Debt Free Zone - Debt Management Programs

Debt Management Programs

What does debt management mean to you? Cutting up your credit cards? Transferring your balances to a card with a 0% interest rate? Perhaps enrolling in one of the many debt management programs out there?

You Mean You Haven't Heard of Them?

What? You haven't heard of debt management programs? They're only the greatest thing to happen to debt since bankruptcy! Uh-oh...we said the "B" word. But we had to bring it up. Why? Because it's really not the best way to handle your debt. Never has been, never will be. And Congress is making it harder for people to file for bankruptcy anyway. They passed a law last year that requires anyone filing for bankruptcy to go through a debt management program first. What a ringing endorsement for debt management programs!

Okay, when it comes to debt management programs, there are five different kinds, and each has different requirements:

Student loan debt consolidation programs are debt management programs for those with at least $10,000 in student loan debt
Debt consolidation mortgages are debt management programs for homeowners
Debt settlement is for people with some money saved up (just not enough to pay off their debts) that they can access easily
Debt consolidation loans are debt management programs for people with some collateral
And finally, a basic debt consolidation program is for people who don't fit into any of the above-listed categories

Most of these debt management programs will get you out of debt in five years due to reductions in interest and sometimes reductions in your overall balance too! With so many good options, you're sure to find the best debt management solution for your situation. Just make sure you choose a reputable debt management company. To find a good one, call your creditors to see who they suggest or consult the Department of Justice's website to see who they suggest.