Credit Card Debt Relief
If you have high credit card debts, there is some good news: Consumer credit card debt relief is available that could help relieve the burden of debt, and possibly save you a substantial amount of money as well. To see how much you could save, take a moment to answer a few simple questions, and you'll receive your free debt relief analysis and savings estimate - at no obligation.
If you are struggling with credit card debt that you simply can't afford to pay, or you're using your credit cards to pay for the essential things in life like food, rent, medical bills, etc. there are proven debt relief options you may want to consider.
Regardless of your financial situation, debt relief is available and, in today's tough times, it's not surprising that consumer debt relief has become more and more popular.
For many people debt management through credit counseling or credit card debt settlement programs have been able to provide much-needed relief and save a substantial amount of money.
While both of these options can help you get out of debt and save money, both of them can also have an affect on your credit, so it is wise to consider the money-saving benefits of debt relief, as well as how it could affect your credit.
Debt Management
In looking briefly at common credit card debt relief options, it's important to understand that both options can provide you with relief from credit cards and other debts, but they are both very different in how they work. With a debt management plan through a credit counseling service, you are committing to pay back all of the debt you owe, but you may get significant relief through lower interest rates, waived fees, and penalties, so you can rid of debt much faster. Since creditors may agree to provide you the benefits of lower interest rates, more of the money you pay each month goes to pay down the principal amount of your debt.
Debt management plans, if you are diligent and faithful to the plan, could help you get out of debt much faster than you could on your own -- if you were to continue paying off your cards at a higher interest rate. Many people prefer debt management plans through credit counseling as a more honorable way to pay back debt that they have accumulated. While credit counseling may be noted on your credit report, it does indicate to your creditors that you are attempting to pay back your obligations and could even help to improve your credit as you pay down your balances over time and significantly improve your debt-to-credit ratio which accounts for roughly 35% of your overall credit score.
To see how debt relief could help you, take a moment to answer a few questions, and you will receive a free debt relief analysis and savings estimate at no obligation.Select the type(s) of debt you have and the amount you owe using the form on the right.
Just make sure if you do enroll in a debt management plan that you remain on time with your monthly payments, because if you do default on your plan, creditors may not allow you to continue on the plan at reduced interest rates, but instead you may have to revert to the original higher rates you were paying.
Debt Settlement
Another popular debt relief option is called debt settlement or debt negotiation. This is a more aggressive form of debt relief whereby high credit card debts, typically credit card debt in excess of $10,000. may be settled by credit card companies for much less than the full amount owed. It is not unusual for credit card debt settlement to save a large portion of a consumer's debt, depending on the credit cards being held, the amount of debt owed, and one's financial circumstances.
Credit card debt settlement or debt negotiation will normally have more of a negative impact on your credit than debt management because, under debt settlement, you will typically fall further and further behind in your payments to credit card companies as you put aside a sum of money that will eventually be used to negotiate a settlement. While you are defaulting on the payment terms of your credit cards, you may, for a time, be getting calls from creditors and even letters threatening legal action. Despite the fact that debt settlement affects personal credit and can give rise to legal threats and action, debt settlement still has become increasingly popular with consumers looking to get debt relief -- by paying what they can afford, without declaring bankruptcy.
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
So why would you want to explore debt settlement when it could lead to additional stress and affect your credit? Because many credit card companies, once they understand your financial situation and see how much money you've set aside to pay them off as a lump sum settlement amount, may decide it makes business sense to settle your debt for much less than you owe, rather than get little or nothing at all if you were to default entirely on your debt.
Overall, debt settlement could help you settle credit card for much less than you owe.
While many people may cast debt settlement in a negative light, in today's tough times with many families in serious credit card debt and looking to explore legal debt relief options to bankruptcy, credit card debt settlement has become a popular and acceptable debt relief solution, and it has truly helped many people settle their credit card debt and move on with their life.
Understand Your Options
If you do decide to take advantage of legal debt relief, either through a debt management plan or debt settlement, make sure you clearly understand all the terms of your debt relief agreement prior to enrolling. Understand also how much money you could potentially save, how long it is likely to take you to realize those savings, and how your credit could be impacted.
Request a free debt relief analysis and savings estimate in minutes. Start by answering a few, simple questions here.
