• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Debt ConsolidationCredit Consolidation – 5 Options Worth Evaluating
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Credit Consolidation – 5 Options Worth Evaluating

October 27, 2012 by National Debt Relief

Debt Relief Just AheadI ran into a totally amazing statistic yesterday. It’s that 30 million Americans have debt subject to collection. In other words, they owe money and are past due in their payments, making them prime bait for debt collectors.

If you’re a candidate

If you’re seriously in debt and having trouble making even your minimum monthly payments, you should be checking into credit consolidation or what’s often called debt consolidation.

Refinance your mortgage

One very popular way to do debt consolidation is to refinance your mortgage and use the money to pay off your debts. However, you must have been paying on that mortgage for more than 10 years, assuming it’s a 30-year note. This is because during those initial 10 years, you’re paying only interest on the loan and not on its principal. Once you get past those first 10 years, you’re then paying down your principal and may have enough equity to do a refi and pay off your credit card debts.

Borrow against your life insurance policy

If you have a whole life insurance policy it will have some cash value. If you have enough cash value, you can borrow against it and use the money to pay off your debts. You could then either pay the money back or not as with most whole life insurance policies, you’re not required to pay back any money you borrow against its cash value. Of course, should you die, the loan’s outstanding balance will be subtracted you’re your policy’s proceeds, which could come as a rude shock to your surviving spouse or partner.

Borrow from you 401(k)

This can be a very good option because, in effect, you’re borrowing from yourself. You don’t have to apply for the loan and there’s no credit check. But this is not something that you should do unless you are absolutely sure you can and will pay back the money. One reason for this is because if you don’t pay back everything you borrowed within five years and if you’re less than 59 ½ years old when you borrowed the money, you’ll have to pay a 10% penalty on the unpaid balance. Plus, the IRS will treat whatever money you didn’t repay as an early withdrawal from your 401(k) and you will be taxed on it as earned income.

Get a loan

If you don’t have enough equity in your house to do a refinance and use the money for credit consolidation, you might be able to get a debt consolidation loan. This can be either secured or unsecured. A secured loan is where you must pledge some asset as collateral. Unsecured loans are basically signature loans in that if you qualify, all you have to do is sign for it.

Use debt settlement

More and more families are turning to companies such as National Debt Relief for debt settlement as an alternative to debt consolidation. Our debt counselors negotiate with credit card companies and other lenders to get our clients’ balances and interest rates reduced so they can get debt free in 24 to 48 months. Debt settlement can be a great option for debt consolidation because it doesn’t require that you borrow money in order to pay off debt. The old axiom, you can’t borrow your way out of debt, is true. With debt settlement you not only can get your debts reduced – probably by thousands of dollars – but you’ll also get them totally paid off.

Want to know more?

If you would like to know more about debt settlement and how it might help you with credit consolidation, call our toll-free number or fill in the form you will find on this page for a free debt analysis and estimate. We promise you won’t be sorry.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"Consumer review"

The agent that help me was so sufficiently ,he had great patience with me. He went thru the contract page by page ,he returned my calls when he said he would,he made me fell like that I made the right decision.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Sandra York
ConsumerAffairs Reviews

Latest Debt Consolidation Posts

  • Is A Debt Consolidation Loan Right For Me?
  • Step-by-Step Guide To Consolidating Debt
  • Debt Consolidation Loans For Bad Credit – A Good Idea?
  • Is A Home Equity Loan A Good Idea For Debt Consolidation?
  • 3 Hard Questions To Ask Your Debt Consolidation Company
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer