Consumerism is more present than ever in today’s society. Although people have made cutbacks because of the current economic recession, the thought of “Money can buy happiness” still invades people’s frame of mind, leading to overextended budgets and high amounts of debt. Many people often learn the hard way when it comes to handling credit and debt responsibly. Fortunately, there are many debt solutions available.
Credit Counseling is a great debt solution. Credit counselors specialize in creating specific debt solution programs to meet your individual financial needs. Additionally, credit counseling offers advice on how to avoid incurring more debt in the future and provides money management tips. Credit counseling services are available in person, or via telephone, Internet, or mail. A customer service representative will let you know what information you need in order to proceed. Once you have collected these documents, you will be ready to start working towards your Debt Solution.
Debt consolidation is another debt solution with many benefits. The benefits of debt consolidation include:
Debt consolidation reduces your monthly payments into one so you don’t have to worry about overextending your budget. Debt consolidation counselors negotiate with your lenders to reduce your APR and total debt amount for a win-win debt solution.
Another Debt Solution is debt settlement. In a debt settlement program, you will make monthly payments to a settlement deposit account in an amount that works within your budget. Meanwhile, your debt settlement provider will negotiate lower monthly payments and interest rates with your lenders. Debt Settlement is a process of four steps:
If you’re drowning in debt, and only able to afford the minimum payments on your bills then you will never pay off your debt in full. Debt settlement is a Debt Solution that provides realistic payment options so you can contribute towards your principle debt within a reasonable timeframe.
A Debt Management Plan is an effective Debt Solution. Through debt counseling, a specialist will review your financial options and put together a personalized Debt Management Plan based on:
A DMP lets you begin paying back your lenders with a manageable payment made every month while a debt counselor will work to eliminate tacked on fees and reduce interest rates. All debt counseling sessions are confidential, so you can rest assured your personal financial information is kept secure.
Overwhelming debt amounts don’t have to mean the end of your financial freedom. Take advantage of the many Debt Solutions today.