Debt Elimination

Debt elimination can keep you from drowning in a Sea of Debt. Learn all about debt elimination programs here.

Debt Elimination

How are your bills? Are you barely able to keep your boat afloat? Or have you sprung a leak that's got you sinking in debt? Sea of Debt is going to throw you a life preserver by teaching you how to get some debt elimination.

Debt Elimination Programs Can Save A Sinking Ship

Do you remember the last time you didn't have any debt? It might have been a long time ago, and you've just become accustomed to living from paycheck to paycheck. However, you won't get anywhere that way. How will you ever graduate from a tugboat to a yacht? You will if you want to, with help from the right debt elimination program.

A debt elimination program isn't just one type of program. There's more than one kind. Here's an outline of just a few:

• Debt Consolidation - Under this debt elimination program, you hire a debt management company to negotiate with your creditors to get your unsecured debt balances and interest rates lowered. Then the new, lower balances are combined and you make one monthly payment to the debt consolidation company, which they distribute among your creditors. Because of the reductions, you can become debt free in about five years.
• Debt Consolidation Loan - A loan is given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. The benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now) and you can have it paid off in five years or less.
• Debt Consolidation Mortgage - A debt elimination program that works by bundling your unsecured debts together and tying them in to your home mortgage, thus making them secured debts. Since mortgage interest rates are lower than credit card APRs and other interest rates, you end up saving thousands in interest. In some cases, you can write part of the interest off on your taxes (Be sure to check with your tax advisor first).
• Student Loan Debt Consolidation - A student loan debt elimination program that combines all of your outstanding student loans into one and locks in a much lower, fixed interest rate for you. The length of your loan is extended, which means your monthly student loan payments are lowered by almost 50%.

Learn more about these and other debt elimination programs by reading other pages on our site.