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Debt consolidation – Combines all of your unsecured debts into one payment at a lower interest rate and shorter payoff duration. In many cases any late fees and penalties are eliminated. Debt Consolidation is in most cases the most beneficial program for the consumer. Debt Consolidation is the general term used for consolidating bills through a third party.

Debt management –This is basically the same as Debt Consolidation except for the way it is applied. In some cases companies offering debt management will want to manage your debts or give you a budget that you must strictly adhere to in order to gain any benefits from their programs.

Consumer credit counseling – This again is debt consolidation with the focus on credit counseling. Before you go through a counseling agency, we want you to understand their fundamental business belief. They assume you need financial counseling to get out of debt. Credit counseling companies assume this regardless of how you ended up in your unique financial situation. In most cases these companies will either manage your debts or give you a budget that you must adhere to in order to gain any benefits from their programs.

Debt consolidation loan – Is receiving a loan to pay off your unsecured debts. This is usually a second mortgage on your home. It can get your monthly payments down but it will not save you as much interest. There is a huge downside to this type of consolidation: You will be securing your unsecured debts by putting your house at risk. If you run into trouble you can lose your home on account of originally unsecured debt. We do not endorse this type of consolidation as it is too risky and we all know how uncertain the future is!

Debt settlement – Is settling one's debt through non compliance. Unfortunately, there is no softer term to describe it. Now don’t get us wrong – there are situations where debt settlement can be beneficial to the consumer. Here is an example of how these companies work. You owe $20,000 and you are 8 months or more behind; a debt settlement company will negotiate a settlement with your creditors. Let’s say in this case it is for $10,000. This will save you $10,000. You will either have to pay off the remaining $10,000 in one lump sum or make monthly payments on it. If you elect to make payments, it will not stop the creditors from trying to get their debt through a judgment, garnishment or collection agencies. It will be a long road and it will destroy your credit. If you have concerns about your credit rating we strongly advise against this type of program.

What Is Debt Consolidation?

American Debt Foundation and its servicing agents work on mutual agreements with every participating creditor to assist families and individuals become debt free.

By entering into our debt consolidation program, the creditors will make a compromise by reducing and in some cases eliminating the interest that you are currently being charged. The compromise the creditors will ask of you in return is that you don't charge on any of the credit cards that are included in this program.

What this means to you is the money you pay toward your debts through the program are going toward reducing your principal rather than going to the finance charges. In order for the creditors to do that, they require minimum monthly payments based on your balances in order for you to qualify for this program.

Once you are set up on the program, you will have one monthly payment that will satisfy all the creditors that are included in the program. You will also be able to choose the payment date for your convenience. Your accounts will be re-aged and all creditors will have set the same date for payment every month. You then make one monthly payment thru the program, and your payment is disbursed to your creditors.

Your creditors will still send you monthly statements so that you can see your adjusted interest rates and more importantly, you will be able to see your balances going down. In other words, you will see the progress that you make every month directly through your own creditors.
To speak with one of our Financial Consultants and see what our program can do for you,
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Debt Consolidation Services can Instantly Reduce Your Debt up to 60%!

Debt Consolidation Services can Instantly Reduce
Your Debt up to 60%!