CuraDebt also offers a debt settlement type of debt consolidation program where the balances are negotiated on, instead of solely focusing on adjusting interest rates and late fees.
A typical debt consolidation program offered by a credit counseling agency is called a debt management plan. The CuraDebt team is experienced with debt management and consumer credit counseling from having offered it in the past. With this knowledge, you can receive a balanced evaluation if it is truly the best program to help you accomplish your financial goals.
Unsecured Debt Consolidation Loan
As another type of debt consolidation program, some people look to unsecured debt consolidation loans. There are many types of these loans that are advertised on television, radio, internet, newspaper, and other places. The unfortunate fact is that most have astronomical interest rates and put the individual in a worse place than they were before. For example, payday loans are a type of unsecured debt consolidation loan, but the interest rates are extremely high. Often credit unions offer unsecured loans, but often unknown to the individual getting the loans, a federal credit union secures their debts in many ways. The online ‘crowd funding’ unsecured lenders are even worse – they give loans only to make money and if a person has challenges paying they often prefer to pursue a judgment instead of settling.
Secured Debt Consolidation Loan
Often, if you have a home or other property with equity, you will receive offers to take out asecured debt consolidation loan against your property. The lenders often claim that this is the best way to eliminate your debts and that it is the best choice to maintain your credit score. While this sounds attractive, in reality, it is one of the riskiest types of debt consolidation program and decision a person can make.