2 Smart Debt Solutions: Debt Settlement and Debt Consolidation By Eva Holmes

Here is a guest article from Eva Holmes–
You can take the help of various types of debt solutions when you have piled up huge amounts of debt. However, in this article we will discuss about 2 major types of debt solutions – debt settlement and debt consolidation.

Debt settlement
According to some people, this is one of the best debt solutions available in the market. Debt settlement normally reduces the overall debt by 40% to 60%. You can opt for this debt solution when you are past due on your bill payments by 6 months. You can hire a professional debt settlement firm to solve your debt problems. You can settle your debts on your own also if you have excellent negotiation skills. It is actually better to settle your debts on your own as the settlement firms charge fees for their services.

Debt consolidation
This is another type of debt solution which allows you combine several unsecured debts into one loan. Thereby you are required to make payments to only creditor. It’s much easier to manage one loan instead of 8. The interest rate of these loans is also low which means that you can make the payments without any problem.

You can get a debt consolidation loan from various financial organizations. Basically, you can get 2 types of loans – secured and unsecured. For secured loans, you need to pledge collateral whereas for the unsecured loans you are not required to pledge any collateral.

You can take the advantage of these 2 types of debt solutions – debt settlement or debt consolidation. However, you should choose that debt solution which suits you best.

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.
www.danielrmurphy.com
www.books2wealth.com

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