An insider's guide to debt consolidation

More Articles:

*Is there an acceptable amount of debt to carry?
*How do I know if I need help with my debt?
*How long does credit counseling payment-reduction take?
*Can I consolidate debt onto one credit card?
*What are the benefits of consolidating debt through a bank loan?
*Is it wise to consolidate debt by refinancing a mortgage?
*How should I handle debt after I consolidate?

How long does credit counseling payment-reduction take?

That depends on how much debt you have. Most credit counseling payment reduction plans take between three and four years to complete, but according to industry experts, some consumers—perhaps as much 35 percent of all enrollees—are able to complete their payment-reduction plans within 10 to 24 months. Keep in mind that the more debt you have, the longer the process can take, but it is a good starting point toward improved credit. Depending on the severity of the situation, certain payment-reduction programs have been known to last as long as five years. For more information, contact a credit counselor through the Association of Independent Consumer Credit Counseling Agencies (www.aiccca.org).