Debt Consolidation

What is Debt Consolidation?

Debt Consolidation is a general term used to describe the process of combining multiple unsecured debts such as credit cards, medical bills, personal loans, etc. – into one single monthly payment.

Debt consolidation has many benefits, such as streamlining your monthly payment and even lowering the amount you pay for interest. With just one payment required, you won’t have to worry as much about forgetting which one is due. Once you start to see debt decrease, you might also notice an increase in your credit score.

There are 3 types of debt consolidation:

Debt Management Plans (DMP)1

Debt Consolidation Loans2

Debt Settlement3

These three debt consolidation options get you one monthly payment. If you’re wondering how to consolidate your debt or which option will work best, we are here to help you make the right choice.

What types of debt are eligible for debt consolidation?

If you are struggling to keep up with your minimum payments or have already fallen behind on your payments, debt settlement is definitely worth considering as an option to resolve your debt. It’s not for everyone, so make sure you speak with a debt specialist to help determine which option is best for you.

If you are looking for debt consolidation help or want to learn more about our debt relief options, contact Optimal Debt Solutions today for a free consultation.