Water Zap Business News

Saturday, June 23, 2018

Monthly Archives: May 2014

Debt Reduction Loan

A debt reduction loan is used to pay off multiple creditors and allows the borrower to make smaller monthly payments to a single source for repayment of the combined total balances. Debt reduction loans come in all shapes and sizes when there is collateral to secure the loan. However, if there is no collateral to be pledged as security, then the borrower must turn to financial counseling. Financial counseling allows the debtor to utilize a third party intermediary to contact the creditors and work out a consistent monthly payment plan.Using a counseling service can decrease balances owed, but can also …continue reading