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Unsecured Consolidation

For many looking to deal with debt, one idea they look for is unsecured consolidation. The problem is, that unless you have stellar credit, there really is no such thing as an unsecured consolidation loan. There are many companies out there that say they provide consolidation that isn't secured, but what you're really getting into (often unknowingly) is a payment consolidation plan such as debt management.

It isn't that debt management isn't appropriate for some people, but there are better types of unsecured consolidation, and especially for those who have more than $10,000 in unsecured debts.

What Is Unsecured Consolidation?

Let's begin by talking about what unsecured consolidation really is. You're likely to find three different types of payment consolidation. Only one of which is a loan, the others are debt relief options that consolidate payments. Here is an overview of the unsecured consolidation plans you're likely to find.

1. Unsecured Consolidation Loan – An unsecured consolidation loan is actually fairly uncommon. There's one simple reasons for this. By the time that debt has become a problem you usually don't have the credit, and debt-service ratio, to qualify for this type of loan. If you think you do, a trip to your local bank will answer the question for you. Just apply for a personal unsecured loan, and you'll soon find out.
2. Payment Consolidation With Debt Management – Another type of debt program, that you'll often see sold as unsecured consolidation, is debt management. With this type of plan, the interest rates on your credit card are reduced, and you make one payment to a debt company to cover all of your credit card bills. Because this type of plan can last a long time, it should only be considered as an option if you have a smaller amount of debt.
3. Payment Consolidation With Debt Negotiation - The next type of payment consolidation is debt negotiation. It's actually less common for this type of plan to be sold as such, but it's a much better option if you have a larger amount of credit card debt. With this type of consolidation a debt counselor will work to renegotiate the actual balances owing on your bills. This works to reduce the amount you owe, and in turn the time it takes to complete the plan is much shorter.

With an understanding of those types of plans, it's important to note that debt management and debt negotiation (also known as settlement) are the two most common types of unsecured consolidation. As a general rule, if you have less than $10,000 in debt, you should be looking for a debt management company. For everyone else (or the majority), debt negotiation is a much better option to consolidate your payments.

With the reduced balances that come with a debt negotiation plan, you'll get out of debt faster, and be on the road to rebuilding your credit faster.

Getting Started With Unsecured Consolidation

If you're seeking a way to consolidate your payments, without putting your home up for security, then you really have two options.

If you think you can qualify for a loan, you should seek help from your local bank. For everyone else, you should seek the help of a professional debt relief service. The two companies that we recommend for unsecured consolidation are Curadebt and Credit.com. Both of these services specialize in negotiation, but they can also recommend other options if they feel that those options would fit your needs the best.

To get started with your free consultation, you can use the links below:

Unsecured Consolidation Option #1 – Free Consultation From Curadebt

Unsecured Consolidation Option #2 – Free Consultation From Credit.com