http://www.how-to-consolidate-debt.com/debt-management/debt-management-plan/ A debt management plan can save you tons of money! Learn about which debt management plan you should enroll in here. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Do you know what kind of debt management plan you need? Well, you're about to find out what you need to know about debt management programs that can work for you. Got a Mortgage? Get This! If you're a homeowner, your absolute, hands-down best option is a debt consolidation mortgage. Under this debt management plan, you get a check from the mortgage company to pay off all your unsecured debts (credit cards, unsecured loans, medical bills, etc.) then the amount of your unsecured debt is added to your mortgage. The benefits are that you get the same low interest rate as your mortgage, and since you get to write off some of the interest on your mortgage, you save even more money! Own Your Car? If your car is paid for in full (or your boat, RV, etc.) then you can use it as collateral to get a debt consolidation loan. Under this debt management plan, they give you a loan to pay off your unsecured debts. The benefit is that the interest rate is usually in the single digits, so you get the loan paid off a lot faster than you would have ever paid off your unsecured debts since the interest rate is usually higher on those. In fact, you can be out of debt in five years instead of 15 or more. Got Cash? If you have a lot of cash saved up, just not enough to pay off all your debts, then debt settlement might be the debt management solution for you. Debt settlement is a debt management plan that gets you reductions of 60-80% off your total amount due. The catch is that you have to pay the new, lower amount off immediately. Some debt management services can get your creditors to give you 1-3 years to pay it back if you don't have access to quite that much cash. Study Hard? Then you probably amassed a lot of student loan debt. If you have $10,000 or more in student loan debt, you can get student loan debt consolidation. Under this debt management program, all of your outstanding student loans are combined and given a much lower interest rate, then your repayment period is extended so that your monthly payment is cut in half. None of the Above? There's still hope, and it's in the form of a debt management plan called debt consolidation. Through this program, a debt management company contacts your creditors to get you reductions in your interest rates. Sometimes, they can get past fees removed as well. Then they combine all the new, lower balances into one, and you make one monthly payment to the debt management company instead of a bunch of monthly payments to your creditors. The debt management company will see to it that your creditors get paid, and you'll be out of debt in five years. Pretty sweet, huh? Surely at least one of these debt management plans is right for you. You'll have to contact a debt management service to know which one though. Just remember--once you get out of debt, be sure to stay out! Sat, 26 Jul 2008 15:00:00 EDT