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# Debt Relief 101 - Questions, Answers and Terminology

If you're in debt, you need debt relief. But you also need to know what your options are and how these relief options works. Read through the following FAQS and glossary terms, and get to know the world of debt relief

FAQS

I want to lower my debt. How do I do it?

There are a number of ways you can lower it. Debt relief takes a number of forms, but they all work a bit differently. You can establish a household budget to cut down costs, consolidate, or even refinance to pay it off. However, you first need to figure out what you want. Do you want to: a) save the most money, b) get the lowest payment, c) protect your credit rating, or d) be debt free fast? The answer will determine which debt relief option to select.

What are my options?

The most common options are: debt consolidation, debt management, and debt settlement. You may also want to consider home refinance or a home equity loan.

How will debt consolidation affect my credit?

Debt consolidation has a minimal effect on your credit. In most cases, you apply for a home refinance or debt consolidation loan and use the proceeds to pay what you owe. Although you will now have a single larger debt on your credit report, several small debts will be eliminated.

How will settlement affect my credit?

Debt settlement will have a larger effect on your credit. When a debt is settled for less than its full value, the creditor will note that on your credit report. The damage is much less than you'd experience with bankruptcy or default, and in most cases your credit will improve within a couple of years.

I've heard of debt relief programs. Are they legitimate?

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