Debt Consolidation, Reduction, and Elimination

Debt comes in many flavors: Mortgages, Credit Card Debt, Car Payments, Student Loans, Personal Loans, Business Loans, Taxes, Utilities, Education costs, Child Care, Insurance, Court Judgments, Alimony, Child Support, etc.
The debts with highest interest are usually Credit Card debts, which are usually the first you want to get out of.
Getting a Loan, moving many debts to 1 credit card, Settling a Debt, and Debt Management companies are some of the most frequently used ways to consolidate, reduce and eliminate debt.

Getting a Loan, Refinancing, or Modifying

The lowest interest loans are usually mortgages. It used to be popular to get a 2nd mortgage, especially a Home Equity Line of Credit (HELOC) to pay off Credit Cards and other debts. Refinancing was a way to get extra cash, but is harder to do in today's low housing market. In today's market, with lower home values, it's actually easier to get a Loan Modification on your mortgage than it is to refinance or get a 2nd. The new FHA HOPE plan, which started October 1, 2008, gives incentives to lenders to reduce your principal balance to 90% of your home's value and change a variable to a fixed rate. Many lenders still don't want to do it, and the HOPE plan is only if they agree. If you have a hardship like less income, higher expenses, or other issues, you can hire a good Loan Modifier like Loan Repair Now .com, and they can usually also get your interest reduced, and sometimes get more principal reduced even below 90%. They Twist Your Lenders Arm by doing a Forensic Loan Audit to find laws the Lender violated. The lender is then eager to offer a new loan, to get out of the legal issues of the old loan, and will usually agree to even lower interest than normal. Even a 1% reduction in interest can save $3,000 per year on a $300k mortgage, which is about the cost of a professional lawyer-assisted loan modification with forensic loan audit at Loan Repair Now .com. If you are in Foreclosure, Loan Repair Now .com can still help if you still time, but you might want to review all your options at Beat Foreclosure Fast .com. If you don't have equity for a mortgage, but you have a good credit score, you may have to get a personal loan with interest higher than a mortgage, because it is unsecured, but probably still lower than the Credit Card interest you are now paying.

Debt Settlement

There are companies you can find on the internet that will fight for you to settle your credit card debt and other debts for less than you owed. Sometimes, they can cut your debt in half. Some people settle their debts first, then get a loan to pay them off. Often, it's better to try for a loan modification first, because the extra debt can be used as leverage against the mortgage company.

Debt Management

First, try to get your mortgage modified, if you have a hardship. Second, try to get your debts settled for less. Third, try to get a loan, like a HELOC, at lower interest than the Credit Cards you are trying to pay off.
Next, find a Debt Management company that can manage your payments.
Zero Out Debts .com can get you a more advanced HELOC and manage your debt paydown. Zero Out Debts .com can pay down 30 year mortgages and all debts in about 10 years.

This article was written by Jim Krage, a paralegal that fights to get the best advantage for you at Beat Foreclosure Fast .com, Loan Repair Now .com, Stop Bank Fraud .com, WaMu Fraud .com, The Wizard Home Loans .com, and Zero Out Debts .com.