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While having one low rate and one payment is an attractive option, many people end up in similar or worse financial situations when attempting credit card debt consolidation.
According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.
Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.
Types of debt vary, and this influences what you can consolidate.
The first thing to determine is if your debt is secured or unsecured. For example, car loans and mortgages are secured debts.
While a debt consolidation is less risky than other options, like bankruptcy, it still carries a considerable amount of risk.
When you take out a consolidation loan, you are required to put forth collateral.Accredited Debt Relief is an affiliate and offers the same programs.Debt consolidation is worth looking at if you have at least ,500 of debt.Many of these options work hand in hand with or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt you owe them.