By: Cristina | Last updated February 19, 2019 
Most people have to engage in long-term debts in order to afford anything in this life. From buying a house or a car to other types of financial-based needs, most of them can only be accomplished by taking loans and paying monthly rates for years and years in a row.
And sometimes those loans can overwhelm you or something unexpected happens and you miss a few payments. It can all go downhill from there, sooner than you imagine.
The two types of loans people get
There are two types of debts you can make: unsecured ones or secured. We can place in the first category all those small debts that are not backed by any valuable asset such as your house for instance. Student loans, medical and utility bills, credit cards, all fall in this category.
The other type of debt is the secure loan, which always comes with collateral, which is usually a valuable asset like a house or a car. If you fail to pay your debt, the lender is entitled to take that asset from you. Mortgages and car loans are good examples of secured loans.
Of course that the interest rate will always be smaller on the secured loans, than on the unsecured loans, because the lender has a guarantee and doesn’t risk as much as with unsecured debts.
How can debt consolidation help you?
The first thing you have to know about debt consolidation services is that they can usually help you with your unsecured debts. Debt consolidation consists in taking a loan to help you pay off all your other small unsecured loans. You can also use it for bigger loans, but then the company will ask for collateral as a guarantee.
One of the advantages of debt consolidation is that it helps you merge (consolidate) all your loans into a single one, thus making it easier to manage it.
Another reason why people choose to use debt consolidation is to get a lower interest rate and a lower monthly payment.
It is important not to confuse debt consolidation with debt settlement and debt relief. Debt settlement means you negotiate your debt to a lower interest rate. Debt relief occurs when your debt is partially or entirely forgiven/erased.
There are several types of debt consolidation: those that can be done via a finance company, a bank (but you usually need a good credit score and collateral), those done through a line of credit and others.
Accredited Debt Relief – Is it any good?
Accredited Debt Relief is a very reputable company and has more than 20 years of experience in the industry. It offers debt consolidation, debt settlement, credit counseling services and more.
This company has an A+ rating with the Better Business Bureau and is a member of the American Fair Credit Council (AFCC).
Accredited Debt Relief is not only popular for its financial services but also thanks to its philanthropic acts. The company does a lot of charity work and donates money for various causes and institutions (children hospitals, the Salvation Army and others).
Accredited Debt Relief - debt consolidation program
Accredited Debt Relief requires a minimum of $7,500 in debt in order to qualify for their debt consolidation program. Depending on the state where you live, that amount can be bigger than that.
How to use their debt consolidation service?
The first step you have to take is to go to their website and provide them your information, from contact details, to your financial situation, such as your credit score and your debt. You will then have to call them and talk to one of their specialists who will assess your case and inform you whether you qualify for their debt consolidation program or not. The phone consultation is free.
In addition to the minimum of $7,500 in debt, you also need to be at least 18 years old and of course, to be a legal resident of the United States.
The specialist who will talk to you on the phone will be assigned to you for the entire process and will assist you in every problem you might have. It will act as an account advisor and it will keep you updated on your progress. Although you can always use that representative as your Accredited Debt Relief contact, you can also check out your account yourself. All you have to do is log in using your account details. You can also access the online portal from your mobile device.
It will take between 1 to 2 weeks for Accredited Debt Relief to actually start working on your debt consolidation, after your free phone consultation.
Once you are enrolled in the program, you have to create an account and deposit money in it on a monthly basis. The money you deposit will be used to pay off your debts.
The duration of the program differs from case to case, depending on the debt and the monthly amount you end up paying. The program will last somewhere between 2 and 4 years.
How much does Accredited Debt Relief charge?
Accredited Debt Relief charges from 18 to 25%. This is pretty much within the industry standard. There are no additional hidden fees and your average savings after paying their fees are approximately 25%.
Accredited Debt Relief is reasonable when it comes to any potential emergencies on your part, that will make you miss a payment. Although it is best not to end up in such a situation, in case you do, you can give them a notice 5 days in advance and Accredited Debt Relief will work something out to help you get back on your feet.
Aside from the fact that Accredited Debt Relief only operates in 39 states, there aren’t any reasons why you shouldn’t choose this debt consolidation service. Besides, very few companies operate in such a large number of states, most of the competitors work in 30 states at most. Accredited Debt Relief is reasonably priced, reliable, experienced and has a good reputation.
