Debt Relief
Slash Credit Card Debt Up To 50%
Debt Solutions offers an option that can cut your debt to less than you owe. That means you could be debt-free in a portion of the time it would take with other solutions.
Save thousands by reducing your debt balance and eliminating years of future interest and payments.
Get a FREE consultation today with a debt specialist!
Consumer Credit Counseling
Consumer Credit Counseling (CCC) companies were first introduced by the credit card industry to provide debt relief to the large amount of people who began to fall behind on their payments. The lion's share of credit counselors and credit counseling agencies are paid a kickback from your creditor based on how much of the amount owed they can recover from you and they may also charge a service fee.
Sometimes, the help of a bonafide nonprofit credit counseling agency and credit counselor may be beneficial as the reduction in interest rates may be enough to lift the financial strain a consumer faces. Nonprofit credit counseling agencies also insist you to learn how to manage debt in the future and live debt free.
Debt Management Plans
A reputable credit counseling organization will help you create a debt management plan. A debt management plan is a way to roll all unsecured debt into a single payment. It is not a way to consolidate debt as there is no loan and it is not settlement because you still pay the entire amount and retail interest rates.
However, unfortunately the debt management plan's monthly payments required by a credit counseling organization can be unaffordable. The payments can be higher than the minimum payments a consumer was paying before enrollment with the consumer credit counselor. Once you initiate the program they will contact your creditors and enroll you into a “Hardship Program” or debt management plan.
Consult a Bankruptcy Attorney
Today, more than ever, people are filing personal bankruptcy as a way of getting out from under their debt. Statistics show that the primary reason people file for bankruptcy is the harassment and pressure from companies trying to recoup the debt. For certain people, bankruptcy is the only option for debt relief.
The biggest benefit of bankruptcy is that this approach may provide quick relief and can put a stop to the harassing phone calls and messages. In some eventuality, all of your unsecured debt is forgiven and you can get a “clean slate”.
New laws were passed that make it considerably more difficult and less satisfying to file for bankruptcy as a way out. Keeping this in mind, even if you are qualified to file for bankruptcy, there is a good chance you will still have to pay some or all of your debts over time. As a benefit, bankruptcy does offer some financial protection for your home.
To answer your questions about bankruptcy we strongly encourage you to speak with an attorney in your state. Only a licensed attorney in your state can advise as to what debt help is available to you through bankruptcy.
Bankruptcy's Negative Effects
The negative aspect to watch out for with bankruptcy is the effect on one's credit report. Bankruptcy can ruin your financial profile for many years to come. The bottom line is that it may stay on your credit report for up to 10 years. In addition, you'll overpay for those important purchases on credit that you make later on in life.
For example, if you want to purchase a house in the future, the interest rate will be substantially higher than for the consumer who never filed bankruptcy. In addition, bankruptcy can be taken into account when applying for a job, an insurance policy, a car loan, filling out a renter's application, etc.
As you can see, bankruptcy isn't as appealing an option as it may first appear, although in some situations it is the best, if not only, solution. Only a licensed attorney can provide guidance as to if bankruptcy is a suitable option.
Debt Consolidation Loans / Credit Card Debt Consolidation
Debt consolidation loans are one of the most common solutions people think of for credit card debt consolidation. In some instances, this option may be a great fit for you if you have great credit and can obtain a signature loan with a lower interest rate and a makeable monthly payment. However, many people who choose this option may find themselves in much worse financial straights then they were to begin with.
Most consolidation loans are secured by collateral, such as your house, car or other personal property. By obtaining this kind of loan all you are really doing is exchanging unsecured debt for a secured debt.
This choice can make sense if you can obtain a debt consolidation loan with a lower interest rate and a payment that comfortably fits within your budget.
Only Making Minimum Payments
Unfortunately, if you are just making the minimums or behind on your payments, you may be in a situation where your debt will take many years to pay off — if at all. By simply paying the minimum every month, as much as 85% of your payments are going towards interest and it may take you 25 years or more to pay off your debt in full!
In the long run, paying the minimum is not beneficial to your financial situation. Consumers should consider factors such as expected future income increases as well possible budget changes when determining whether it makes sense to try and pay off credit cards themselves versus other debt solutions such as debt settlement or bankruptcy.
For instance, if a consumer is expecting to be making more money in the near future, or has simply had a temporary financial mishap, continuing minimum payments could make sense. Conversely, if someone is operating on a fixed income and has balanced their budget, continuing to pay minimum amounts on debt payments may not make sense and other solutions such as debt settlement, credit counseling or bankruptcy may be appropriate.
Consumers may also wish to contact their creditors directly to negotiate lower interest rates or payment terms on their own prior to seeking other options. Some creditors will offer short-term hardship programs or better payment terms. In many cases, creditors will not offer debt help unless you are already past due.
Debt Solution's Debt Settlement
Debt settlement maybe your best option to reduce your debt majorly. In a debt settlement program, the debt settlement company negotiates with creditors and debt collectors to lower interest rates and the total outstanding balance owed. While you can do this yourself, a debt settlement company knows which creditors are more likely to agree to reductions. Our debt settlement programs work with most major credit card companies and and we have developed an excellent reputation for settling unsecured debt.
Most debt settlement companies deal only in unsecured debt like credit card debt, medical bills, and personal loans. While debt settlement is not for everyone, it can reverse your financial situation.
Eligibility
To be eligible for the Debt Solutions program, you must:
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Enrolled debt of at least $10,000 in unsecured debts (credit card debt, payday loans, personal loans, previous consolidation loans, medical bills, collections and repossessions, business debts, and some student loans). Can be from multiple debts.
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Difficulties making payments and late fees.
Call for a free consultation today!
How Debt Settlement Works
We begin negotiations with your creditors to lower interest and total debt amount. You make regular payments, based upon your budget, to a dedicated savings account. After you build up enough savings, Debt Solutions pays off each creditor.
Get a free consultation today!
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