If you’re facing a huge amount of debt you’re not alone. Last year, American families had an average of more than $16,000 just in credit card debt not counting personal loans, medical debts and mortgage loans.
There can be any number of reasons why you’re struggling with debt. It might be because you lost your job or you saw your income reduced but have the same amount of expenses. Many people fall into debt as the result of a divorce or because of what’s now referred to as underemployment. This is especially true for many college graduates that have been unable to find work related to their fields of study. Medical expenses are another reason why many people fall into debt as is gambling, yes gambling. Unfortunately, one of the biggest reasons why many people have fallen so far into debt is because of poor money management skills. They simply didn’t take the time required to learn some of the basics of money management such as budgeting or have not been sensible in the way they used their credit cards.
Whether you’re facing a huge load of debt because of poor money management skills or because of unemployment you’d probably love to lay down that burden by achieving relief from your debts.
What debts can do to individuals and families
Struggling to repay a massive amount of debt can have serious effects on both individuals and families.
The effects of being seriously in debt
Here are a few of the effects that you may be experiencing over your debts
- You and your spouse or partner constantly fight over money
- You feel emotionally drained because so much of your paycheck is going to pay just interest and fees and you don’t see your balances ever going down
- You are stressed out and losing sleep due to your debts You find you’re being forced to take cash advances to pay ordinary bills such as your utilities
- You have been skipping the payments on some bills in order to pay others
- You have almost completely drained your savings just to get by
- You were recently turned down for a personal loan
- You are suffering the anxiety of creditors that are hassling you about overdue bills
- You feel awful because you’ve maxed out the limits on most of your credit cards
- You have lost all hope that you will ever be debt-free
The physical effects
Being seriously in debt can actually cause stress that, in turn, can affect you physically. Here are just a few of the physical effects that stress can have on a person
- Colds and sinus infections
- High blood pressure
- Heart disease
How would you feel if you could get your debt problems resolved? Wouldn’t it feel great to know that these financial issues and frustrations are behind you and you could now live your life again – on your own terms?
Achieving freedom from your debts
Let’s talk about how you could achieve freedom from your debts. One good option is debt settlement, which is also known as debt negotiation. It has helped thousands of individuals and families when they have no longer been able to pay their bills. Reputable debt relief companies cannot give you or lend you the money you would need to pay your debts. However, they are able to negotiate on your behalf with your creditors to get better terms that you would be able to afford. They have expertise you could definitely count on to help your creditors understand your financial situation. For example, a good debt resolution company will explain to your creditors your financial hardship so that they understand it would be in their best interests to negotiate and settle your debts for less than your full balances. You could get your life back and see your accounts resolved instead of having to spend so much time and resources fighting with your creditors.
Not the only solution
Debt settlement is not the only way to get debt relief. In fact, not everyone can qualify for it. You need to be able to afford to save money to pay off your settlements. If you have no income and cannot save money, you may need to speak with a local bankruptcy attorney to see if filing for bankruptcy protection is the best way for you to get the benefits of debt relief.
The types of bankruptcies
There are two types of personal bankruptcies. They are a chapter 7 and a chapter 13. Regardless of which one you qualify for your debts or a sizable portion of them will be dismissed or wiped out. While this may seem like an easy out, it’s important to consider that there will be a stain in your credit reports for 10 years. A chapter 7 bankruptcy would likely lower your credit score by several hundred points, which can make it almost impossible for you to get any new credit for 2 to 3 years. When you finally are able to get credit it will be low-money, high-interest credit. A bankruptcy will stay in your credit files for 10 years and in your personal file for the rest of your life.
Choosing a debt relief company
Debt relief is one of the best ways to ultimately achieve financial freedom. But as great are its benefits, you need to find the right company that you can trust. There are numerous debts settlement companies out there but before you choose one, you need to be sure to ask yourself two things: First, what will it do for you and second is it for real. It’s important to remember that anything related to money attracts a lot of scammers. One of the quickest ways to spot a malicious debt relief company is if it asks for any fees upfront. This is something that the government has outlawed so beware of any company that asks you to pay anything upfront. You should look for a company that only charges a fee after it has produced results, namely that it has settled some of your debts.
In addition, a reputable and honest debt settlement company will belong to the Better Business Bureau and have at least an A rating. It will have been in business for more than five years and belong to the American Fair Credit Council (AFCC). This Council is the watchdog of the debt settlement industry and demands fairness, trust, clarity, and legitimacy from its members. What this boils down to is that any company that belongs to the AFCC must uphold its standards and can be trusted to look out for your best interests.
A good settlement company will have many online reviews the overwhelming majority of which will be favorable. It will also rank highly on review sites such as Top Consumer Reviews, Best Debt Companies and Debt Settlement Review 2015/Best Debt Relief Services.
Just as important, a reputable debt settlement company will operate very transparently. Once you have signed up with it you will be able to easily see every step of the settlement process. You will have a friendly and knowledgeable debt counselor that will lead you through that process from the moment you sign an agreement with the company all the way through to the day when you are completely debt-free.
It is also best to go for debt relief companies that are known to have proven results, that do not charge upfront fees and that can show you accreditations that prove their existence as a legitimate company and especially that they have a solid rating with the Better Business Bureau. National Debt Relief may just be your best option to help you with your debt crisis.
How National Debt Relief works with its customers
If National Debt Relief finds that you would be a good candidate for debt settlement it will provide you with an agreement to sign that spells out exactly what the company will do for you, what you will be required to do and what it services will cost. When you have signed the agreement you will no longer be required to pay your creditors. Instead you will send the money to National Debt Relief where it will be deposited into an escrow account that only you can control. When National Debt Relief settles one of your debts it will contact you and ask that you release the funds from your account to pay for the settlement. National Debt Relief never uses any of the money in your escrow account for its fee. In fact, it charges its customers nothing until it has settled all of their debts to their satisfaction.
The initial consultation is free. Give us a call and we can work on finding the right solution for your money troubles. A debt relief expert will be working with you closely to help and guide you towards enjoying all the debt relief benefits you have longed for.