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Types of Debt Erasure Programs
There are several types of debt erasure programs available, each tailored to different financial situations:
1. **Debt Consolidation Loans**: This type of program involves taking out a single loan to pay off multiple debts. The advantage here is the potential for a lower interest rate, which can reduce the total amount of interest paid over time1.
2. **Debt Management Plans (DMPs)**: Offered by credit counseling agencies, DMPs consolidate your debt payments into one monthly payment that is distributed to your creditors. These plans often come with reduced interest rates and waived fees2.
3. **Debt Settlement**: This option involves negotiating with creditors to pay off a debt for less than the amount owed. While it can significantly reduce your debt, it may impact your credit score3.