Debt Elimination America
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When you need a helping hand in difficult times.
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Our Mission: Debt Elimination for America!
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Debt Consolidation
Debt consolidation involves taking out a loan to pay off any outstanding credit card balances. This option is an alternative for some people but not for the majority. In many cases consumers are better off using other alternatives, like debt settlement and elimination programs, credit counseling or bankruptcy for debt resolution
There are two types of debt consolidation loans:
- Home equity loans
- Unsecured loans
Debt consolidation home equity loans
A home equity loan is a secured loan based on the equity on the debtor’s home used by the borrower to pay unsecured credit card debts. The loan is intended to consolidate all credit card payments into one larger payment to the mortgage lender. There are mainly two advantages of this type of loan. The first advantage is that the debtor makes one single payment, and second advantage is that usually interest rates on home equity are a lot lower than most credit card interest rates.
There are also some disadvantages using home equity consolidation loans, one is the simple fact is that all of the original credit card debt still exist and now it’s part of your monthly mortgage. Sure the monthly payment has been consolidated but not substantially reduced to make a difference in the time it takes a consumer to get out of debt caused by credit card company’s criminally high rates of usury. However, the biggest disadvantage is that now your previous unsecured debt is now tied to a secured loan – your home! If financial difficulties persist the debtor has put their home at risk of foreclosure and could lose their home because of higher monthly mortgage payments they can no longer afford.
Debt consolidation unsecured loans
Many people when struggling with debt usually look for debt consolidation loans as a solution to mounting credit card bills and out of control interest rates. The idea is that consumers try to get a bank loan to consolidate all their debt into one loan and the consumer pays the bank one monthly payment including applicable interest rates.
The advantage to this kind of loan is only that a consumer consolidates all their credit card payments into one monthly payment, and that’s really where the advantages end. First you are not reducing any of the amounts of debt you owe. Yet still, these types of loans usually carry very high interest rates, because most people wait too long and their credit scores are often very low due to having high balance to limit ratios on maxed out credit cards. Having a low credit score can make it almost impossible to consolidate credit card debt using an unsecured loan. Worst of all, these kinds of unsecured debt consolidation loans often leave the consumers in no better financial positioning than before they pursued an unsecured debt consolidation loan to begin with.
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Case Studies
After a divorce and two year custody battle, I was drowning in a sea of credit card debt. Debt Elimination America literally pulled me out of nightmare of harassing calls from creditors and slashed the ridiculously high interest rates.
They took the anxiety and pressure away! What would have taken me seven to ten years to pay off only took a little over two and a half. Imagine having someone call and tell you that they have erased $8,000 from one of your cards and that is exactly what this company did for me. I tried to do it on my own just to be stonewalled or threatened by the collection agents.
The most outstanding thing about this company is how they manage to negotiate and settle your debts while you, the client, get the credit of paying it off as Debt Elimination America's name never appears on any of the documents. Thanks to this company I was able to sleep at night and could escape the hell of revolving interest rates and late fees.
Natalie Caudill