Debt Consolidation Reviews - Michigan
Are you a Michigan resident struggling to pay off credit cards and other debts, and searching for reviews of such methods of relief as "debt consolidation"? Are you finding it difficult to manage your bills on your own? If you have been looking for a proven way to get help, but are frustrated about the lack of reliable debt relief reviews online, we may be able to help. Here at MichiganDebtRelief.org, we want to show your available debt relief options, and help you make a decision about which program is right for you or your family - regardless of whether it's debt consolidation, debt settlement, or even bankruptcy.
See how debt relief can help you reduce your debts and simplify your life, simply answer a few basic questions to get a free, personalized debt relief analysis and savings estimate.
But what is debt consolidation? Facilitated by credit counselors, debt consolidation, or a debt management plan (DMP) 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 - a fundamentally different approach than consolidation as it involves settling or negotiating with credit card companies for substantially less than what you originally owe.
These days, both debt relief options have become popular alternatives to bankruptcy - which has a more damaging and longer lasting impact to one's personal credit.
Debt Consolidation Explained
If you are overburdened with credit card debts and other types of unsecured debts (like medical bills, student loans, retail store charges, or utilities), 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, after reviewing your choices, you may discover that you have several options available to get relief.
One popular and proven method is debt consolidation, or what many 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 one, easier-to-manages, 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. They typically develop a strategy, which includes submitting proposals to your creditors, on your behalf, requesting reduced interest rates and 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, and those creditors that do not must still be paid under the terms of the original credit card agreements.
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 an accelerated rate.
To find out how debt relief can help you reduce your debts and simplify your life, answer a few basic questions to get your personalized - free debt relief analysis and savings estimate.
Debt Settlement Alternative
Depending on the type of debt that you have, you may be able to find relief through debt settlement - which allows you to negotiate with creditors for significantly less than your original debt amount. 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 alternative to bankruptcy - which, as mentioned previously, can have a more serious and longer-lasting effect on your personal credit.
Desired Outcome: A Debt-Free Life?
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 down all their debts - which typically results in a simpler and worry-free life. For some, consolidating their debts (with a debt management plan) 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 and review all your choices 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, simple questions and receive a free debt relief estimate and savings analysis. Start now.