http://www.debt4dummies.com/debt/debt-reduction/debt-reduction-program/ A debt reduction program can get you out of the red and back in black in no time. You just have to figure out which debt reduction program is right for you. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 If your debt feels like it's swallowing you up, get help from a debt reduction program. The sooner the better! Christmas is Coming, the Goose is Getting Fat.... That is, the credit card company goose! Yes, those credit card companies do tend to get fat off generous consumers at Christmas. We're all in the giving spirit, and as a result, we end up giving credit card companies way too much of our hard-earned money. But you can stop the madness this year when you enroll in debt reduction programs! You have enough debt hanging over your head. While you want to provide a nice Christmas for your family, you can do it without breaking the bank. First give yourself the gift of debt freedom. While it's true that most debt can't be eradicated overnight, you can get a jump on it right now by finding the right debt reduction program for your financial situation. For instance: A debt consolidation mortgage is a debt reduction program that allows you to add your unsecured debt to your mortgage, Sure, your mortgage payments may go up, but it's only a little bit--maybe $25 a month or so--but you get the benefit of the same low interest rate that you're paying on your mortgage. Plus, mortgage interest is usually tax-deductible! A debt consolidation loan is a debt reduction program that enables you to borrow enough money to pay off all of your outstanding unsecured debt. You pay the loan back over a period of five years at a much lower interest rate--no fees or finance charges! You usually have to have collateral for this though. Debt settlement is a debt reduction program that requires you to have access to a lot of cash. If you do have access to a lot of cash, just not enough to pay all your debts off, then a debt settlement professional will negotiate with all of your creditors to knock down the amount of your debt to what you can afford to pay with that cash you have access to (or as close to it as possible). Generally, those creditors will probably not want anything to do with you in the future though. If student loan payments are forcing you to turn to credit for other purchases, you may want to consider student loan debt consolidation. This debt reduction program combines all your student loans into one and you get a much, much lower interest rate. Your repayment period is also extended, so your payment goes down by nearly 50%! Finally, if none of the above is an option for you, you might want to consider a basic debt consolidation program. Under this debt reduction program, a debt management professional contacts your creditors to get your balances and interest rates reduced, then they combine all those payments into one payment, which you make the debt management company each month. No more making multiple payments to multiple creditors. And, you're out of debt in five years! Once you've found the right debt reduction program and get it started, your debt reduction company will either offer you credit counseling or suggest that you get some. Now, this isn't like drug rehab or something. Think of it as classes to teach you how to be better with your money, because essentially, that's what it is! You learn how to budget, how to save and how to spend wisely. You also learn how to use your credit wisely. Christmas will be much easier this year--if you act now! Sat, 26 Jul 2008 15:00:00 EDT