CuraDebt Debt Relief Services Inc., one of the top debt relief companies in the US has published a guide on the different debt consolidation options available for consumers. With the alarming increase on household debt, CuraDebt stresses how important it is to consider all options before making a decision.According to CuraDebt, a typical debt consolidation program from a credit counseling agency is what you would call a debt management plan. Debt management plans warrants consumers to pay your debt in full with interest. The advantage is that instead of having different creditors, you make one payment to a debt management agency.
CuraDebt also explained another type of debt consolidation option, unsecured debt consolidation wherein your debt is consolidated into one single debt. An agency such as a credit union, bank or lending company pays your existing debt in full. All your future payments will be towards your new creditor - your agency. While this may sound easier, CuraDebt states that the interests are extremely high for this type of solution.
Another option mentioned is secured debt consolidation. CuraDebt states that if you have a property such as a house, you will receive an offer to take out a secured debt consolidation against your property. Lenders claim that this is one of the best ways to eliminate debt because your credit score doesn't drop.
However, CuraDebt stresses that secured debt consolidation is in fact, one of the riskiest type of option someone can make because instead of consumers are at risk of foreclosure or seizure of property if you are not able to keep up with the payments.
CuraDebt concludes its article by mentioning that the best option for unsecured debt is to pay back your debt through paying a significantly bigger amount each month than the minimum payments. However, this isn't always possible for consumers who are having financial hardship. CuraDebt recommends consumers to avail of their free debt counseling to get a balanced advice on the best course of action to take in accordance with your unique financial situation.
You may reach CuraDebt and ask about the best debt consolidation options available for you by calling their hotline at 877-850-3328 or by visiting their website.
Learn more about debt consolidation options by visiting the original article: http://www.curadebt.com/debt-consolidation-options/