http://www.debt-consolidation-explained.com/debt-free/debt-free-programs/ Debt free programs exist for one and all. No matter what your situation, there are debt free programs that can help you. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Do you need to be debt free? We assume so if you're reading this site. If so, you're in luck because you've landed on the page that will teach you about debt free programs that will help you get out of debt in five years or less and spend the rest of your life in the debt free living zone. Make Freedom from Debt Your Mantra At this point, you may or may not know about the many debt free programs out there. Bankruptcy is no longer your only option. In fact, the government has recently passed laws making it harder than ever to file for bankruptcy. In fact, one of the stipulations before you can file is that you've completed a debt free program. That leaves bankruptcy lawyers without as much business, but so what? At least they don't have bankruptcy stuck on their credit reports, and because of debt free programs, neither will you! Okay, now on to these programs we've been spouting on and on about. We'll describe them in the order of how long each one will take to get you out of debt, starting with the fastest: Debt settlement. Debt settlement is for people who have access to a lot of cash, just not enough to pay off all their unsecured debts. A debt settlement company contacts your creditors to try to get them to reduce the amount you owe down to the amount you can afford to pay off. The catch? Your creditors generally want your balance paid off immediately, or at the very least, within a year. And most don't want to do business with you again after that. There are two debt free programs in the next category, and that is the 5-year or less plan. If you have collateral, you can get a debt consolidation loan. That's pretty self-explanatory. A debt management company gives you a loan to pay off your unsecured debts, then you pay the loan company back over the next five years. The benefit is that the interest rate is a lot lower than it is on your unsecured debts. The other program that fits into this category is a debt consolidation plan. Under this program, a debt management company negotiates with your creditors to get your balances and interest rates reduced (sometimes as much as 57%!). Then you make one monthly payment to the debt consolidation company (instead of several to your creditors) and they distribute that payment among your creditors. Under this plan, you should be debt free in about five years. If you're a homeowner, you really have the best option--a debt consolidation mortgage. Under this plan, you borrow money from the equity in your house to pay off your unsecured debts. This amount is then tacked on to your mortgage. Sure, your monthly mortgage payment goes up a little, but it's not a significant amount. Plus, you get the same low interest rate as your mortgage. (These days that could be anywhere from 4-6%!!) Not only that, but mortgage interest is tax-deductible. As you can see, there are plenty of good options when it comes to debt free programs. Check it out today. There are so many debt free plans available today, you will have no trouble finding the one that can work for you. Sat, 26 Jul 2008 15:00:00 EDT