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All over the Internet you hear about debt consolidation. The problem is is that most of the news is simply cleaver masking of debt negotiation firms and secured debt consolidation firms. So is there really such a thing as unsecured debt consolidation? You bet there is!

So what is unsecured debt consolidation anyway? Unsecured debt consolidation is a way for an individual to consolidate or combine their all of their bills (usually high interest credit card debt) into one lower interest payment.

Why is unsecured debt consolidation a good thing? Other than the obvious fact that it saves a person money every month because they went from many high interest payments down to one lower interest payment, it will also raises the persons credit score immediately because their income to debt level has lowered. It also allows lenders to look at them in a nicer light as they have managed their debt load better.

What is debt settlement and why not use it? Debt settlement, otherwise known as debt negotiation is oftentimes associated with debt consolidation, but be aware, they are extremely different. Debt settlement is where a consultant will call the lenders that granted you credit cards and negotiate the amount of that debt down to pennies on the dollar. They state how you will owe about $100-$200 for every $1,000 worth of debt you have. Sounds great huh? Well, the fact is, they ask you to not pay a single cent to these lenders and instead place the money in the bank. Once the lenders send you a number of letters stating they are going to sue you, the negotiator steps in and negotiates a buy out of the debt. You pay the lesser amount, but your credit is damaged in a huge way and the IRS can come back on you and make you pay taxes on the amount that was forgiven.

Traditional debt consolidation is a good, solid way to lower your unsecured credit card debt, IF you want to take another loan out on your home. That’s right. The only way that lenders will look at giving you a loan to pay off your credit cards is if you put a second mortgage on your home. What if you are not a home owner? Guess what? You are out of luck!

Up until recently, these were the only options that were available to you. As with everything else though, if there is a will, we will create a way. We have cultivated a great source that will actually do unsecured debt consolidation loans. The loans are unsecured and will allow you to pay down $25,000 in unsecured debt. The interest rate will be about half of what you normally pay and the process is ultra quick. The requirements are that you are 18 years of age or older, a social security card, a 640 credit score, atleast $2000 monthly income and some credit history. Great rates and ease of obtaining these loans make it a great and useful resource.

Consolidate your credit card debt with our alternative low cost loan program. Home ownership not needed and approval is quick. Contact Patrick Zanders for more info at pnzanders@gmail.com

Article Author :Patrick_Zanders

Tags: credit card debt, irs, cards, tax, credit cards

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Tags: cards, credit card debt, credit cards, credit score, Debt Consolidation, debt consolidation loan, irs, Loans, tax, trad