Are you having a terrible time with debt? Millions of Americans are. Can you guess America’s biggest debt? If you said student loan debt, give yourself an A. In fact, Americans owe a total of more than $1.4 trillion in student loan debt. People graduating from college last June owed an average of $37,172 in student loan debt, which was up 6% from last year.
The second largest debt is mortgage debt. However, both it and student loan debts are “good debt” because both are “investments” that will pay dividends over the years, at least in theory.
Credit card debt is a different story. Today, households with credit card debt have balances averaging $16,748. This is an average, which means that many households have $20,000, $30,000, or even more in credit card debt.
If you fall into this category, you surely desire debt relief, to get out from under those debts and live a happier, less stressful life.
The Internet offers a ton of information on debt relief management, but how do you sort through the duds to find the studs? One good way is to look for articles by National Debt Relief. NDR has been in business for many years and helped thousands of people achieve debt relief. You can trust its information, as the company belongs to the American Fair Credit Council and consistently gets 5-star ratings across the board.
National Debt Relief’s blog has dozens of articles on debt relief management. Consider this a summary of their top 10 articles on the subject.
1. Could a Debt Management Plan Help You Find Debt Relief?
Are you having so much trouble with debt that predatory debt collectors are harassing you? You only have two options at that point. You can either pay off your debts, or declare bankruptcy. Choosing bankruptcy will leave a long-lasting stain on your credit history. A responsible alternative, according to this article, is visiting a consumer credit counseling agency. You would have a counselor to help you develop a debt management plan (DMP). Assuming all your lenders sign off on it, you will have consolidated your debts, and you’ll no longer pay each creditor individually. Instead, you’ll make one payment a month to the credit counseling agency. The problem with a DMP is that it normally takes five years to complete. Many Americans choose a better alternative: debt settlement. It’s a more ethical alternative to bankruptcy, and it generally costs less than a credit counseling service or a debt consolidation loan. Lastly, debt settlement is the only way to pay off debts for less than their balances. Read the article to learn how debt settlement works, and how it could save you money.
2. How to Manage Your Credit Card Debt in 2017
As you can guess from the article’s title, you will learn alternatives for managing credit card debt. While credit cards can be helpful, especially if you run into a financial emergency, they can also enable bad habits. If you find yourself in over your head in debt, you first need to figure out how much you owe. Stop throwing away your statements; start writing down the information on a piece of paper, or put it in a spreadsheet. You will then need to determine how much money you have available each month to pay toward your debts. Then, make a budget and make a plan that allows you to stick to it. The two most popular of these plans are the avalanche and snowball methods. If you can’t pay off your debts yourself, there are options available, such as debt consolidation, either through a debt consolidation loan or debt settlement. Be sure to read the article to learn how they work, their differences, and which one might be best for you.
3. Is Debt Management or Debt Settlement the Best Option for Dealing with Debts?
This article tackles the question of whether debt management or debt settlement would be your best option for dealing with debt. Debt management means going to a consumer credit counseling agency where you will have a counselor to help you organize your finances. If counseling doesn’t solve your problems, your counselor will help you with a debt management plan, or DMP. If your lenders accept your plan, you won’t pay them anymore. Instead, you’ll pay the credit counseling agency once a month, which will then distribute the money to your lenders. Debt settlement involves placing money into a trust account with a debt relief company, which then contacts your lenders after a set period to offer a settlement on your debt for less than you actually owe. This article provides valuable tips on choosing a debt settlement company. Read the article to learn more about debt settlement and its costs, as well as how it could save you money in the end.
4. Three Ways That Debt Management Can Make You Rich
It might seem contradictory to think that debt management can make you rich, but according to this article, it can. The simple fact is that there’s no way to become wealthy unless you first get rid of your debt. The best way to do this is through debt management. It’s a better option than a debt consolidation loan because it doesn’t mean borrowing any money. Instead, you restructure your debt payments so you will have an affordable monthly payment without sacrificing necessities. While you can do debt management yourself, most people use a consumer credit counseling agency. In addition to helping you develop a debt management plan, your counselor will negotiate lower interest rates on your behalf, which should mean lower monthly payments. How will this help you become wealthy? Most importantly, it will help you learn financial literacy and responsibility. You will also learn that there is no shortcut to debt relief. Read the entire article to learn how debt management could make you rich.
5. Debt Relief Programs – What Are They and Do They Really Work?
Have you maxed out your credit cards? Are you facing a mountain of debt? Debt relief programs can help, offering five options. The first is a debt consolidation loan with a fixed term and a fixed interest rate so you know exactly when you will be free from debt. A second option, if you have high-interest credit card debts, is a balance transfer. You simply transfer all your high-interest credit card debts to a new account with a 0% balance transfer rate. Third would be a debt management plan, developed by you or a credit counseling agency. The fourth option is debt negotiation, offering your lenders lump-sum payments to settle your debts for less than you owe. The last option is bankruptcy. Each option is viable in certain circumstances, so it’s important to do some research before deciding which option is best for you. Read the entire article to learn about the five debt relief options, as well as how to determine which one would be best for you.
6. Understanding Debt Consolidation Loan Programs
This article tackles the question of how to deal with multiple debts. If you have three or more credit card debts, wouldn’t life be much easier if you could combine them into one payment with a single interest rate? This is possible with a debt consolidation loan. It’s different from a personal loan in that you never see the money; instead, it goes directly to your lenders. A major benefit is that you can negotiate the terms of the loan. As this article suggests, your best bet might be to seek a longer term, which would equate to lower payments. There are, of course, alternatives for debt relief management, such as a balance transfer or debt settlement, but either way, choosing the right company to work with is paramount. Be sure to read this article to learn why you shouldn’t wait to start settling your debts today.
7. Four Ways to Achieve Debt Relief through Debt Consolidation
You’ve promised yourself that you’ll do whatever is necessary to get out of debt. The problem is that you don’t know what to do. The easiest answer, according to this article, is through debt consolidation. There are four proven ways to consolidate debts; one of the most popular is a low-interest debt consolidation loan. This makes sense if most of your debt is unsecured, such as is the case with credit card debts. If this is your problem, another option is a balance transfer. You transfer high-interest debts to a new credit card with a lower interest rate, or even better, a 0% APR. A third option is a consumer credit counseling agency. A counselor will help you develop a debt management plan (DMP). This would consolidate your unsecured debts, and you would then have just one payment a month to the agency, which would then distribute the money to your lenders. A fourth option is to choose debt settlement. Read this article to learn how to become debt-free in just 24 to 48 months.
8. Eight Common Debt Consolidation Mistakes Most People Make
Are you suffering from debt fatigue? If so, debt consolidation could make sense. A new loan could have a lower interest rate and a longer term, which would mean a lower monthly payment. However, as this article counsels, there are mistakes you need to know about before committing to a loan. For one thing, it’s a mistake to think that a debt consolidation loan will make your debt disappear. All you’re doing is moving your debt to a new place. It is also a mistake to pick the wrong debt management program. Another mistake made by some people is paying too much, which sort of ties in with the second mistake and only serves to emphasize that it’s important to shop around. Most important to avoid is the mistake of failing to address the real problem. To learn more about this mistake, and how to avoid it, read the entire article.
9. Six Good Tips for Getting Your Debts under Control in 2017
This article has some great tips that could help get you out of debt. The first tip is simple: learn from 2016. Take some time to think about what you did right last year with your finances, and what you did wrong. Make some resolutions. Start by resolving to create an emergency fund. Next, educate yourself. Acquire a few books on personal finance or subscribe to an online magazine. Next, figure out where you stand by checking your current credit score. There are many options when it comes to dealing with your debt, including non-profit consumer credit counseling, a debt consolidation loan, and debt settlement. Check out the entire article to discover the rest of our tips for keeping your debt under control this year.
10. Five Steps to Easy and Effective Debt Consolidation
The definition of debt consolidation is simple: a solution that allows you to combine multiple debts into one simple payment plan. There are several ways to do this. The important thing, according to this article, is to figure out which option is best for you. To answer this, you first need to know your debt situation. Second, you need to determine how much you can afford to pay on the new, consolidated debt. This means analyzing your financial position, including your income and fixed expenses. Third, is identifying your financial goals to make sure you won’t compromise them after you consolidate your debts. Next, research your debt consolidation options, which may include a debt consolidation loan, a home equity loan, a balance transfer, or debt management. Once you find out which options you qualify for, you are on your way to a debt-free future. Check out the entire article to learn more about easy and effective debt consolidation.