http://www.freedebthelpinfo.com/debt/debt-consolidation/debt-consolidation-loan/cheap-debt-consolidation-loan/ A cheap debt consolidation loan is good deal! en-us Thu, 08 Jun 2006 10:56:05 EDT Thu, 08 Jun 2006 10:56:05 EDT Weblog Editor 2.0 The Cheaper the Better! What makes most debt management programs successful? The fact that the interest rates for all of them are so much lower than what you're paying now. Seriously--if you try to pay off your debt at around 18% or more in interest and finance charges each month, it will take you around 15 years or more to get out of debt! Now, what if your interest rates are in the single-digits? You'll be out of debt in five years or less! That's what cheap debt consolidation loans can do for you. Now, just like with any other loan, to get any kind of debt consolidation loan, you're going to need collateral. If you don't have any, your next step is to consider transferring your balances to a credit card with low or no interest, provided there are no annual fees or balance transfer fees associated with that card. If there are, it won't do you much good. It will only add to your debt, and you don't want that. A final option is debt consolidation. Unlike these other two options, a debt consolidation counselor will contact your creditors to get your interest rates and balances reduced through negotiation. Then they take all these new, lower balances and combine them into one. Instead of paying your creditors each month, you pay the debt consolidation company. They, in turn, distribute that payment to your creditors. Because of the reductions, you can be debt free in about five years. There's even bad credit debt consolidation loan for those with bad credit. How's that for debt freedom?! Thu, 08 Jun 2006 10:56:05 EDT