Posted on February 19, 2010 at 1:40 am Share what you know about the requirements for debt consolidation - here!

Posted on February 19, 2010 at 2:09 am Nice thread you started! But before the other guys discuss the requirements fordebt consolidation -- what do you mean debt consolidation? Loan or debt relief?

Posted on February 19, 2010 at 5:07 am There are two types of bank consolidation loans: 1) The secured loans. These loans are usually tied to a physical property of significant monetary value, and can therefore, act as collateral  in case the debtor is not able pay the money owed. Examples of these properties are homes, cars, jewelries, antiques, art works, collections, or any other valuable possessions that the creditor can take away in the event that the customer is unable to pay, neglects to pay, or refuses to pay. 2) The unsecured loans. These loans are personally guaranteed loans that are classified as “high risk” for the creditors. These loans are not tied to any collateral, or are not guaranteed. “Not guaranteed” means that in cases such as debtors disappearing from the face of the Earth (debtors changed address, debtors dies, concerns with identity, etc.), or simply defaults, not only do creditors lose money but they also spend money contracting the services of a third party collector to hunt the debtor and try to collect. To compensate for this no-guarantees set-up, the creditors impose higher interest rates on the repayment.

Posted on February 19, 2010 at 5:31 am If it's requirements for debt consolidation debt relief - what are the requirements?

Posted on February 19, 2010 at 6:36 am There are two debt consolidation (debt relief ) programs available forunsecured debts 1) credit counseling 2) debt settlement- and their requirements are based on the amount owed and account status.

Posted on February 19, 2010 at 6:39 am For credit counseling - it is best for consumers that have a debt amount of $10,000 belowand current account status. The program is run by a non-profit group so it has none or very little fee (supposedly). The credit counseling part is free..but their Debt ManagementPlan is not. That program will cost the consumer $25/mo. for 3-5 years.

Posted on February 19, 2010 at 6:48 am For debt settlement - the requirement is a debt amount of $10,000 or mor and the accounts preferably past due.