Are you drowning in debt? Are thoughts of unsecured debt keeping you awake at night? For many consumers, debt relief is a viable solution to unmanageable debt. And it just may work for you.
Fortunately, there are several ways to reduce debt, interest rates and fees – and pay it off faster than you ever thought possible. This can be done by working with financial professionals who specialize in debt relief, who can negotiate debt reduction, lower rates with lenders, and help you with a budget that keeps you on the right course.
Some of the professional credit card debt relief programs that don’t require to take out a consolidation loan include:
Credit Counseling, or Debt Management Programs
It can be very effective if you have two or three years to pay off debts, or are having money problems. Most creditors would rather enter into a settlement because it is cheaper and easier than direct collections.
Many creditors actually prefer settlements, because it means they might receive some money back. They know that without it you might declare bankruptcy which would leave them with nothing.
In many cases, yes. You will not have to go to court or hire an attorney with a settlement, but you will not be able to wipe out all of your debts either. Bankruptcy is a better option for people who owe a lot of debt which they have no means of repaying.
For persons with a steady income, a settlement is often a better deal because it has less of a negative effect on their credit rating.
No. Your debt relief consultant can negotiate with creditors and ask them to drop a lawsuit, but they cannot provide legal advice or legal representation.
Usually not. Lawsuits and garnishment are actually very rare. We find that most creditors will do everything in their power to avoid courts and lawyers because of the high costs involved.
Unfortunately some of them will threaten to sue as a way to get you to pay. Your debt consultants can often get them to settle, even in the face of such threats, by offering a cheaper and easier alternative.
Simply find any one of a number of debt relief programs online and talk to one of their debt consultants. These professionals have a lot of experience to offer you. They will go over your case and recommend the best course of action for your situation.