Are you looking for the inside scoop on debt elimination services? Well, you've come to the right place.

We'll explain exactly how these companies operate, explain how much they cost, and then help you decide if you should consider using one of these debt elimination services to help you with your debt situation.

Fair enough? Alright.

When it comes to debt elimination services (also called debt management, debt consolidation, bill consolidation, debt counseling etc.) there are basically two types of service. Debt consolidation and debt negotiation or settlement. The two are quiet different so let's take a look.

The two basic types of debt elimination services:

#1 Debt Consolidation Services:

Debt consolidation services do not not actually consolidate your debts, but rather they consolidate your debt payments. With this type of debt consolidation program you make just one payment to the debt consolidation company each month who then in turn pays each of your creditors on your behalf. But they do much more than this.

The first thing that a good non-profit debt consolidation company will do for you is to contact all of your creditors and negotiate lower interest charges on your accounts. A good debt counselor can often reduce your interest charges by 50% and sometimes even 100%.

**(For example, one company that we often recommend to our visitors routinely negotiates 0% interest charges with Bank of America, leaving only the principal portion of the debt to be paid back. This alone can save you $1000's of dollars in interest alone.)

You can visit them here and receive a free, no obligation custom debt reduction plan based on you situation.

You would be applying all of your payments to paying down the debt, not the interest. This in itself will dramatically reduce the time it will take you to pay off your debt.