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Category: Legal
Satisfied Customers: 17252
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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what are options for debt consolidations? My credit is not

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what are options for debt consolidations? My credit is not great. I do own a home. I have owned it for a little over a year.
Hello and welcome.
My name isXXXXX am a Licensed practicing attorney and my goal is to provide you with excellent service today.

You have several options:

1. a debt management option allows you to make one payment to all your creditors and lowers interest rates, you will not save much with this option but will keep your credit

2. A debt consolidation program means taking out a loan, which you use to consolidate and pay off all your other debts. The object of debt consolidation is to reduce interest rates and combine all of your debts into one manageable, monthly payment.

3. A debt settlement involves you or a debt settlement company negotiating lump-sum settlements with your creditors. The object is to decrease the principal you own while also eventually retiring the debt.

4. A chapter 7 bankruptcy may be a good option as it gets rid of all your unsecured debts, and in many cases lets you keep your home if you have limited equity.
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