Learn the basics about consolidating your credit cards and other debts. Also, find and review directories of companies that provide debt help, as well as alternative options to getting a loan for bill consolidation. Use the menus above to find these online services and their websites, that provide various kinds of debt relief, including credit counseling and consolidation loan programs. These menus are organized by type of service or the state that you live in. Learn about common debt-related terminology below.
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Terms – Terminology with definitions, along with those defined in the text on this page:
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What is a Credit Card Debt Consolidation?
General terminology used to describe the combination of multiple debts owed to credit card lenders into one (typically) smaller and easier to manage payment amount. It is often assumed that getting a consolidation loan is required to consolidate debt, however, there are multiple methods of accomplishing this goal. Each type of debt help (or relief) has its own set of pros vs. cons, and the list can be different for each consumer depending upon their personal financial situation. Get more info and… Find Debt Consolidation Programs.
What are Personal Loans?
This type of lending is can be used for consolidating credit card debt and other (typically) smaller bills, or for a wide variety of other purposes. They can be offered as unsecured loans, or they can be secured to a borrower’s personal collateral. Unsecured loans are usually available for smaller amounts of money and qualification is typically much more difficult than it is for other types of lending. Get more info and… Find Personal Loan Options.
What is Credit Counseling?
Credit counselors may be able to help a consumer obtain better interest rates, get penalty fees waived and help them manage their personal finances better through a consolidation of debt that is managed by the credit counseling agency. The consumer makes one payment to the counselor’s firm, that (in turn) pays the borrower’s creditors. This is why this type of service is also referred to as debt management. Get more info and… Find Credit Counseling Help.
What is Debt Settlement?
This form of debt relief is the process by which a company negotiates a lower balance on a consumer’s outstanding debts with their creditors. The credit accounts are closed and the consumer agrees to make payments, per a schedule, until the balance is paid off. However, any amount of forgiven debt may be considered taxable income. Get more info and… Find Debt Settlement Services.
Unsecured Personal Loans for Debt Consolidation
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What is a Debt Consolidation Loan?
- Debt Consolidation Loans
- The name of the method by which the amounts owed on multiple debts are combined into a single loan and (sometimes lower) payment for easier management by the borrower.
- Borrowing from a lender to consolidate bills may or may not lower the borrower’s current interest rates, overall interest cost or even the minimum monthly payment amount. a) The available interest rates on a consolidation loan approval may actually be higher than the existing credit card debt and other bills that you want to pay off. If approved, most of what determines the rate offered is due to your credit rating and the type of loan that you have applied for.
- Loans are more difficult (in some cases, much more difficult) to obtain than other forms of debt relief services, such as credit counseling / debt management, debt settlement or bankruptcy, as they have a qualification process that relies upon a set of underwriting guidelines, rather than just required actions on the part of the consumer. However, they are much less likely to have a negative impact on your current credit rating. Your credit score may be impacted by taking out new debt, but mainly, just be sure to make your payments on time.
- A debt consolidation loan is either unsecured, or secured to an asset or assets of the borrower.
Next Up: What are Secured and Unsecured Debt Consolidation Loans and what are the different types?
Other Debt Relief Program Pages
Review the following directory pages for listings of more companies and services providing debt consolidation and related financial services to people in need of help dealing with credit card and other consumer debts.
- Looking to consolidate your credit card debts and reduce your overall monthly payments? Review our directory site listings for non-profit credit counseling services and debt management companies providing debt help to consumers with debt problems throughout the US.
- US-based listings of debt consolidation companies (from the ODP – Open Directory Project) that offer credit card debt consolidation, credit counseling services and consolidation loans to consumers, students and businesses.
- Need an unsecured personal loan for bill consolidation? These type of lending does not require collateral and is available to homeowners and non-homeowners alike.