Debt Elimination Program

A debt elimination program helped Mollie the Marlin. The right debt elimination program can help you too.

Debt Elimination Program

Are you looking for a debt elimination program? Do you even know what a debt elimination program is? Mollie the Marlin didn't. All she knew was that she had a lot of debt, so anything with the words "debt" and "elimination" used together sounded good to her.

Definition of a Debt Elimination Program

A debt elimination program really can encompass many different types of programs all aimed at one thing--bringing your debt to an end in a way that's faster and more efficient than you could do on your own. Mollie the Marlin bought a house in one of the sea's better areas--Sea World Casas. It wasn't overly expensive, and certainly not the most luxurious place she could have bought, but she was trying to stay within her budget. Her first priority was her safety, so the location--a safe part of the sea away from sharks and killer whales--made the price of real estate a little higher. Even though that meant she couldn't afford a great house, she got a nice one. It needed a little work, but it was in Sponge Bill's neighborhood, and he was very handy. He helped her fix some things, but she needed to get professional help with getting other things done. In the end, she had to take out a home improvement loan, and eventually, she was so far in debt making house repairs that she was afraid she wouldn't be able to meet all her obligations after she made her monthly house payment. This scared her, and she confided in Sponge Bill about it. He was a financial planner and he had mentioned a debt elimination program to her. She toyed with the idea, but was somewhat afraid. She told Sponge Bill she'd think about it. However, while she was thinking, disaster struck--in the form of a hurricane.

When Hurricane Wilma struck, she stirred up everything above and below the sea--including Mollie's house! Mollie lost a few windows and got roof damage. Some of the roof tiles also hit her car. (She couldn't afford a house with a garage.) So on top of already being in debt, Mollie had insurance deductibles to pay, or face the cost of fixing the damages herself. "Enough is enough!" she cried. "I'm asking Sponge Bill more about a debt elimination program."

She did, and Sponge Bill explained that a debt elimination program could come in the form of a debt consolidation plan, a debt consolidation loan, debt settlement or a debt consolidation mortgage. Since she was a homeowner, Sponge Bill thought a debt consolidation mortgage would be the best debt elimination program for her. This would combine her debt with her mortgage payment. Sure, her mortgage payment went up a little, but it was much more affordable than the sum total of all her outstanding debt payments. Mollie got a debt consolidation mortgage, and life went on swimmingly for her.