Pay Off Debt Help
Every day, many residents in New York and across the country struggle with high credit cards and other debts -- needing to lower or reduce credit cards, pay off, or pay down debt so they can get off the debt treadmill and get on the path to financial freedom. Specifically, the "plastic promise" of buy now, pay later can be a trap that causes financial hardship to many individuals and families. In many cases, they may also find themselves falling further and further behind on their payments, particularly when they have experienced a job loss or dealt with an unexpected personal hardship. For many of these consumers, credit cards have become a lifeline when money is extremely tight, helping them pay for life's essentials as well as personal expenses.
If you are also struggling to lower your payments, reduce your debt load, or pay off debts faster from credit cards and unsecured debts (like medical bills, or department store charges), you have many options when it comes to debt relief, including debt consolidation through credit counseling. A debt consolidation agency can typically work with you. with the goal of consolidating, all your debts and combine them into a single, more structured, and more affordably payment plan.
To find out how debt relief can help you, and calculate your potential savings each month, your total savings, and the timetable to achieve those savings, request a free debt relief analysis and savings estimate - now. There is no cost to you.
While debt consolidation is a smart financial move for many consumers, there are other debt relief options available, including debt settlement, which can significantly reduce the amount of money you owe creditors. Both debt relief options have become, for many consumers, popular alternatives to bankruptcy. While bankruptcy can also help clear credit card debts, it also has a more damaging and longer lasting impact to personal credit.
How Debt Consolidation Works
Facilitated by credit counselors, debt consolidation typically begins with a one-on-one consultation where they review your finances and outstanding obligations. After credit counselors determine how much money you can reasonably allocate to paying off your debts, they will typically create a game plan and speak to your creditors asking for more lenient payment terms - such as reduced interest rates or the waiver of late fees or other penalties. Creditors that accept the proposals are then placed into the debt management plan, or DMP.
The goal is, with a more lenient and simplified payment plan, you can, hopefully, pay off your debts faster than if you only continued to make the minimum payments at higher interest rates. For many consumers, having a simplified and more predictable payment plan is preferable to having multiple, high-interest debts to manage every month.
Debt Settlement: Another Viable Option
As a form of debt relief, debt settlement is a fundamentally different approach than debt consolidation through credit counseling. Unlike credit counseling where you pay off the entire amount of your debt, with debt settlement, you are hoping to negotiate with creditors for substantially less than what you owe.
However, your credit score will typically decline because debt settlement involves "falling behind" on your credit card payments so that you can save funds to use to make a settlement offer. When you skip payments, you are, essentially, defaulting on the terms of your credit card agreements and may face legal action from your creditors. However, in spite of the risks to your credit, debt settlement is still a popular alternative to bankruptcy - which has a more devastating and longer lasting impact on your credit.
Regain Control of Your Life with Debt Relief
If you are overwhelmed with credit card and unsecured debts, you can breathe a little easier because there is likely a debt relief option that is right for your and your family's needs. Keep in mind that because every individual's debt situation is different, it is a smart move to compare and contrast all your debt relief options, and do your due diligence when selecting a company to work with. Now may also be a good time to reevaluate your spending habits and start creating a budget that you can comfortably stick to.
The bottom line is, there is help available to help you pay off your debt - such as debt consolidation or debt settlement. If you want to take the next step in regaining control of your finances, make the smart move and request a free debt relief estimate and savings analysis - today.