- Debt Settlement:
Debt settlement as the name suggests is to reach an agreed term between the debt organization and the customer who owes a considerable amount of debt. It works better if the debts not secured by any real property. The settlement is entirely based on payback plan where the individual or the small business owners have to set aside an amount as part of the repayment.
- Business Debt consolidation:
Small business owners have a lot of crucial challenges in their day to day activities among them would be the challenge of ensuring sufficient funds to meet their timely financial obligations. The primary aim of business debt consolidation is to give the existing debt structure a change which will enable the owners of the business to gain more control over their funds which can be rerouted to other parts of the business which can be used for income generation.
1. Nonprofit Debt Consolidation Program: AKA Debt management program is program which is sponsored by the creditors which has been helping a lot of users in paying back their debt by enabling them to pay minimal amounts. Qualifying for this program is an essential step pre-requisite being the individual should pay at least 2% of the monthly owed payments plus a fee to the credit counseling agency. This program entirely depends upon the number of agencies who are willing to be part of this program as it is mainly sponsored by the credit agencies.
2. Unsecured Debt Consolidation Loan: Unsecured Debt Consolidation loans are very tricky as most of them involve high interest rates which can often put the applicant in a worse position than before. So the applicant should be extremely alert when moving forward with an unsecured debt consolidation loan.
3. Secured Debt Consolidation loan: Secured Debt consolidation loan in reality don’t make much of a change in your debt position as when an applicant takes a secured loan to cover his unsecured loan he is pinned with a different debt payment schedule.
Curadebt is a niche in the finance industry which provides customers with valid debt advice’s which is a great service in this age of credit card and credit purchases of various sorts. Customers actually get an idea about the various options and the disadvantages of their credit plan they have for the purpose of buying commodities.