- 1 debt relief loans
- 1.1 National Debt Relief Is The Nation's Top Rated Debt Consolidation Company
- 1.2 National Debt Relief: Debt Consolidation with a Difference
- 1.3 Are debt relief loans the best way to pay off bills?
- 1.4 Advice on debt relief loans from ACCC
- 1.5 Options beyond debt relief loans
- 1.6 Your guide to understanding the various aspects of debt relief and settlement programs
- 1.7 Learn your debt relief loan options.
debt relief loans
National Debt Relief - BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans
Talk to a debt counselor toll free:
Get Relief From Credit Card Debt
Medical Bills and Unsecured Loans
National Debt Relief Is The Nation's Top Rated Debt Consolidation Company
- TopConsumerReviews - rated #1 for Debt Consolidation
- TopTenReviews - rated #1 for Debt Consolidation
- ConsumersAdvocate - rated #1 for Debt Consolidation
- ConsumerAffairs - rated #1 for Debt Consolidation
- 17,876 reviews on ConsumerAffairs with a 4.60 out of 5.00 rating
- 3,259 reviews on TrustPilot with a 9.4 out of 10 rating
See how thousands have reduced their debt with National Debt Relief:
Debt is hard to ignore. When you're staring down a ballooning credit card balance and fending off insistent phone calls from angry creditors, it can be an all-consuming enemy. You can't simply wish, smile or shrug it away.
What would you give to be free of the worry that comes with long-term debt?
When you enroll in our proven debt consolidation program, you may have to give less than you think. Nothing's free, of course, and our program does take some time and commitment to complete. We can't promise that you can enroll with us today and be debt free tomorrow.
However, we can promise to do everything in our power to significantly reduce your existing burden of unsecured debts. We work tirelessly on behalf of every client who qualifies for our program, and the results that we've achieved speak for themselves.
We are National Debt Relief a BBB-accredited, New York-based business with a host of awards and accolades. We specialize in reducing the balances on credit card debts, medical bills, repossessions, certain business debts and other unsecured obligations. We also work to ensure that your creditors don't harass you at your home or place of business.
We'll talk more about what we do - and what we've done to become a leader in our industry - in a moment. First, let's take a closer look at the nature of debt and some common options for fighting it.
These days, American consumers are struggling just to keep pace with rising prices for basic staples. No matter what the news tells you, regular folks are beset by falling wages, shrinking 401(k)s and an apparent lack of economic opportunity.
For many consumers, debt - from credit card bills and hospital financing to personal credit lines and business loans - offers an apparent escape from day-to-day financial pressures.
Not all forms of credit are actively bad, and many folks are able to use debt as a responsible means of augmenting their purchasing power. When you're dealing with a million competing priorities, however, it can be tough to keep your finances straight. If your expenses are rising faster than your income, you can only keep up this dance for so long.
Recognizing that you need to do something about your debts is an important first step on your road back to solvency. Whether your credit problems have become a pressing emergency or you're merely looking to shore up your finances before its too late, you have several plausible options at your disposal.
Thinking About Squeaking By on the Minimum Payment Plan? Think Again.
When it comes to paying off credit card debt, many consumers take the path of least resistance: the so-called "minimum payment plan." By law, credit card issuers are required to set a minimum monthly payment amount for each cardholder. These payments are calculated on the basis of the cardholder's total balance, interest rate and certain other factors.
Minimum monthly payments can be shockingly low. If you're carrying a balance of $10,000 on a single credit card, your monthly payment could be just $200 per month. Depending on your income, that could be perfectly manageable for you and your family.
Of course, credit card companies want something in return for your trouble, and they get it in the form of sky-high interest rates.
Here's an example:
If you make the minimum payment on a $10,000 balance with an 18 percent interest rate , it'll take 46 years to pay off your balance and cost you an extra $28,000 in interest payments . With an interest rate of 21 percent , the same balance will take 87 years to pay off and accrue more than $64,000 in additional interest charges.
Worse, these figures only apply to folks who stop using their credit cards. If you keep making charges, you'll find yourself even deeper in the hole.
Happily, consumer protection laws now require credit card issuers to disclose the precise length of time that the "minimum payment plan" takes to work for each customer. When you get your next credit card bill, look for the box that says something like "If you make only the minimum payment on this balance, you will pay a total of 'X' dollars and take 'Y' years to pay off your balance."
Those 'X' and 'Y' values might just shock you.
Looking for a Debt Consolidation Loan? Look Harder.
Debt consolidation loans are a well-known, well-advertised option for consumers who struggle with debt. These credit facilities exist for the express purpose of paying off outstanding unsecured debts and do their job quite well. When you take out a debt consolidation loan, your lender immediately pays off your existing creditors and starts billing you for the balance.
A debt consolidation loan works like any other unsecured debt. As long as you make your payments in full and on time, you'll eventually pay off the loan. For consumers with good credit and sizable debts, this may be an attractive option.
There's a catch. While debt consolidation lenders are happy to lend to low-risk consumers at market rates, they're loath to work with people who have poor or mediocre credit. In fact, most banks won't offer a debt consolidation loan with bad credit.
This isn't good news for the millions of American consumers who struggle with mounting debts and less-than-perfect credit scores. Since carrying long-term debts increases your chances of missing a payment, running up excessive balances or damaging your credit in either ways, debt consolidation lenders don't have a very big pool of potential applicants at their disposal. Unless you've been fortunate enough to maintain a stellar credit score during your debt struggles, you might have to look elsewhere for help.
Mulling Bankruptcy? Mull the Consequences.
Declaring bankruptcy is advisable only as a last resort. While Chapter 13 bankruptcy can dramatically reduce your unsecured debt load, it can have plenty of undesirable consequences. Meanwhile, declaring Chapter 7 bankruptcy may mean saying goodbye to most of the assets that you've accumulated over the course of your life.
We have plenty of literature about the bankruptcy process on this site, so we won't go into all the details here.
It's important to remember, however, that bankruptcy is a very public matter. Once you begin the process, it'll be a long time before you can hide the fact that it happened.
Declaring bankruptcy results in an immediate hit to your credit score. As you work through the process, you run the risk of losing important assets like your car, home, family heirlooms and more.
Over time, bankruptcy might come back to bite you in unexpected ways. If your employer requires you to carry a security clearance, there's a chance that it could be rescinded. If you're applying for a mortgage or rental property, your brush with insolvency could disqualify you from consideration. Depending on your area of expertise, you might even find it difficult to find or keep a job.
National Debt Relief: Debt Consolidation with a Difference
We offer a positive alternative to these debt reduction options: debt settlement.
Unlike credit card companies that offer the "minimum payment plan," we're not interested in bleeding you for every last penny. Unlike debt consolidation lenders, we don't only deal with folks who have great credit. Compared to bankruptcy, our program has a manageable effect on your credit score and won't cause long-lasting secondary problems.
Our debt settlement plans are available to anyone who qualifies. When you come on-board, you'll be connected with an experienced team of debt reduction professionals who negotiate directly with each of your creditors.
We deal with these credit card companies, hospitals, banks and other creditors so that you don't have to. During the entire process, you'll be protected from harassing phone calls, insistent emails, in-person visits and other high-pressure tactics that creditors and collections agencies use to force payment.
The ultimate goal of these negotiations is a single, lump-sum payment that eliminates all included debts once and for all. Unlike other forms of managed debt reduction, most of our debt settlement cases can be settled in 24 to 48 months.
To help you save up for your eventual payoff, we offer an FDIC-insured trust account into which you may make monthly deposits. While no case is typical, we've consistently reduced our customers' total debt loads by as much as 50 percent.
Our debt settlement program covers the vast majority of unsecured debts and some secured debts as well. Many of our clients carry significant credit card balances, and we're particularly adept at negotiating with major credit card issuers and banks. We're also able to settle:
We're also able to settle:
- Credit Cards
- Personal Loans and Lines of Credit
- Medical Bills
- Collections and Repossessions
- Business Debts
- Certain Student Debts
We're not able to settle:
- IRS Debt and Back Taxes
- Utility Bills
- Auto Loans, Government Loans
- Mortgage or Home Loans
- Other Secured Debts
If you qualify, we may be able to lower your monthly credit card payments by a significant margin all the while getting you out of debt in approximately 24-48 months. We work hard to reduce your debt as quickly as possible.
Over time, the debt reductions that we're able to secure could enable you to begin building up a store of savings or adding to your existing retirement account. For many past clients, our program was a turning point: Before enrolling, they lived paycheck to paycheck and could still barely afford to make ends meet. After successfully completing our debt settlement plan, they finally had the means to prepare and save for the future. It's the least we can do to help.
What does National Debt Relief Cost?
Of course, one of the most common questions you will have is what is National Debt Relief's fee? You want to know how much you have to pay for a company to negotiate your debts for you and get a creditor to forgive a significant portion of your debt.
First of all, National Debt Relief does not charge any upfront fees. There are no fees to get started. Then, NDR does not receive any fees unless your debt is settled. You read that correctly, we do not receive any payment unless we can successfully settle with your creditors and get your debt reduced.
Having said that, the fees for our services vary by state and the amount of your debt. The fee varies between 18-25% of your enrolled debt. Compared to the $1000s in interest you will pay on your credit cards while you struggle to pay them off, you can see that this fee is quite reasonable. Especially when you take into account the fact that you can become debt free in 24-48 months with our debt consolidation program.
National Debt Relief Awards, Recognition and Accreditation
At National Debt Relief, we think our results speak for themselves. Of course, we're not shy about accepting recognition when it's due. Here are just a few of the awards we've received from trusted authorities in the field.
- Top Ten Reviews' 2018 Gold Award for Best Overall Debt Relief Company
- Top Consumer Reviews' Five-Star Rating for 2018
- Top Consumer Reviews' Best Overall Debt Relief Company
- 'A+' Rating from the Better Business Bureau
- U.S. Chamber of Commerce Member
- International Association of Professional Debt Arbitrators Platinum Member
- American Fair Credit Council Accredited Member
We're also proud of what we can accomplish for individual consumers. Just look at what we were able to do for this young lady:
"The staff was understanding, not judging, and helped guide me through my options of becoming debt free. They helped me to understand my position and seek a remedy that would be long-lasting. I would recommend National Debt Relief to anyone who wants to take control of their financial situation."
No debt problems are too big for our debt settlement experts. We were able to help this customer escape from a seemingly endless spiral of debt and regret:
"I have been completely satisfied with my decision to contact National Debt Relief. I felt like there was no end to the tunnel of debt, but every representative I spoke to has been so great and understanding. I'm moving in the right direction now and am glad I made this choice. Thank you to all those at National Debt Relief for helping me."
You don't have to take our awards, accreditations or clients' words at face value. We're immensely proud of our results as well. Take a look at some debt settlement letters. Check out these "Proven Results" for a look at what we've been able to accomplish for consumers just like you. Here's a small sampling of our achievements:
- Reducing a Bank of America credit card debt from more than $15,000 to about $3,000
- Slashing a Citi credit card debt from $22,500 to less than $8,000
- Lowering a Discover credit card balance from nearly $11,000 to just $2,000
Remember, no case is typical. Many factors will influence the size of your final settlement.
That said, your success is our success. Since we don't charge monthly maintenance or setup fees, we only make money when we successfully reduce our clients' total debt loads.
Without a proven track record of success, we simply wouldn't be in business. In fact, National Debt Relief only enrolls clients who have a strong chance of benefiting from our debt settlement program. We predicate our reputation on our ability to help consumers move past their debts and begin rebuilding their financial lives - not on our ability to enroll as many clients as possible or charge unnecessary fees.
If we don't accept every single potential client who passes through our doors, what exactly do we look for?
For starters, we agree to work with clients who have at least $7,500 in qualifying debts. Remember, the vast majority of unsecured debts, including credit card bills, qualify for debt settlement. Most secured debts, including auto loans and mortgages, don't qualify.
If you have less than $7,500 in qualifying debts or are facing a debt load that's largely made up of secured debts, we'll happily refer you to an organization that can help.
While we generally can't settle student loans, there may be exceptions. If you're dealing with significant student loan debts, we invite you to call us for a one-on-one evaluation with a debt settlement expert.
Our clients come from all walks of life and face all manner of debt-related situations, but many face similar challenges.
If you've already fallen behind on your monthly payments or can no longer afford your minimum payments, we want to talk to you. If can't see any way to improve your financial situation without taking a drastic step like declaring bankruptcy, we may be able to help. What's more, we have years of experience with clients who face exacerbating circumstances like divorce, death in the family, unemployment, long-term medical issues and other problems.
National Debt Relief We're Here For You
No matter what's going on in your financial life, National Debt Relief is here to help. We're not interested in giving you the hard sell or steering you into a program that you don't want or need.
Please take some time to look through our site and learn more about what we do, where we've been and where we're going. You'll hear from many satisfied customers and learn more than you ever thought possible about credit card debt, personal finance and the debt consolidation process itself.
If our proven debt relief program seems like a good fit, give us a call at 800-300-9550 during extended business hours or fill out the free, no-obligation debt relief quote form on this page. Our seasoned debt relief specialists look forward to speaking with you.
Are debt relief loans the best way to pay off bills?
When bills and credit card debt become too high, many people consider debt relief loans as a possible solution. Debt relief loans usually involve paying off existing debts with a new loan that offers better interest rates for more favorable payment terms, enabling you to manage debt more easily with your existing income and expenses.
While debt relief loans sound like a good idea in theory, in practice things don't always turn out so positively. Your high levels of debt may prevent you from getting favorable terms or interest rates on a new loan. The fees charged by companies offering debt relief loans and or some other "fast" credit debt solution may be extremely high. And if you're not taking care of the behavior and financial choices that helped you amass your debt in the first place, it's likely that debt relief loans won't be the answer to your problem.
For help deciding whether to pursue debt relief loans, credit settlement or other debt solutions, contact American Consumer Credit Counseling (ACCC). Our professional credit counselors can help you find the way out of debt that makes the most sense for your financial situation.
Advice on debt relief loans from ACCC
At ACCC, we are dedicated to helping individuals and families make a plan to get out of debt and learn to live debt free in the future. As a nonprofit organization, we provide free credit counseling services to help you understand your financial situation, explore the many options available to you for paying off your debts, and select the debt relief solution that is most advantageous for you.
Our credit counselors can also provide you with many free educational resources on topics that include budgeting, saving for retirement, buying a home and more. And we're always happy to answer questions about debt and financial management such as "What is a debt consolidation loan?" and "How much credit card debt is okay?"
Options beyond debt relief loans
While debt relief loans could be the best option for you, your ACCC counselor may also recommend a debt management plan. ACCC's debt management program lets you make just one payment per month to us, while we take responsibility for paying each of your creditors on time. This makes it easier for you to keep up with your payments each month, and it lets us work with your creditors to potentially reduce your interest rates, lower your finance charges, and eliminate late fees and over-limit fees in order to reduce the total amount you owe.
Learn more about debt relief loans and ACCC's debt management program, and get information on how to consolidate credit card debt most effectively.
Your guide to understanding the various aspects of debt relief and settlement programs
Have you found yourself struggling to pay bills every month? Do you constantly receive phone calls from collection agencies harassing you? In today's economy, many people find have found themselves in this type of situation. There are a variety of options that can help, ranging from debt consolidation loans to declaring bankruptcy to debt relief programs.
If you own a house, it is possible to resolve your financial problems by applying for a new debt consolidation loan at a much lower rate. This type of loan is a secured loan, using the house as collateral. However, there may be high closing costs associated with this loan and if the monthly payments are not made, the home may be at risk. If you do not own a home, then it usually is difficult to obtain any type of loan, especially if you have fallen behind on your current debt obligations.
As a last resort, declaring bankruptcy may be an option. However, it may do more harm to your financial situation, negatively impacting your credit for the next ten years. Certain types of debt are excluded from the bankruptcy, such as child support and taxes.
Debt relief programs offer the best solution to the majority of people. Experienced, knowledgeable professionals work with you and your creditors to reach a settlement that everyone finds acceptable. Through this process, you may be able to reduce the overall amount owed and end up with a payment you can comfortably make every month.
If you decide to pursue the path of debt relief, the first step is to meet with a debt relief professional to go over all your finances and see if this is the right option for you. Certain types of debts, such as unsecured credit cards and medical bills, can be included. Secured debt such as IRS taxes or a mortgage loan usually cannot be included.
The professional will help calculate what monthly payment you can afford based on your current income and other debt obligations. They may look at your current financial hardships and offer information and advice regarding budgeting, creating a plan to help you settle your debts.
The professional will work with your creditors on your behalf to negotiate and reduce the amount owed, possibly resulting in lowered interest rates or fee waivers. Offering to pay a lump sum settlement that is less than the total amount owed may be negotiated.
In order to pay the agreed upon lump sum payment, you may be required to set up a new bank account just for this. You would make monthly "payments" (deposits) to this account. These funds would be used to pay off the settlement amount over time.
Now that you have a better understanding of your available options, you may be ready to proceed towards fixing your current debt problems. The first step is to contact a debt relief program to see how they can help.
Student Loans – Debt Relief Options
Student loan debt has become a major drag on the American economy. At both public and private universities, the cost of tuition is rising at double or even triple the rate of inflation. The typical in-state student must pay more than $50,000 per year to obtain a four-year degree from an accredited public institution.
At private colleges, the picture is even bleaker. The average cost of a four-year degree from a reputable private institution now exceeds $100,000. Many elite schools charge $40,000 or more per year for tuition, fees, board and other expenses. At top-rated institutions like Harvard, Georgetown and Stanford, the total cost of a four-year education can easily exceed $200,000.
Unfortunately, the problem looks to get much worse in the coming years.
Even for-profit online colleges that advertise primarily on value and convenience are raising their per-class fees and subjecting their students to a host of questionable financial practices.
These cost pressures are fueling a frightening rise in student debt levels. Upon graduation or withdrawal from school, the average college student now carries nearly $30,000 in outstanding debts. Since this figure represents the median student-debt figure across private, public and for-profit schools, many students have significantly higher burdens of debt.
It should be no surprise that many students find themselves in dire financial straits after leaving college. Those who fail to graduate with a degree may not be able to obtain gainful employment for years after entering the job market. Given the state of the economy, even some graduates have tremendous difficulty finding employment in their chosen fields.
Without decent-paying jobs, many former students find it impossible to stay current on their mounting student loan debts. Although some student loans don’t accrue interest until their holders have graduated, this can be cold comfort for former students who simply don’t have adequate streams of income.
To make matters worse, student loans typically can’t be discharged in bankruptcy. Although these credit facilities aren’t “secured” by physical assets like homes or cars, certain government regulations exist to protect the companies and agencies that issue student loans. Under normal circumstances, these regulations place student loans off limits to the bankruptcy judges who might otherwise forgive them as part of a Chapter 13 or Chapter 7 bankruptcy filing.
In very special situations, some student loans may be eligible for discharge in bankruptcy. It should be noted that most borrowers will not qualify for such a discharge.
Unless a given borrower can demonstrate that continued repayment would constitute an “undue hardship” that would threaten his or her living arrangements or survival, most bankruptcy judges won’t even consider discharging his or her student loans. In order to meet “undue hardship” guidelines, a borrower must be chronically disabled, “unemployable” due to physical or mental health issues, or nearing retirement with little hope of receiving additional pay raises or other financial aid. Most borrowers don’t meet these preconditions.
There are two basic types of student debt: privately-issued and government-backed. Although Pell Grants technically represent a third type of student aid, they don’t need to be repaid under normal circumstances and aren’t usually grouped with other student loans.
In any event, the distinction between government-backed student loans and privately-issued loans is straightforward.
Private student loans are issued by private, for-profit banks and aren’t guaranteed by any state or federal government agencies. Although they can be issued in virtually any amount and may be disbursed directly to borrowers, they often come with higher rates of interest and may prove difficult to manage after graduation.
There are three sub-types of government-backed student loans: Stafford Loans, Perkins Loans and Direct Loans. These loans accrue interest like private loans and must be repaid according to a strict timetable. They often come with per-semester borrowing limits that may force students at more expensive private institutions to find supplementary sources of funding. The upshot is that they usually carry fair interest rates that may not kick in until well after graduation.
Government-backed student loans can’t be discharged in bankruptcy or settled through negotiation. Former students with unmanageable government-backed student loan burdens must generally enroll in a restructuring program through the federal government.
There are several such restructuring and consolidation programs. Borrowers who carry delinquent Direct and Perkins Loans may qualify for the Federal Direct Consolidation Loan program. This program provides borrowers with lower-interest debt consolidation loans that lengthen their repayment windows and reduce their monthly payments. Although these loans generally reduce their users’ total debt loads, the exact savings will depend upon the borrowers’ initial balances and interest rates.
Students who carry Stafford Loans and some Direct or Perkins Loans may qualify for so-called “income-based repayment” programs. These programs offer another form of loan consolidation that can reduce borrowers’ effective interest rates and lengthen their repayment terms.
Although the benchmark ratio fluctuates from year to year, student borrowers whose annual loan payments amount to more than 15 percent of their gross pay are generally able to qualify for income-based repayment programs. Also known as “restructuring” plans, these programs reduce former students’ monthly payments to ensure that they must pay no more than 15 percent of their income to their loans’ issuers.
It’s important to note that this arrangement might not reduce the actual amount that borrowers of government-backed student loans end up owing to their creditors. In most cases, income-based restructuring plans simply make it easier for students to afford their loans by lengthening their repayment windows.
By contrast, private student lenders will often accept settlements on past-due loans. This is because private lenders usually end up taking losses on delinquent loans in one fashion or another. Unlike the federal government, private lenders eventually sell baskets of past-due loans to collections agencies for a fraction of what they’re worth. In most cases, these lenders can get a better financial deal from a settlement.
Although no case is typical, debt negotiation companies may be able to secure deals that reduce former students’ outstanding loan balances. While it’s possible for a borrower to negotiate directly with his or her lenders, debt settlement specialists who negotiate with unsecured lenders day in and day out are well-versed in applying just the right combination of pressure and finesse. As such, they almost always negotiate deeper balance reductions than unaided borrowers.
Regardless, it’s important to remember that lenders prefer to settle these debts quickly and suffer a “known” loss. During any debt negotiation process, confidence is key.
Some private student lenders are resistant to the idea of negotiating and settling past-due student debts. Others willingly come to the negotiating table. It’s important for any borrower who wishes to attempt to reach a settlement with his or her lenders to enter the process with an open mind and realistic expectations. In the long run, patience tends to pay off in the form of dramatically reduced debt loads and healthier bank accounts.
- Consider a consolidation loan to pay-off your debt sooner or to make your monthly payment smaller.
- Review the differences between secured and unsecured loans.
- Avoid running up new debt, after you consolidate your old debt.
Learn your debt relief loan options.
You might be interested in a debt relief loan if payments to many different lenders and high interest rates are straining your finances. Consolidating your debt can reduce your monthly payments by lowering your interest rates and/or extending your term. Usually, in order to do so you must take out a loan. By allowing you to pay off your original debt, this loan will consolidate all your separate payments into one monthly payment. Note that you are not actually eliminating your debt, but instead giving yourself relief from the pressure associated with the debt you have.
You have a few different debt relief loans to choose from when you consolidate your debt. All loans break down into two types: secured and unsecured.
An asset or collateral of some sort protects the lender when you obtain a "secured loan." You must own items, such as property or a car, which the loan can be secured against, even if they are not fully paid off, to obtain a secured loan. The lender can place a lien against these items. A lien will keep you from selling the property or will allow the lender to force your property into sale in order to collect on the loan if you fail to make payments according to the agreed upon terms. When you take out a secured loan, the lending company holds your title to your property until you settle your debt in full, including all interest and applicable fees. Because your debt is secured against actual assets, lenders are more likely to grant you larger amounts of money than an unsecured loan.
Types of secured loans include home equity loans, home equity lines of credit, mortgage refinance loans and second mortgages. These loans are based on the total value of your home minus the amount you still owe. You can use these loans to consolidate your debt and pay your original debt off. Once you pay the original debt off, you will have a more convenient single monthly payment and hopefully a lower interest rate, as secured loans typically have lower interest rates than unsecured loans. The downside to this sort of loan is that if you have budgeted incorrectly and are unable to make payments for your consolidated loan, you may lose the property against which the loan is secured.
An unsecured debt relief loan is harder to obtain because the lender has nothing to collect if you are unable to pay them back. Lenders will look at your credit and employment history in order to determine your risk level: or what is the statistical likelihood that you will repay the loan. Regular payments on your current debt and a stable employment history show that you are not a high risk. There are lenders who will give unsecured loans to you if you have bad credit or unstable employment history, but their interest rates are usually very high. Any unsecured loan will have a higher interest rate than a secured loan and usually will be for a limited amount.
It is easier to obtain unsecured personal loans through consolidation companies if your debt is good debt as opposed to bad debt. Good debt is incurred from an investment (mortgage) or improving yourself (student loan). Bad debt is incurred from credit cards, retail charge cards, and financing luxury items like electronics or boats.
If you believe you will be able to make one larger payment on time and in full, then consolidation may be an easier option for you. However, remember that even at a lower interest rate, which may be difficult to get if your loan is unsecured, paying your debt off over a longer term will result in a higher grand total on your loan just by virtue of the increased amount of time over which your loan will have interest applied to it.