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Posts Tagged ‘Credit Counseling’

Any of the available debt relief solutions could be the right one for you, but you have to consider the advantages and disadvantages of each before you can choose the best option. For example, you might be more concerned about your monthly payment than about how long it takes to pay off the debt. Each person has different criteria for paying off their debt, but here are a few factors you should consider for each solution.

The Monthly Payment

If you’re considering a debt relief option, it’s probably because you’re having trouble making your current debt payments. Naturally, the debt solution you choose will have to fit in your budget. Monthly payments on some options may be higher than others. For example, credit counseling payments are often slightly lower than your current minimum payments.

The Amount of Time It Takes

Some debt solutions take more time than others. If you want to get out of debt sooner, then you should choose an option with a lower repayment period. Making minimum payments on your debt takes a long time, often several years. Debt consolidation might also take a long time depending on the term of the consolidation loan you choose. You can be out of debt within five years with credit counseling and debt settlement if you stick with the programs.

Being delinquent on credit card debts is no laughing matter. The endless annoying collection calls, torturous threat of lawsuits, and fear of bankruptcy can create many sleepless nights. But, a debt negotiation agreement can take away a lot troubles. The following statistics explain why so many people are opting for a credit card debt settlement letter via this superior form of debt elimination:

• Many consumers and small business owners live unconsciously enslaved to their revolving debts;
• “About 51 percent of the U.S. has at least two credit cards” according to Experian;
• “Americans pay each year approximately $20.5 billion in card fees alone“, declares industry consultant. R.K. Hammer;
• “Credit cards are the most common source of financing for the small business community”, states the National Small Business Association.

Fortunately, a debt negotiation agreement can get you out of the monstrous debt trap. It also beats credit counseling, which only reduces interest rates. In contrast, a good debt negotiation can drastically reduce your credit card balances. There is magical ingredient. The remarkable debt relief is based on real numbers and averages as you’re about to see…

When Credit Card Companies Lose Billions – You Win!

The Federal Reserve Bank of Boston reported that there was 609.8 million credit cards held by Americans, with the total consumer debt at around $2.4 trillion, that’s a healthy amount of debt being carried around by the American consumer. There was 1.57 million bankruptcies filed in the US as of June 2011, and many individuals that filed bankruptcy were just suffering from credit card debt, unfortunately a lot of those bankruptcies could of been avoided if these consumers reached out and sought out some of the free help that’s out there.

Free Debt Counseling. Debt counseling, or as it’s know in the US as credit counseling, is usually a non-profit organization that offers their help to those consumers seeking help with their budgets, credit card debt or are looking for some general personal finance help. Credit counseling has been around for over 50 years, and over the course of those five decades many changes have happened to the industry. One change is that there are many debt settlement companies that are advertising themselves as credit counselors but in fact are looking to deceive the consumer so that they can get them into a debt settlement plan which will most likely make the debt settlement company thousands of dollars in fees.