Is consolidation loan same as debt review?

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Deciding which one is better, is generally the hard part. Debt review, one of DebtBusters viable debt solutions, allows you to consolidate your debt without having to take out a loan. Whereas, the process of debt consolidation requires you to combine all your debts and take out a loan, to cover those debts.

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Keeping this in view, can I get a loan to clear my debts?

Another option for you to consider is a debt consolidation loan. This loan allows you to move all your debt (such as personal loans, credit cards and store cards) into one place. This means you will have one big loan to cover the amount of your current debt, rather than having several little ones.

Hereof, how do I get out of debt with no money? Whether you work with a credit counselor or on your own, you have several options for eliminating debt, known as debt relief:

  1. Apply for a debt consolidation loan. …
  2. Use a balance transfer credit card. …
  3. Opt for the snowball or avalanche methods. …
  4. Participate in a debt management plan.

Additionally, how long does it take to get approved for a consolidation loan?

Although it usually takes a few weeks to obtain a Federal Direct Consolidation loan, sometimes it can take months. Consolidation typically takes 30-45 days.

Is there a government debt relief program?

There is no government program that forgives or even minimizes the burden of paying off your credit card balances. There are, however, 501(c)3 nonprofit consumer credit counseling services that work with you to provide debt relief. These agencies are funded through grants from credit card companies.

2 Related Question Answers Found

What credit score is needed for a consolidation loan?

Often you’ll need a credit score of around 650, although bad-credit debt consolidation lenders exist; these lenders may accept credit scores of 600 or even less. Just remember that the lower your credit score, the higher your interest rate.

Who qualifies for debt review?

In order to qualify, you have to have a steady monthly income so that you can make a reasonable offer to your credit providers. If you are unemployed, there are other solutions available that may be beneficial for you. If a debt counsellor determines that you are not over-indebted, you will not qualify for debt review.

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