If you’re feeling ashamed or regretful that you’ve accumulated a crushing burden of debt in an effort to maintain your family’s standards of living, your remorse may be misplaced. Most Americans carry at least some debt on their personal balance sheets. Debt is both a principal driver of the economy and a major hindrance to the prosperity of millions of regular folks.
Millions of homeowners have expensive mortgages that they struggle to pay each month. Millions of drivers grapple with high-interest auto loans and expensive insurance plans for their new cars. Millions of students and recent college graduates are barely able to keep up with their mounting education-loan burdens.
You’re probably beginning to see a pattern in these pronouncements. Millions of Americans are just like you: Through no fault of their own, they require assistance with debt from a trusted debt relief provider.
Your debt forgiveness options will depend upon your credit profile and the precise mix of debts that weigh on your family’s finances. Unless you’re in dire financial straits and can’t wait to reduce your debts, you shouldn’t even consider bankruptcy as an option.
A bankruptcy declaration may cause more problems than it solves. If you declare bankruptcy in an effort to outrun your debts, you could set your finances back for years to come and miss out on a wide range of opportunities. Your desire to seek debt cancellation through bankruptcy could make it difficult for you to find suitable employment, adequate housing and reasonably-priced loans. You might be forced to remain tied to your current employer and become desperate enough to turn to predatory payday lenders to supplement your cash flow.
Once you’ve fallen in with those unsavory characters, your need for assistance with debt could become even more pressing than it was before your bankruptcy declaration.
If you’re searching for legitimate assistance with your debts, you have two decent options at your disposal: debt consolidation loans and credit counseling. Both of these debt reduction techniques are regarded as perfectly acceptable credit relief vehicles.
Debt consolidation loans pay off your existing creditors and refinance your obligations at lower rates. Depending upon the rate that you’re able to secure on your loan, your savings could be significant. You’ll also only have to worry about making a single monthly payment to your new lender.
Then again, most indebted consumers have trouble finding low-cost debt consolidation loans. Since these credit facilities are large and inherently risky, many lenders charge a hefty premium for their use. If your credit score is middling or poor, you’ll probably be unable to get a good deal on your loan. For true assistance with debt, you may need to look elsewhere.
You’ll probably be tempted to turn to a credit counselor in your area. While these folks aren’t authorized to negotiate actual debt reductions on your existing balances, they may be able to slash your interest rates by significant amounts.
Even a 5 percent reduction to your credit cards’ annual interest charges might be enough to save you a few hundred dollars per year. Then again, these reductions will be offset by the seven-year repayment window to which some credit counselors adhere. As your interest continues to build over time, any counseling-related savings for which you’re eligible might shrink or even disappear.
If you’re looking for more effective assistance with debt, turn to National Debt Relief. Our intensive program of debt settlement can reduce your total credit card balances and may be able to help with other forms of unsecured debt as well. In most cases, our program takes fewer than 48 months to complete. In the meantime, you stand to save thousands of dollars.
To learn more about debt forgiveness through debt settlement, call National Debt Relief right now at 800-300-9550.