http://www.debtconsolidationweb.com/debt/unsecured-debt-consolidation.html Unsecured debt consolidation can help anyone in any credit situation get out of debt in five years. Can unsecured debt consolidation help you? en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Unsecured debt consolidation is a deceptive term. After all, most people aren't exactly sure what unsecured debt is. Allow us to explain.... Definition of Unsecured Debt Unsecured debt is any debt that has no collateral or tangible asset attached to it. This type of debt includes credit cards, department store credit cards, non-government student loans, medical bills, utility bills, and personal loans. Definition of Unsecured Debt Consolidation When you have a lot of any of the above-listed debt, but you don't have any collateral, unsecured debt consolidation can help you. Here's how it works: You find a reliable debt consolidation company you want to hire to act as your "agent." They will go over your finances and your credit report so they be informed and make good recommendations for you. They might not think that unsecured debt consolidation is the best option for you. If you have collateral, they might discuss unsecured debt consolidation loans with you to see if you're interested in that option instead. But let's say you decided that an unsecured debt consolidation loan is not right for you, and you've chosen to go with a basicunsecured debt consolidation program instead. So your debt consolidation "agent" will contact your creditors to negotiate with them on your behalf. They will get your balances and interest rates reduced by nearly 57%! Then they will combine all those balances into one, and you will make one, much more affordable monthly payment to the debt consolidation company instead of several monthly payments to your creditors. The debt consolidation company will distribute the payment among your creditors, and within five years, you're debt free! Other benefits include the end of harassment from your creditors by phone and by mail (if that applies to you) and a recommendation for credit counseling. That way, once you're out of debt, you can stay out of debt for good! And that, my friend, is how unsecured debt consolidation works. Sat, 26 Jul 2008 15:00:00 EDT