The majority of people in this country, and possibly the world, are engulfed in some form of debt or another, whether it is home and land mortgages, credit

cards, or car and school loans. Regardless of how it happens, incurring any kind of significant debt can be very damaging for a person, often resulting in the loss of homes, cars, and other property, sometimes even jail, when left unpaid. The good thing is, however, that there are also a great number of companies willing

to consolidate your debts, helping you move back toward financial freedom.

"Non-profit" and "reputable" are not synonyms. This is important to keep in mind when searching for a company to provide you with a debt consolidation loan. "Non-profit" is simply a descriptive term used to describe a company's registration and tax requirements. Some debt-consolidation companies of ill-

repute may heavily lean upon their "non-profit" tag to claim they are charitable organizations. This is merely a means to draw in naive clientele, and can serve to further complicate separating reputable debt-consolidation loan providers

from illegitimate ones.

There are different loan types to consider when looking to consolidate your debts. Learning as much as you can about the various plans and options will give you the best opportunity to tackle your debts without further financial

struggle. For instance, you will likely need to have some collateral for secured loans but not necessarily for non-secured loans.

You should also research the differences between consolidating through a normal bank, a credit lender, or a financing company. Specialized consolidation institutions, for example, may require higher interest rates and longer payment schedules, but their loans may be much much easier to get than a bank's. Also,

be sure your potential consolidator is known and respected, since a creditor could very well deny consolidation if it feels the consolidator is of ill-repute.

You may want to consider looking into a home equity loan, if you are fortunate enough to actually own your home. With a home equity loan, you may be able to consolidate your debt at much lower rates than other types of loans. If you are unable to make your regular payments, on the other hand, you could very

well lose your home.

Without having to answer to others regarding your finances, being debt-free is the only way to really enjoy the blessings of freedom and democracy.

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