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HomeBlog Debt ReliefWhat Is Meant By Debt Relief?
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What Is Meant By Debt Relief?

October 24, 2012 by National Debt Relief

The word deb being erased

If you think you’re in trouble with debt

If you feel you’re having a problem with debt, consider the story I read the other day about a couple that had run up $120,000 in debt. And no, she and her husband didn’t do anything extravagant. There were no trips to the tropics, no luxurious automobiles, no big, flat screen TVs. They had gotten deeply in debt the boring way, one charge at a time. When they wanted something that cost $200 they just bought it without thinking about the consequences.

A happy ending

There was a happy ending to this story. The couple that are now in their early 60s have been able to pay down the $120,000 in credit card debt but it did take them five years. How do they do it? They went to a credit-counseling agency for help. One of the things their counselor suggested was that they develop a budget. They said it took them three tries to get it right. While budgeting helped, they both were forced to take second jobs in order to get debt relief. They also learned they could get by with fewer than 100 cable channels and by spending less on their clothing and entertainment.

What is debt relief

Debt relief is exactly what you imagine – it’s experiencing relief from your debts. And there are a number of ways to accomplish this. Credit counseling is certainly one of them. This is what the couple described above chose to get help with their debts and their budgeting. A credit counselor will review all of your assets and debts and help you create a payment plan. He or she will work with your credit card providers to get yohttp://www.topconsumerreviews.com/debt-consolidation-programs/?mkwid=0jUGUQPy|pcrid|3141778274&pmt=e&mm_campaign=87d3de3eeb601207b5f5fe4d9315f9f8&keyword=debt%20consolidation%20loans&utm_source=bing&utm_medium=cpc&pkw=debt+consolidation+loansur interest
rates reduced and for them to approve your plan. Assuming that they all do sign off on your plan, you then send a check a month to the credit-counseling agency, which then pays your creditors. In most cases, credit counseling can help you achieve debt relief in about five years – just like the couple described in this article.

Get a loan

A second way to achieve debt relief is by getting a debt consolidation loan.  This is fairly self-explanatory. You get a loan big enough to pay off your credit card debts simultaneously. If you have a lot of debt – like $10,000 or more – you would probably have to get what’s called a secured loan, which would probably take you anywhere from 7 to 10 years to pay back.

Debt settlement

Third, you could get debt relief using a strategy called debt settlement. The way this works is that you have to stop making any payments at all on your credit cards for probably six months. Next, you contact all your credit card companies and offer to settle your debt for maybe fifty cents on the dollar. If you’re good at “selling” and a good negotiator, you could probably pull this off. Of course, you will have to have the cash in hand to settle the debt. For example, if you were able to negotiate a $5,000 debt down to $2,500, you would have to have the $2,500 ready to wire to the credit card company or send it to them in the form of a cashier’s check.

An easier alternative

If the idea of trying to negotiate with a credit card company makes you feel a little queasy, there’s an easier alternative. You can hire a debt settlement firm such as National Debt Relief to do the negotiating for you. Our debt counselors have saved our clients thousands of dollars and helped them become debt free in 24 to 48 months. Call our toll-free number today to learn what we might be able to do for you.

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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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