A debt reduction program from American Consumer Credit Counseling (ACCC) can be an excellent way to manage credit card debt or eliminate debt completely. Anyone living with a lot of consumer debt knows the feeling of constantly worrying about paying bills and wondering how you'll ever find a way out of debt. With a debt reduction program from ACCC, you can make a plan to be free of debt within five years, in most cases. Rather than live with the stress and uncertainty of high levels of consumer debt, a debt reduction program lets you gain control of your financial situation and take the first steps toward getting rid of debt and living debt free.

Debt consolidation loan: If your credit scores are decent, you may be able to use a consolidation loan. With it you bundle all or most of your debts into one loan that offers a lower interest rate. Even if the lender charges an origination fee of a few percentage points, you may still come out ahead. And if the term is longer than five years, the monthly payment may be far lower than what it would be with a DMP.

As you'll see prominently advertised on the site, Credible offers a best rate guarantee. If you find a lower rate elsewhere, you can get $200 from Credible. But, as you might imagine, there are certain terms and conditions that have to be met to be eligible for that promotion. For example, any lender you use can't offer pre-qualified options, and you have to submit your claim within 10 days. You also have to go ahead and close with the competing lender before submitting your request to Credible. Finally, this $200 Best Rate Guarantee only applies to personal loans; Credible doesn't make it 100% clear whether or not Credit Card Consolidation loans qualify as personal loans, so keep that in mind (but we're pretty sure they count!).
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One of the most popular features of our debt management plan is debt consolidation. Paying multiple creditors – each with different due dates – can be time consuming and stress inducing. With the InCharge debt consolidation alternative, you make only one consolidated debt payment to InCharge and we handle the payments to each creditor; this delivers the convenience of debt consolidation without the risk of taking out a new loan. Our free credit consolidation advice helps you discover your options and pay back your credit card debt faster than making minimum payments on your own.
An unsecured debt, in contrast, involves no collateral but instead is based on a contractual agreement entered into by the borrower and lender at the beginning of the relationship. Common examples of unsecured debts are credit cards, student loans, or utility bills. The risk of default on an unsecured loan is that your debt could be turned over to a collection agency and a lawsuit may be filed against you for repayment. Lenders of unsecured debt will be more stringent about pursuing repayment because their money has not been guaranteed. Unsecured debts generally have higher interest rates because of the increased risk taken on by creditors. Take credit cards, for instance – the average interest rate on credit cards today is around 14.9 percent. Payments made on unsecured debts usually fluctuate based on the outstanding balance.
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