Debt Relief – How It Works

Over the years one of the most common questions we get from people who come to our site is "How does it work?"

This video explains how the free debt relief savings estimate works, how debt relief programs work and if there is any cost.

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Consolidate Your Debts
& Save

Consolidate Your Debts and Save

If you need to get relief from multiple high interest credit cards or other unsecured debts – such as medical bills, store charge cards, gas cards, or more – a debt consolidation program may be able to help you get out of debt much faster. This could, not only help to reduce stress, but also save you a substantial amount of money.

Debt consolidation programs, also known as debt management plans (or DMPs), are typically coordinated through a credit or debt counselor who will take the time to go over your current financial situation, look at your unsecured debts, look at how much you can afford to pay each month toward your debts, then submit proposals to creditors on your behalf requesting relief.

Overall, the goal of a debt consolidation program is to provide you with a proven and predicable way to combine or "consolidate" all your debts into a single payment each month by providing a personalized plan that, if followed each month, can help you get out of debt at an accelerated rate.

Debt consolidation could help you:

• Reduce Your Interest Rates
• Lower Monthly Payments
• Remove Late Fees and Penalties
• Simplify Your Life with One Payment
• Help You Get Out of Debt Faster

Get Your Free Debt Savings Estimate Today

Your Savings Estimate includes:
 • Total Estimated Savings
 • Estimated Monthly Savings
 • Estimated Program Length
 • and more...

Lower Your Monthly Payments

Lower Your Monthly Payments

If you are faced with credit cards and other debts that have made your bills very difficult to manage on your own, a debt relief program may, not only be able to help you get out of debt – but also lower your payments each month. Depending on your current situation, debt relief may also be able to help reduce your interest rates, remove late fees and penalties, or even resolve credit card debts for much less than you owe.

With your free debt analysis and savings projection, a debt relief specialist will take the time to go over your current financial situation then customize a debt relief program for you, based on how much you can afford each month.

Get Your Free Debt Savings Estimate Today

Your Savings Estimate includes:
 • Total Estimated Savings
 • Estimated Monthly Savings
 • Estimated Program Length
 • and more...

Pay off Credit Card
Debts Faster

Get Rid of Credit Card Debt Faster

If you have high interest, or high balance credit cards, you may be on a "credit card debt treadmill" that has become very stressful, and more than you can handle on your own. While avoiding non-essential credit card purchases, and paying down your debts each month, can help you get out of debt – a proven debt relief program may be able to help you get out of debt considerably faster.

Depending on your current financial situation, there are several debt relief programs that may be able to provide you with much needed credit card relief, including:

• Debt Consolidation Program (Reduce interest, waive late fees and penalties, consolidate high interest debt into one lower monthly payment)
• Debt Resolution Program (Resolve high balance credit card debt for much less than you currently owe)

Depending on the debt relief program that best meets your needs, your free debt relief evaluation can provide you with a projection of how much debt relief could save you – as well as the estimated time required to get out of credit card debt.

Get Your Free Debt Savings Estimate Today

Your Savings Estimate includes:
 • Total Estimated Savings
 • Estimated Monthly Savings
 • Estimated Program Length
 • and more...

Reduce Your Interest Rates

Reduce Your Interest Rates

If you have high-interest credit cards and other debts and are need of relief – a debt consolidation program could simply your life, help you save money, and get out of debt faster by reducing your interest rates. Though a free debt relief analysis, a debt specialist will go over your existing debts, current interest, and financial situation – then make proposals to each of your creditors on your behalf, requesting lower interest rates and often more favorable repayment terms.

Each creditor who agrees to the proposals are then added to the "debt management plan" – which can not only lower interest rates and remove late fees and penalties – but also help you get on a faster track to get out of debt.

Get Your Free Debt Savings Estimate Today

Your Savings Estimate includes:
 • Total Estimated Savings
 • Estimated Monthly Savings
 • Estimated Program Length
 • and more...

Resolve Credit Cards for Less?

Resolve Credit Card Debts for Less?

If you have one or more high-balance credit card debts and need to "resolve" your debt for less than you owe – a credit card debt resolution program could save a substantial amount of money.

When credit card companies decide to sell off their "bad debt" to debt collection agencies, it is not unusual for credit card companies to sell the debt for as little as ten cents on the dollar. This is not to say that credit card companies will agree to "resolve" credit card debt for as little as ten percent of the amount owed, but it stands to reason that credit card companies are often willing to accept a reasonable offer from consumers in distress who offer to pay what they can afford.

A personalized debt relief analysis can provide a savings estimate for credit card resolution. How much debt resolution could save depends largely on the amount of credit card debt involved, the debtor's current financial situation – and the resolution policies of individual creditors.

Get Your Free Debt Savings Estimate Today

Your Savings Estimate includes:
 • Total Estimated Savings
 • Estimated Monthly Savings
 • Estimated Program Length
 • and more...

Debt Consolidation Loans - Michigan

If you have been desperately searching for ways to get relief from your credit card debts, you may have considered getting a loan. If so, you are like many Americans today looking to get relief from debts - from credit cards and other unsecured debts such as medical bills, department store charges, or even utilities. The good news is, there are several options available to you that can help you reduce your debts and regain control of your finances.

Your debt relief options can include debt consolidation loans, debt consolidation through credit counseling, or debt settlement. Depending on the type of debt that you have, one of these methods may be able to help you get a better handle on your debts as well as potentially get some savings.

To find out how debt relief can help you, request a free debt relief analysis and savings estimate. Begin now.

How Does Debt Consolidation Work?

In the debt industry, the term "debt consolidation" has come to represent a range of debt relief options (not to be confused with a debt consolidation loan). However, what debt consolidation typically involves is combining or consolidating credit card and unsecured debts into one, more affordable, and more manageable monthly payment made to a credit counseling agency. Some people also refer to debt consolidation as a debt management plan, or DMP.

The process of consolidating your debts typically begins with a one-on-one with a credit counselor who will review your finances, taking into account your debts, income, and other obligations. When credit counselors have all the financial information that they need, they will typically put together a game plan that lays out the next steps for reducing your debts. They submit proposals (on your behalf) to creditors asking for reduced interest rates, or the waiving or elimination of any late fees or penalties. Creditors that agree to the proposals are placed into the debt management plan.

With a single, more structured, and more affordable payment plan, the goal is to direct more of your payment towards paying off the principal of your credit cards rather than just the interest - and eventually, reduce your debts sooner than if you continued making the monthly payments on your credit card debts at higher interest rates.

If you are interested in finding out how much you can save every month through debt consolidation, request a free debt relief analysis and savings estimate. from MichiganDebtRelief.org.

Debt Consolidation: A Better Alternative Than a Loan?

As mentioned earlier, a debt consolidation loan is also another way that many consumers have found relief from their credit card and unsecured debts. With a loan, instead of having multiple, high-interest debts to deal with every month, many consumers end up, ideally, with only have one, lower interest loan. However, keep in mind that a debt consolidation loan involves taking unsecured debt and paying it off with funds that come by way of a "secured" loan. What this means is, it is a loan where you have to put up your home or other asset to get approved - and if you default on the terms of your loan, you would put your home or asset at risk.

In addition, many consumers who get approved for a debt consolidation loan generally end up using their credit cards again. As a result, many of them will have new, high-interest credit card debts to deal with on top of their loan. Under this scenario, a debt consolidation loan has generally made their debt situation go from bad to worse.

In comparison to a loan, debt consolidation provides you with a more manageable and more affordable payment plan that is designed to help you pay off your debts sooner than if you only continued to make your minimum payments at higher interest rates.

Find the Best Debt Relief for You

It makes sense to compare your debt relief options and find which one works best for you. For instance, ask yourself or a debt relief expert questions like "How much savings could you potentially get by consolidating your debts and paying them at a pace you are comfortable with as compared to taking out a loan?"

Start comparing your relief options by requesting a free debt relief analysis and savings estimate. - at no cost to you.