“Can a credit debt relief program help me?” That’s what many people are asking when they have more than $10,000 credit card debts and other bills and debt collectors are constantly calling, asking for payments. If you’re one of the people and badly need to control your debt, take your time to learn all options that are available to you.
Finding a debt solution that works is a good way to reduce debt and help you cope with stress. Unfortunately, good solutions are hard to find. There are horror stories from people who were scammed by firms that charged high fees but delivered little or nothing in return. They lost hundreds of dollars in fees and owed as much as when they started plus late fees and other penalty charges.
Don’t make that same mistake! Make sure to review your options for getting rid of your debt first. Once you decide that you need help from a pro, you may want to review different debt relief programs or solutions that are available and reputable companies that offer real value for your hard-earned money.
Understanding Your Credit Debt Relief Options
Top options to a debt free living that are available to consumers are self repayment plan, debt management, debt settlement, debt consolidation and bankruptcy. Here are brief descriptions of all options:
- A self debt reduction plan, which focuses on repaying debts that carry higher interest rates more than the minimum payments, is a viable option for resolving your debts if your debt is under control.
- Debt management programs are provided by debt counseling companies that negotiate to lower your interest rate and new repayment plans with creditors; once agreed, the client deposits money with them and they forward the funds to the creditors.
- Debt settlement programs are offered by settlement companies; the firms negotiate bill settlement with creditors and once agreed, their clients accumulate money with them and they make lump sum payments to the creditors.
- Debt consolidation plan is a solution where multiple high interest unsecured debts are consolidated into a single low interest loan; this way the consolidation company pays off creditors and their consumer make a single affordable monthly payment to the firm.
- Bankruptcy is the last debt relief option that is offered by lawyers specializing in personal bankruptcy; a bankruptcy attorney can help you file for bankruptcy Chapter 7 or Chapter 13 in order to satisfy your creditors.
What To Look For In A Debt Relief Program Or Company
Before you sign up with any debt relief program it is important that you are familiar with the company that runs the program. Make sure that you work with a legitimate for-profit and non-profit service that can help relieve some of the stress you are now under. Here are some things to look for:
- Services offered. Learn programs the company handles such as debt settlement or debt management. Ask them to disclose how long you’ll get the results, how they’ll charge you and negative consequences if you fail to make timely payments. A good company will disclose all those fundamentals even without you ask them.
- Experience. You want to work with a solid company that has been many years in business, with a large numbers of clients. Ask about the experience that their counselors have and see if you can get a list of clients that you can talk to about how good the company was at providing real services.
- Reputation. A good agency should be a member of the BBB and have a good rating with this organization. Accreditations with industry specific’s regulatory bodies are another good sign whether they are a good business or a scammer.
- Costs. A legitimate company is paid based on a proportional fee or percentage of savings after you have made a payment to your creditor. Ask about their fee structure and how you are going to pay them to learn whether they are truly willing to help you or not.
Choosing The Best Credit Debt Relief Help
Are you ready to find reputable debt help and join the best program? Before you enroll in any program you may want to find the right type of option using the following qualifications.
If you have less than $10,000 credit card bills then do it yourself debt help using a consolidation loan might suit your needs. When your unsecured bills are more than $10,000 you may want to consider a debt management or settlement program. Alternatively, opt for filing bankruptcy if the other options don’t offer a way out.
The best credit debt solution option for you is the one that helps you get out of debt fast and that improves the way you manage your money as well. As a low credit score may disqualify you from any loan that you want in the future, the credit debt relief program should also offer ways to fix or rebuild your credit score.
Now, take the first step to debt free living that you deserve through all learning resources that you can find below. Discover whether you can handle the debts on your own or you need a reputable credit counselor that can give you the right direction. If you feel you have to work with a professional read reviews about the best credit debt relief services.
Do It Yourself Debt Relief Help
What if you have reviewed your financial situations and you’re sure you don’t need help from a pro? If you feel you can handle your debts by yourself below is a list of resources that can help you move forward and be debt free.
- Top tips for managing personal debt, credit and loans
- Using 0 Balance transfer credit cards for debt consolidation
- How to deal with debt collection agencies
- The power of personal budget for debt management
- Money saving ideas for paying off debts
Managing Different Types Of Debts
Looking for the best way to resolve your specific debts? Get how to tips and advice for managing credit card, payday loan and student loan debts below.
- How to pay off credit card debt fast
- Top student loan debt relief tips
- What you need to know about payday loan debt consolidation
Consolidation Loans, Grants and Money For Debt Relief
If you are looking to pay off debt using a loan, a grant or a second income there are many different loan arrangements and sources of extra cash that you can tap. Below is some of them.
- Good reasons to get an unsecured debt consolidation loan
- Is a debt consolidation mortgage loan good for relieving debt?
- “Can I get a debt consolidation loan if I have bad credit?”
- “How can I get a government grant for debt relief?”
- Easy ways to find money for debt relief
Managing Your Credit
Building, maintaining and rebuilding creditworthiness are essential for getting credit with favorable terms. As debt relief and credit rating are invariably linked, there are also plenty of organizations that offer credit help such as credit repair, credit monitoring and many more. Read below to know them.
- Top 3 things you need to know about credit report bureaus
- Credit repair companies or fix credit by yourself?
- How to get credit score online and improve your rating