Debt Relief Options

There are many reasons why you should choose debt settlement over other options you may have such as Bankruptcy, Credit Counseling, or simply continuing to make the minimum payments . Let’s take a moment to go over your the various debt relief options available to consumers.

Debt Settlement

Debt settlement is a form of debt reduction that focuses on the savings of debt without charging an interest rate. Typically this is one of the most favorable options for consumers as it offers a solution to high interest debt and also carries several other key benefits. With Debt Settlement, you stop paying interest, pay a reduced principal amount and can pay off your debts sooner than other options available. Imagine the improved quality of life with the extra spending cash you will have.

Bankruptcy as a Debt Relief Option

One of the worst things about bankruptcy is the simple fact that you are leaving your options up to a judge to decide where and how you will pay back your debt. Most of the time you will still owe interest between 9-11%. The attorney and upfront fees alone can be devastating. If you are choosing to file bankruptcy, you take all of your options into careful consideration.

Credit Counseling as a Debt Relief Option

Often times this option is only available to those who still have good credit scores and are simply looking to lower their interest rates. The catch 22 here is that you actually ruin your credit by choosing this option. Future lenders regard credit counseling as chapter 13 bankruptcy.

Debt Consolidation as a Debt Relief Option

A debt consolidation loan can be an enticing route to reducing your bills into one easy payment. However, with this solution you are merely getting yourself into more debt. You will still pay interest and there is no method to negotiate the amount you are paying off to your creditors. You are simply paying your balances in full with a new loan.

Continuing to Make Minimum Credit Card Payments

Continuing to make your minimum payments may take 50 to 60 years to pay off your debt, and that’s only if you don’t spend anything during this long period of time. This is simply not a viable solution to become debt free for most people. Considering that your credit card interest rates can be over 18%, this option will cost you 200-500% more than our debt settlement options.

Attempt to Negotiate Creditors on Your Own

People often ask us if they can negotiate with creditors to come up with their own solution. The simple answer to that is yes, you can. But you might also want to ask yourself if you would try to fix your transmission yourself? Debt is like a cancer, if you were a cancer patient, would you try to treat it yourself? Most likely you are going to say no to those questions and the reasoning is obvious. You should always leave highly technical and serious work to a professional. We deal with creditors all day, everyday. We know what they like to hear and our sheer volume of business alone gives us extraordinary leveraging ability that effectively allows us to give you the best deals possible.