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ID:10021Author:msaladaTitle:Consumer Credit Counseling Debt Consolidation - Your Way Out of DebtArticle:There is no shortage of advertisements for debt relief solutions available today. You can turn on the radio, television or internet and see or hear someone trying to promote an answer to a debt problem. The only problem with this is debt is very stressful, not to mention confusing, when it comes to getting help and it is not easy to know what to do about your debt. It is important to know the difference between the types of debt relief that are being offered. There are basically three alternatives for getting out of debt and that excludes bankruptcy, which is something that should be used when you have no other options. You are left with a debt consolidation loan, consumer credit counseling or debt settlement and there might be times where you will use more than one of these options. Debt consolidation loans can technically be used to get out of debt. Is this a smart option...no. Many people are looking for debt relief solutions because their credit card debt got out of control and using a debt consolidation loan will give you more available credit on your credit cards. It can be tempting to use this credit and many people do use it. Now they not only have a debt consolidation loan, they have credit card debt again. At this time lenders are not giving out many of these types loans anyway, but the other thing you must realize is that debt consolidation loans are normally secured with your home. The harsh reality of this is if you default on this loan, you will most likely face foreclosure. Debt settlement is another debt relief solution. This is a method that allows you to reduce your credit card balances through a negotiation process with your lenders. There are services that will do the negotiating on your behalf and will set up an escrow account for you to make monthly payments into for payment of the agreed upon settlement amounts. I think if you have not made a payment in six months, this method will probably be okay. But if you are current, your lenders are not going to be happy if you stop making payments. Their displeasure can range from collection calls to eventually suing you. If you do manage to settle accounts that are relatively current, your credit will be negatively affected. You will also be expected to pay income tax on the written off amount of the debt. This service does tend to be expensive. Consumer credit counseling is one of the best options for debt relief. These organizations are nonprofit and have your best interests in mind. They will consolidate all of your unsecured debt into one monthly payment and you will not need a loan, credit check or home ownership. You will make a 2% payment and be debt free in 3-5 years. You will still have decent credit at the completion of this program. The great thing about credit counselors is they work with all types of debt relief organizations. If they cannot help you and feel debt settlement or bankruptcy would be better for you, they will refer you to someone that can provide the help that you need. There is no reason to be in debt one more day. You can get a free quote for getting out of debt today. About the author of this article: marjorie is an author that enjoys writing about health and finance. you can visit her latest article about keen shoes outlet. also, find information on keen shoes sale.Category: Nike Zoom Lifestyle Shoes Kobe IV Black White Golden Date:November 09, 2010 08:03:01 PM  Nike Zoom Lifestyle Shoes Hyperfuse Yellow Black