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Find Your Debt Reduction Plan and Get Out of Debt Today
Countless numbers of people from all walks of life find themselves in over their heads with credit cards and other debts they just cant escape and need debt-relief.
With so many people nationwide looking for some sort of relief from that heavy burden, it’s important for you to understand that Debt Relief options are available to you TODAY!
Additionally, to settle debt, depending on your personal situation, companies may be willing to forgive or settle debt for much less than what you owe. You need to understand your options and the impact of each critical decision.
So Exactly, How Does Debt Relief Work?
First, there are fundamental differences regarding how debt settlement works compared to other popular forms of debt consolidationand debt reduction.
With debt consolidation, you get a single loan to pay off all of your smaller loans, thereby leaving you with just one monthly payment rather than several. The theory is that one payment will be easier to manage. This allows allows you consolidate your debt into a lower the interest rate, which in turn reduces your monthly payment all while paying off your debt quicker. Why not consolidate and save money at the same time.
For example, the use of debt consolidation, debt management and debt counseling services, typically involves the consumers paying back all that you owe.
You can get start TODAY by answering a few simple questions!
YOUR KEY TO SUCCESS is by maintaining the discipline not to take on additional debt and by paying of existing debt at a lower interest rate on time, it is possible for you to get back on track financially and become debt free by following a set payment schedule and predictable plan.
By paying on time you are building a good credit score, which takes time and will probably take at least six months with on-time payments. You need to ensure your monitoring your credit to keep your report up-to-date. You can access your TransUnion Credit Report to ensure accuracy. Review your credit report for signs of error. If looks wrong, contact your bureau immediately for review.
Debt Settlement is a much different path of debt relief. Individuals deciding to go the Debt Settlement route can benefit through a debt relief program, whereby the consumer’s goal is to pay back less than is actually owed, hoping to “settle” debts for less than the full amount.
In this increasingly popular form of debt relief, consumers may be able to save a substantial amount of money off of the original amount owed.
Best Debt Consolidation Services of 2017
The most well-known debt settlement companies are National Debt Relief, CuraDebt, Accredited Debt Relief and Guardian Debt Relief. These companies all assist customers with the debt settlement process. Here is a list of the top debt settlement companies compared side-by-side. All of these companies specialize in helping you get out of debt.
FREE no-risk debt relief consultation quote
Top Ten Reviews’ 2017 Excellence Award, Top Consumer Reviews’ Five-Star Rating for 2017
Counseled over 20,000 people in debt
Free Savings Estimate
A+ BBB Ratings | AFCC & IAPD Accredited
Receive a FREE financial Consultation
Builds a plan to fits YOUR situation
A+ Rating from the BBB | IAPDA & AFCC Certified
How Does National Debt Relief Equal Savings?
There has been controversy in the last several years has arisen regarding the amount of money a person might save through debt settlement. You need to be careful of any debt relief company or financial institution making inflated claims.
Some of the misleading and exaggerated claims including net savings of 70%, or even a promise of settling for pennies on the dollar, have led to new consumer protection laws and a flurry of new regulations governing the debt settlement industry. AND RIGHTFULLY SO….
The key still remains that you can get out of debt with best in class debt consolidation companies. The responsibility still falls on you to ensure you consolidate your debt into lower interest rates.
Although many consumers have saved a substantial amount of money through settlements, companies that promote such exceedingly high expectations as the norm.
When uncertain about an individuals actual circumstances or what a certain company may allow, are harming the debt settlement industry and those companies who are forthright in presenting both the pros as well as cons of debt settlement.
The fact is, an accurate savings quote cannot be given until those consumer’s circumstances and other details affecting outcomes are known, applied and worked-out. Get your Free Savings Estimate today. Credit companies do agree to accept “reasonable” settlement offers on a regular basis but, again, it is irresponsible to say exactly how much.
Why the Increase in Credit Card Debt Settlement
During the last several years and for compelling economic reasons, Debt Settlement has surged in popularity and necessity. Having a clear understanding of why this has occurred can lend insight into the debt relief industry, and the reasons for its growth.
First and foremost, it’s a well-known fact that during better economic times as the use of high interest credit cards flourished. As times have changed and so have consumers. Debt-relief and increasingly Debt Settlement, is now an option more people are are willing to consider and choose even though settlement is not without its downside.
The truth of the matter is that many credit card companies prefer to collect what they can, when they can especially considering that many consumers these days are pushed to the edge of bankruptcy. While people who’ve accumulated debt have a responsibility to pay it off.
It’s a fact of economic life that many consumers have suffered job loss, unpaid medical and other bills, and any of a number of financial hardships that cause them to fall further and further behind each month.
This also includes the mortgage crisis that has many homeowners upside down on there house. All of which contributes to an ever-growing and ever-widening debt settlement industry.
Another reason for the surge in popularity of Debt Settlement is the public’s expectations regarding of the”bailouts”. This is largely the result of debt assistance given to banks and companies by the federal government.
Debt Relief | Benefits and Drawbacks
It’s relatively clear to see that the “pros” for Debt Settlement are for many, a viable way out of debt. Individuals, seek to settle their debt for much less than what you owe. This can be beneficial for persons whose prospects for debt-elimination remain low as they continue to pay their high-interest rate credit cards, late fees and even penalties.
Debt Settlement can be an eminently workable solution for individuals who need to stop the debt-madness and do so without choosing bankruptcy or suffering from the longer-lasting negative effects bankruptcy. It has major impact on credit, future credit, and the ability to benefit from credit choices well after bankruptcy.
The “cons” regarding Debt Settlement apply mainly to those who fail to educate themselves about how this option truly works – falling victim instead to those companies advertising debt settlement as an easy way to become debt free. The simple truth is that while debt settlement can be very workable for consumers.
It is the debtor’s responsibility to settle their debts. And where the sun shines, weeds can also grow. One of the challenges is the ability to stay disciplined and set-aside funds for the aforementioned “one lump sum”.
Some people just won’t have the discipline to accomplish the lump-sum goal. That’s why help is available.
Making an Educated Decision on Debt-Relief
Before you make the choice of a specific debt settlement company, make sure you do your homework with the Better Business Bureau. The BBB lists National Debt Relief with a 4.8 Star Rating.
It’s also vital to understand exactly how much money you can save and the length of time it will likely take to realize that savings and ultimately settle. You are completely within your rights to know and understand all the terms.
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Original article and pictures take www.mycreditunions.org site
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