Big time debt usually doesn’t happen all at once. It’s like a fog that that slowly and quietly envelops you. In some cases it starts small – with your student loans, followed by that riding mower you just had to have. Then before you know it, you’ve maxed out your credit cards or are in so deep that the best you can do is make minimum payments every month. Of course, sometimes that huge pile of debt does arrive suddenly in the form of medical bills or because of some other emergency. But regardless of how you ran up that debt, one thing is clear. You need to check out some debt relief programs.
What are debt relief programs?
Debt relief programs are designed to help people who are stuck in debt with no relief in sight. They offer credit card relief through negotiation and settlement with your creditors and can often get your debt reduced by 50% or more.
The pros and cons of a debt consolidation loan
There are four or five other ways you can get some debt relief. One of the most popular of these is to get a debt consolidation loan. The idea here is to borrow enough from one source (usually a bank) to pay off all your creditors. The advantages of a debt consolidation loan are that you should get a better interest rate and you’ll have to write only one check a month. Plus, it stops all those credit card companies and other creditors from hounding you unmercifully every month.
However, there are two disadvantages to a debt consolidation loan. First, depending on how much you need to borrow, it can take five, seven or even 10 years to pay it off. Secondly, it will be a secured loan, which is a loan secured by some asset – probably your house. If you fail to make your loan payments, you could be forced to sell your house to settle the loan and find yourself out on the street. In addition, if you crunch the numbers, you may find you’ll pay more in interest than you would save in payments.
Why debt relief through settlement and negotiation might be a better solution
The biggest plus of debt settlement or debt negotiation is that unlike any other solution; it will actually reduce your outstanding balances. So, instead of swapping one form of debt for another (i.e., a consolidation loan), it can cut down your debt and help you get you free and clear in as few as 24 to 48 months.
How can this be?
There’s a secret that the credit providers don’t want you to know. It’s that they will negotiate your debt. Of course, they don’t want to and they will fight this tooth and nail. However, if a credit card company can be convinced to either settle for, say, 50 cents on the dollar or risk not getting anything – it will settle.
You vs. the credit card company
In theory, you could negotiate with your creditors yourself and try for debt settlement. But it would be like taking a knife to a gunfight. The credit card companies know how to fight debt settlement, as this is something they do every day. On the other hand, you’ve probably never done this before and don’t really know your rights and could be easily rebuffed.
This is why it pays to hire a company that is skilled and experienced in debt relief programs. For example, the online company, National Debt Relief, has years of experience negotiating settlements with credit providers. It has saved its clients an average of 50% on their debt. To put this in concrete terms, let’s suppose you own a staggering $20,000. Wouldn’t you feel better if this were to be magically reduced to $10,000?
In addition to negotiating settlements with your creditors, National Debt Relief will work with them to develop a repayment program that can get you completely out of debt – probably in 48 months or less. And best of all, National Debt Relief charges no upfront fees so it costs you nothing unless it succeeds negotiating a good settlement for you.
I am an associate at National Debt Relief, which is a Debt Consolidation Company that has helped thousands of Americans facing credit card debt problems. We help with debt settlement, debt management, and other debt related financial crisis' facing consum