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How To Choose A Debt Relief Program

Stressed, tired, overworked businessman doing paperwork, worrying about the economy, his credit, etc.Are you aware of the fact that the stress caused by being seriously in debt can actually create physical symptoms? Of course, you may already know this firsthand. If you’re having trouble sleeping or suffering from indigestion, a racing heart, shakiness or sweaty palms, you may know it’s because of your problems with debt. You can get rid of that stress via debt relief. But that raises the question, how do you choose a debt relief program?

Some Factors To Consider

While there are a number of different ways to achieve debt relief, some of them will depend on factors such as whether or not you own a home, whether most of your debt is with credit cards and how deeply you are in debt.

If You Own A Home

If you do own your home, you could refinance the mortgage, take out a second mortgage or get a homeowner’s equity line of credit and pay off your debts. Of course, you would have to have enough equity in your home for this to be doable. As you may know, your equity is the difference between what you owe on the house and what it’s worth. If you have, say, $50,000 worth of equity that should definitely be enough to pay off your debts to achieve debt relief.

If You Don’t Own A Home And Are Seriously In Debt 

If this is the case your best option might be to declare bankruptcy. The negatives of a bankruptcy are that it will stay in your credit report for 10 years and it’s a public record. This means anyone, including a prospective employer, can see that you have had a bankruptcy. Since some employers are hesitant about employing people who had a bankruptcy, this could have a very negative effect on your life. If you do file for bankruptcy you will not be able to buy a house or an automobile for several years and you could lose some of your personal possessions. While you will be allowed to keep your house, your automobile, your clothes and furniture and any tools that are required in your job, you could see some of your most prized possessions seized to pay off your creditors. And you should be aware that some debts such as, student loan debts, alimony and child support and past due taxes cannot be discharged with a chapter 7 bankruptcy.

A Debt Relief Program For Credit Card Debt

If your problem is with credit card debt, there are several ways you could achieve relief. First, you might be able to restructure your debt. You do this by contacting your credit card providers and explaining that you’re having serious financial problems. You could try to have your interest rates reduced or even for a grace period, during which time you would not make any payments at all. If you can get your interest rates reduced, you should be able to get out of debt quicker. And if one or more of your credit card providers does agree to a grace period that would be time during which you could increase the payments on your other credit cards.

Negotiate Settlements

Another type of debt reliefprogram is to negotiate settlements with your credit card companies. To do this you would have to stop making even the minimum payments on your cards for probably six months. Following this, you would contact each credit card company and offer to do an immediate settlement, probably for 40% or 50% of what you actually owe. If you can convince your credit card companies that if they refuse to settle your only alternative is to file for bankruptcy, they will probably agree to your settlement offers. However, you will have to have the money in hand to pay the settlements.

Let Us Handle Your Settlements

DIY debt settlement is difficult because first, you have to have a lot of intestinal fortitude to get through those six months when you’re not making any payments on your credit cards. Second, you have to be a very skilled negotiator. These are the reasons why many families turn to us to handle debt settlement for them. We have years of experience negotiating with the credit card companies and usually save our clients thousands of dollars. We charge no upfront fees so you pay nothing unless we can provide you with a payment plan that you approve. We also generally help our clients become debt free in 24 to 48 months. Call our toll-free number today so we can explain the details of debt settlement to you and get you started on the path to complete debt relief

By Paul Ritz
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

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