Credit Card Debt - Michigan Debt Relief
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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.

Credit Card Debt

If you are overwhelmed with credit card debts due to any number of reasons (like unemployment, medical bills, or personal hardships), you're certainly not alone. Many consumers in states like Michigan and across America are in similar situations and looking for ways to get relief. Fortunately, there is a variety of debt relief options that could lower your payments, reduce interest rates, or even settle your credit card debts for much less than what you currently owe.

One of those options is debt consolidation through credit counseling -- which typically involves combining, or consolidating, multiple, high-interest credit card debts and unsecured debts into a single, more structured, and more manageable monthly payment. Another viable option is debt settlement or debt negotiation -- which involves settling or negotiating with credit card companies for substantially less than the original amount of your credit card debts.

Today, both debt relief options have become popular alternatives to bankruptcy -- which has a more damaging and longer lasting impact to one's personal credit. To find out how much debt relief could save you, request a free debt relief analysis and savings estimate.

Benefits of Credit Counseling

If you are overburdened with credit card debts and other types of unsecured debts, you're not alone. Perhaps you have experienced a job loss, a medical emergency, or dealt with a personal crisis. But regardless of how you found yourself in debt, you may have several options available to find relief.

One popular and proven method is debt consolidation, or what some people refer to as a debt management plan (DMP). As mentioned earlier, debt consolidation typically involves consolidating your high-interest credit card and unsecured debts into a single, easier-to-manage, and more structured monthly payment made to a credit counseling agency.

When you enroll in a debt consolidation program, credit counselors review your debts and try to determine how much money you can reasonably allocate to paying off your debts. Then, they typically develop a relief strategy, which includes submitting proposals to your creditors, on your behalf, requesting reduced interest rates and the waiving of late fees and other penalties. Creditors that agree to extend more favorable and lenient payment terms are placed into a debt management plan.

The goal with debt consolidation is: With a more structured and manageable payment plan, you can, ideally, direct more of your payment towards paying the principal balance of your debts versus just the interest. This type of approach, when followed faithfully, can help you pay off your debts at more quickly.

Credit Card Debt Settlement

Depending on the type of debt that you have, you may be able to find relief through debt settlement -- where you hope creditors will settle, or forgive, your debts for significantly less than what you owe. While this approach has helped many consumers manage their debts better, keep in mind the potential risks:

As the term "debt settlement" suggests, credit card companies are certainly not legally required to "settle" or accept your settlement proposal. In many cases, you will be advised to stop making payments on your credit cards to save up funds, over a period of time that you can later use to make a reasonable settlement offer. As a result of "non-payment," creditors may threaten to sue if you default on the terms of your credit card agreements. In addition, many consumers who default on the terms of their credit card agreements typically experience a decline in their credit scores.

But in spite of the risk involving one's credit, debt settlement remains a popular debt relief alternative to bankruptcy -- which has a more serious and longer-lasting effect on your personal credit.

Reach Your Debt Goals

Imagine the day when you are finally able to say that you are debt-free. For many consumers struggling with credit card and unsecured debts, the goal is to pay off their debts and get a fresh start. For some, consolidating their debts may be the way out of debt, while for others debt settlement may be the right approach. But regardless of which option you choose, make sure to do your due diligence to ensure that you find a company that will have your best interests at heart.

If are ready to take the next step in finding debt relief, begin by answering a few, basic questions here at MichiganDebtRelief.org and receive a a free debt relief estimate and savings analysis.

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Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's a debt program to lower your payments and get you out of debt much faster than you ever imagined.
Who we're helping right now...
$30,000 debt relief savings estimate
– Waldorf, MD

Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, debt relief plans can reduce interest rates, lower monthly payments, and help you get out of debt faster.
Who we're helping right now...
$30,000 debt relief savings estimate
– Waldorf, MD

A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.
Who we're helping right now...
$10,000 debt relief savings estimate
– Santa Clara, CA

Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is, debt relief can help you save money each month and take control of credit card debts.
Who we're helping right now...
$90,000 debt relief savings estimate
– Fort Myers, FL

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are credit card debt hardship programs that can help you.
Who we're helping right now...
$35,000 debt relief savings estimate
– College Station, TX

Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are debt hardship assistance programs to help you get back on track.
Who we're helping right now...
$20,000 debt relief savings estimate
– Sunnyvale, CA

Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is, credit card companies may be willing to reduce your interest rates, waive late fees or even settle debts for much less than you owe.
Who we're helping right now...
$50,000 debt relief savings estimate
– Scottsdale, AZ