Click Here for More About Our Debt Consolidation Services >>
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Click Here for More About Our Debt Consolidation Services >>
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Are you having trouble paying bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to get worse. If you are in financial hot water, consider these options: credit counseling from a reputable non-profit organization, debt consolidation or bankruptcy. Debt negotiation and settlement may be another option. How do you know which will work best for you? Contact one of our counselors to discuss.
Your debts can be unsecured or secured. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services. If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan. In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors.
There are 3 approaches to debt consolidation for unsecured accounts: debt settlement, credit counseling and credit card consolidation. The last two deal with reducing the interest rate of your debt load. Debt Settlement, however, addresses the issue of reducing the principal of your total debt load by up to 50%. Reducing the principal can result becoming debt free in just 1-3 years at your current monthly payment rate, possibly lower.
Friday, 09-May-2008 12:37:33 EDT
