If you own a home, a secured debt consolidation loan may be a debt relief option to consider but not recommended. Keep in mind, debt consolidation loans do not get you out of debt, it rearranges your debt. This type of loan is essentially a home equity loan which is used to pay off your other creditors.

Secured debt consolidation loans supposedly help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. However, be very careful when you borrow money against your home to pay off credit cards and other unsecured debts. You are then converting unsecured debt into secured debt. This could cause you serious problems for some reason you are unable to make your payments on time.

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3. Debt Negotiation And Settlement Services

Debt negotiation and settlement is a viable debt relief option for those who want to protect their long term credit score, can afford to pay something toward their debts but cannot afford the entire amount. And for those who want to avoid bankruptcy. There are essentially two types of debt negotiation companies available to consumers:

I. Attorney Based: At Consumer Debt Law Services, you hire the most powerful debt relief lawyers directly. Our attorney debt negotiation program is preferred by many consumers for the reason being that attorneys achieve the most aggressive settlements, as well as protect and safeguard your Federal rights; if you have an attorney representing you in a debt matter, the creditor or debt collector must contact the attorney, rather than you. If you do not have an attorney, a debt collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Contact us.

II. Non-Attorney Based: Most of the debt settlement companies you'll find advertising on the internet do not use attorneys to manage the debt negotiation and settlement process. These entrepreneurial type of debt relief companies simply have limited negotiating tools compared to professional attorney negotiators. In addition, many credit card companies and debt collectors refuse to negotiate with non-attorney based companies. Put simply, when you hire non-attorney negotiators, you're at high risk for failed negotiations, lawsuits, a worsened financial situation and possible cause for bankruptcy.

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4. Chapter 7/ 13 Bankruptcy

Under Chapter 7, you can have all or part of your debts discharged, after your liquid assets are used to repay some of the debt.

Under Chapter 13, you repay all or part of your debt through a three- to five-year repayment plan. When you make the bankruptcy filing, you will also submit a repayment plan to the court. After submitting the plan, you should begin making payments to the court, who in turn pays your creditors.

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6. Consumer Credit Counseling Services

In a Consumer Credit Counseling Program (CCCS), you will repay 100% of your outstanding debt, plus interest and fees. Consumer Credit Counseling is a process that is supposed to offer education to consumers about how to avoid incurring debts that cannot be repaid. The CCCS process is actually more debt prevention education than a function of actual debt relief. Most of these "Credit Counseling" companies simply work as a collection agency for card companies.

Credit Card Debt Relief

Debt Settlements Are Guaranteed Or Your Money Back, Including Law Firm Attorney Fees!