How is accelerated debt consolidation different from regular debt consolidation?


Accelerated debt consolidation will usually take only your unsecured debts, rather than combine secured and unsecured debts within a single debt consolidation loan. Unlike common debt consolidation where credit card payments can be included into the mortgage payment, accelerated debt consolidation will split your debts in two and allow for quick recovery from high interest debt.

Usually, when a secured debt such as a mortgage or an auto loan exceeds a credit card debt considerably, getting out of a secured debt will take a lot more time. In comparison, accelerated debt consolidation will help you quickly identify your high interest unsecured obligations and an accelerated debt consolidation counselor might be able to negotiate rate and debt reduction and put you on track with your finances pretty quickly.

To sum it up, accelerated debt consolidation is not much different from regular debt consolidation programs. The main difference consists of taking care of the unsecured debts only, as settling a home or a car loan will be quite more time consuming. Accelerated debt consolidation is usually not a relief from all your debt, although there may be programs to offer you accelerated handling of secured and non secured debts, but on the whole you are going to get debt relief from gaining better control over your high interest consumer debts.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: