One option is the debt consolidation loan. Many consumers are lured into a debt consolidation loan because they are told they’ll be able to put all their debts into one “easy payment”. This is true. You’ll be able to consolidate all your payments into one single monthly payment. But what they don’t tell you is that this transfer may result in a higher interest rate that can go as high as 21%, hence making it difficult and longer to pay off your debt. Also, with debt consolidation you’ll still owe the same amount of money. In the end, you’ll pay more than what you were originally supposed to pay due to high interest rates.

Credit card debt is unsecured debt; this means that you won’t lose any asset if you don’t pay the debt. Your house won’t be repossessed nor will your car be taken away. If you consolidate your credit card debt, you transfer it from being an unsecured debt to a secured debt, which you will have to “secure” with an asset, such as a house. If you can’t make your payments, you may lose your house.

Another option is a debt negotiation program. This is a more sensible approach to truly reducing your debt. Through a debt negotiation program you’ll reduce your debt by half and pay it off in less time. A program such as MyDebtNegotiation by U.S. Financial Management adapts to your individual needs and allows you to settle your debt. U.S. Financial Management is a company that has worked with most of the major creditors in the industry which allows them to obtain the best offers on behalf of the client. You can trust their ethical standards and practices. Their debt negotiators will work with and for you, so you can get the best offer and be debt-free in less time.

Choosing a debt management option is a very personal decision that should be taken after thoroughly analyzing your individual situation. We presented two of the most commonly used options. If you just need to combine all your payments into one monthly payment regardless of your interest being raised, then maybe debt consolidation is what you’re looking for. But, if you truly want to reduce your debt and pay it off in less time, then MyDebtNegotiation by U.S. Financial Management is your option. You’ll receive the experience of their debt negotiators, and you’ll know that you are using the services and program of an ethical company that will get the best settlement offer for your debt crisis.

To learn more about the benefits and requirements of MyDebtNegotiation Program from U.S. Financial Management call 1.800.738.5351 for a free, no-obligation consultation.