relief is here to help you weigh all your options. Reach out to our trusted experts to develop a personalized plan. Click here for your free consultation on a debt relief solution!