Debt Management Options - NewYorkDebtRelief.org
NewYorkDebtRelief.org
New York's Trusted Name in Debt Relief
See If You Qualify 1-866-202-5732
McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams
Privacy Verified
Security Seal
Need Affordable Credit Card Payments?
See how much lower your monthly credit card payment can be. It's fast and easy to see if you qualify....
  • $42,500 debt relief savings estimate 45 minutes ago in Arlington, VA
  • $30,000 debt relief savings estimate 4 hours ago in Alexandria, VA
  • $42,500 debt relief savings estimate 6 hours ago in Portsmouth, VA
  • $105,000 debt relief savings estimate 10 hours ago in Bandy, VA
  • $70,000 debt relief savings estimate 15 hours ago in Glen Allen, VA
  • $30,000 debt relief savings estimate 18 hours ago in Stafford, VA
  • $35,000 debt relief savings estimate 19 hours ago in Woodbridge, VA
  • $35,000 debt relief savings estimate 19 hours ago in Woodbridge, VA
BBB A+ Rated
Powered by Envoy
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.

Debt Management

With countless numbers of Americans in debt, many are turning to proven debt management solutions to, not only reduce or eliminate debt, but also to help remove the stress over mounting debt. While the U.S. government's recent bank bailouts and financial lifelines have received widespread media attention, many consumers deep in debt are wondering if a similar bailout is available to them. The answer is no. However, there are a variety of debt relief options that are available to consumers struggling with credit card debt. Among the most popular: credit counseling, debt consolidation, debt management plans, and debt settlement or debt forgiveness.

You can learn more about available debt relief options by answering a few short, simple questions online, and, in just minutes online, you can request a free, no-obligation, debt relief evaluation and savings quote.

How Debt Management Programs Work

Out-of-control credit card debt can create equally out-of-control levels of stress. Bills mount, late fees add up, penalties escalate, creditors call constantly, with little or no relief on the horizon. The good news is that a wide variety of debt management plans and solutions may be able to meet the needs of consumers deep in debt, hopefully relieving stress and saving substantial amounts of money in the process.

Credit Counseling Debt Management Plan

Credit counseling debt management plans are often able to help consumers reduce or get out of debt on an accelerated timetable by helping consumers "consolidate" credit cards and various unsecured debt into an easier-to-manage, single, monthly payment. The main objective of the credit card counseling company is to secure lower interest rates and more favorable payment terms by submitting proposals to credit card companies, one-by-one, on the consumer's behalf. Once accepted by the credit card company, each individual creditor, is added to the consumer's individual debt management plan (DMP) as the consumer makes a single monthly payment to the credit counseling service to pay down all debts that have been placed in the program. That payment is then distributed by the counseling service to each individual creditor. New Yorkers in need of debt relief may realize significant benefit and savings from debt relief as the program typically can not only help to simplify finances, but also help consumers get out of debt faster than they could on their own if they were to continue treading water by paying only the minimums each month AND at a higher interest rate.

To find out what debt relief could do for you and how much you could save, get your free debt relief analysis and savings estimate today at no obligation.

Credit Card Debt Settlement

The debt relief program known as "debt settlement" varies significantly from debt consolidation as administered by credit counseling services. Above all, it differs in that with a debt management plan the consumer pays back ALL THAT IS OWED, except at an interest rate more affordable and a payment schedule which is more favorable. With debt settlement, on the other hand, the consumer's goal is to "settle" credit card debt for substantially less than is actually owed.

Debt settlement requires consumers in debt to build-up a lump sum of money, set it aside, and use these accumulated funds to make a settlement offer to credit card companies who may or may not agree to the settlement offer. Why would credit card companies agree to accept less? For several reasons. Maybe they project that the consumer, who has already fallen behind, will have a great deal of difficulty paying the full amount. And, credit card companies may be faced with the prospect of "selling off" the "bad" debt to a third-party collector for as little as 10 cents on the dollar. In this scenario, it stands to reason that credit card companies would be willing to consider a reasonable settlement offer made by the consumer or by a debt settlement negotiator on the consumer's behalf.

Again, it is important to note that, with debt settlement, credit card companies may agree to "settle" or "forgive" a substantial amount of debt or they may not. During the period before a decision from the credit card company is finalized, the consumer who has fallen behind on the unsettled debt obligations is exposed to potential legal action. On top of that, the consumer's credit can be negatively affected due to non-payment. The encouraging aspect to what can otherwise be a stressful period of uncertainty is that while the consumer is not making regular credit card payments, they're hopefully able to set aside the required money for a successful settlement. For many, debt settlement is a popular choice for those seeking debt relief or management of debt due in part to the large amounts of money saved in some cases and the fact that the impact on credit, while negative, is not as severe or long-lasting as a personal bankruptcy.

How much can, or cannot, be saved with debt settlement is largely a function of the amount of outstanding credit card debt, the specific companies involved, the respective debt relief policies of those companies, and the financial situation of the debtor.

The facts remain that credit card companies are often open to a reasonable settlement offer direct from the consumer or done by a debt settlement company on the consumer's behalf. Clearly it's logical for a credit card company to be open to recoup what amount they can from the consumer, rather than go the route of selling off bad debt for substantially less. Clearly, at a time when more and more consumers are deep in debt with little prospects for getting finances under control, debt settlement, while an aggressive form of debt relief, has become increasingly popular as a viable alternative to bankruptcy - that doesn't affect credit as severely and doesn't have the same psychological impact or stigma as bankruptcy.

Generally, among debt relief solutions, debt management through a credit counseling agency is considered by many to be the most honorable form of debt relief in that consumers are doing their best to pay back all debt that was accumulated, just at much more favorable terms. In today's challenging economy, however, many consumers are struggling to such a degree that many credit card companies are open to a fair settlement, often accepting offers from consumers who can come up with a reasonable settlement amount. It should be noted however, that for certain individuals and families, bankruptcy is still the solution that makes the most sense as many individuals and families are so deep in debt, have little resources available to settle, and truly need a debt relief solution that provides debtors with a fresh start and new lease on life.

A final thought regarding debt management: For New Yorkers struggling with debt, there is the temptation to take-out debt consolidation loans. For those saddled with high interest rate credit cards and mounting debt, this option could have a downside. Debt consolidation loans typically will involve paying off unsecured debt by putting up your home or other asset as collateral. Should you default on the terms of your debt consolidation loan, you could risk losing your home or other collateral used. It's always wise to consider ways to get out of debt, rather than take a more debt to pay off existing debt. This can often cause your financial situation to go from bad to worse.

To see what debt relief could do for you, and how much you could save, answer a few simple questions online to request your free debt relief evaluation and savings quote, at no obligation.

Saving thousands of dollars feels really good!
Know your debt relief options.
People helping people get the debt relief they need.

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
– Santa Fe, TX

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
– Santa Fe, TX

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...

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...

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
– Lafayette, LA

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
– Rochester, NY

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
– Kingsport, TN