Could Debt Relief Help You Pay Off Debt Faster and Save? Find Out with Your Free Debt Analysis
Are you a Michigan resident struggling to pay off debts such as credit cards and other unsecured debts like medical bills, gas cards, department store charges, etc.? If you have trouble keeping up with your credit card debt payments and need a proven way to consolidated debt and get relief, take a moment to find out how consolidating your debts could lead to savings -- and help you get out of debt at an accelerated rate.
See how debt relief can help you find a way out of debt. Answer a few, simple questions to get a free debt relief estimate and savings analysis - at no cost to you.
There are a variety of debt relief options to compare, including debt management, debt settlement, and debt consolidation. Debt consolidation 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 in the form of 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. Regardless of the debt relief option, the goal for most people is usually the same: To get out of debt or get rid of debt is the most practical way possible, and in the shortest time frame
Today, these debt relief options have become popular alternatives to bankruptcy - which has a more damaging and longer lasting impact to one's personal credit.
Benefits of Consolidating Debts
If you are overburdened with credit card debts and other types of unsecured debts, you can breathe a little easier as you have many proven options when it comes to finding debt relief. A popular approach 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 a single, more manageable, 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 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 off 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, request a free debt relief analysis and savings estimate. It only takes minutes!
Debt Settlement: A Viable Option
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 debt relief alternative to bankruptcy - which, as mentioned previously, can have a more serious and longer-lasting effect on your personal credit.
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 finally reach that point when all their debts have been paid off and they have a new lease in life. 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, simple questions and receive a free debt relief estimate and savings analysis.