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How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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FAQs About Debt Management Plans

Debt Guru

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. If you’re feeling buried under the weight of multiple debts, a DMP might be the solution to escape the crush.

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Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly. The post Consolidating Your Debt?

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Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. However, secured debt means the borrower has put up collateral (e.g. There are other options including credit counseling, creating a debt management plan, and taking out a debt consolidation loan.