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HomeBlog Debt Relief6 Sure Debt Relief Options
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6 Sure Debt Relief Options

December 10, 2012 by National Debt Relief

end-of-debt

If you’re seriously in debt, what does it mean to you? I know there are people who can simply shrug it off, saying to themselves the Scarlet O’Hara line from Gone With The Wind, “I’ll worry about that tomorrow.” However, most people who are struggling with debt are not that blasé. They’re worried and maybe even scared about that big millstone of debt hanging around their necks and what they’re going to do about it. Fortunately, there are some debt relief options that could help.

Do a balance transfer

If your problem is credit card debts, you should be able to achieve some relief by transferring the balances on your high interest credit cards to one with a lower interest rate. Or you may be able to transfer them to what’s called a 0% interest balance transfer credit card. In this case, you would not have to pay any interest on the new card for anywhere from 6 to 18 months, depending on the card you choose. Since you would not have to pay any interest during those months, all of your payments would go towards reducing your balance. You might even be able to become debt-free before the end of your interest-free promotional period.

Refinance your house

If you have some equity in your house, you could probably refinance it. If you’re not familiar with equity, it is the difference between what your home is worth and how much you owe on it. For example, suppose that your mortgage is now $150,000 but your home is worth $225,000. This means you have $75,000 in equity. You could take out a new mortgage for probably 90% of that $225,000, which would give you around $60,000, and that might be enough to get you debt free.

Take out a second mortgage or a homeowner’s line of credit

If there are reasons why you would rather not refinance your home, you might take out a second mortgage or a homeowner’s line of credit. How much cash you could get would depend, again, on how much equity you have in the house. Spoiler alert – if you have been in the house for less than 10 years, you may have very little equity. This is because for those first 10 years, most of your payment goes against interest, rather than paying down your balance. However, if you have been in your home for more than 10 years or if you did a substantial down payment, you could have enough equity to get a second mortgage or a homeowner’s line of credit and use the money for debt relief.

Reduce your spending

When people are in trouble with debt, it’s usually because of their spending. Do you have a budget? Do you know how much you’re spending on food, clothing, insurance, medical expenses and the like? If the answer to these questions is “no,” you need to track your spending for several weeks, divide it into logical categories (such as those noted above) to see exactly where your money is going. You could then create a budget, reduce your spending where possible and use the money you free up to pay down your debts. If you’re typical and look closely at how you’re spending your money, the odds are that you should be able to save several hundred dollars a month, which would go a long way towards paying off your debt.

Debt settlement

We think the best of the debt relief options is called debt settlement. This is where we negotiate with your creditors to get your balances and interest rates reduced to help you get out of debt in 24 to 48 months. We usually save our clients thousands of dollars less than what they actually owe and provide them with an affordable payment plan. Call our toll-free number today so we can explain debt settlement in detail and why we think it is the best of the debt relief options.

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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"When I first decided to go with National Debt Relief and I..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: Our call may be recorded. What actually made you decide to work with our National Debt Relief as opposed to other providers? GLYNN: Well, when I first decided to go with them and I talked with the representative, I got a favorable impression of him. And since we've gone with him, we've had very good experience with them. Charlotte: Can you tell me about the program that our National Debt Relief signed you up for? GLYNN: It's a debt consolidation program. Took our credit cards and then working to pay them off. So far, they paid one of my wife's off and one from me. Took the harassing phone calls that we were getting and got them to stop and got creditors to wait on their payments so we could get money to pay them. Charlotte: What did you think about the enrollment process you went through? GLYNN: Enrollment process? Well, it was, I guess... Charlotte: Like how easy or difficult did you find the enrollment process to be? GLYNN: It was no [unclear 0:02:52], just what we could do, and looking at our financial situation, what we was able to do. It's just that, mainly, I was the point where I was fixing to go bankrupt and I didn't want to do that. And this was a way to, I guess, not to go bankrupt. But it still left that option open. Charlotte: In what ways would you say that this program has worked for you? GLYNN: Well, I guess the biggest thing is it stopped the harassing phone calls that we have been getting sometimes five or six times from the same creditor a day. It gave us an opportunity of being able to, I guess, set up a fund that we can use to eventually pay off our credit cards and our debts. Charlotte: About how far would you say that you were in at this point? GLYNN: At the time we signed up? Charlotte: At this point right now. About how far are you in the program? GLYNN: Well, it's, [0:05:00] I guess, about -- I would say I think I was like nine months. And like I say, they were able to pay off one of my wife's credit cards and are working on another one and was able to pay off one of my credit cards, and hopefully be able to pay off another one. Charlotte: Walk me through the interaction with your National Debt Relief negotiator. Give me a little insight on what that experience was like with that representative. GLYNN: Well, he helped us go through and get signed up on a program. He helped us with the getting, I guess, a financial report to establish a savings account to be able to use to start paying our debts off. We didn't know what to do or how to go about doing it. Charlotte: Is there anything about your National Debt Relief negotiator that really stood out and impressed you at all? GLYNN: Yeah, his manner and I guess he was polite and he didn't put down on us. And he led us and showed us the direction we need to go. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? GLYNN: No, not really. Charlotte: If you had to rate this experience on a scale of one to five, and five is that you would recommend to friends and one is you were pretty dissatisfied, how would you rate it? GLYNN: I would rate it at a 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? They just like to know what their customers felt about... GLYNN: If you think they're good enough to post. [chuckles] Charlotte: I will send over a link so that you can have it as a record for yourself also at glynncoates@gmail.com. How would you say that your life has been impacted by working with National Debt Relief? GLYNN: Well, it's taken off a lot of the burden off that we were under. We was to the point of, "Just go ahead," and getting a lawyer to file bankruptcy. But this has given us an opportunity to pay some of our debtors back. We made the debts under good face and circumstances beyond our control, it got out of hand. And so, we were trying to -- we wanted to pay them back, [0:10:00] or as much as we can so that, I guess, more ease in our minds. Charlotte: If a friend or a family member were asking you about National Debt Relief, what would you tell them? GLYNN: I'd tell them if they was needing, that they were good to work with and they continued to try to help and work with us. Charlotte: Our call is recorded.

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Glynn Coates
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