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People drowning in debt usually want one thing more than anything else and that’s credit card debt relief.
If you’re hip deep in credit card debt, you know exactly what we mean. You’re probably feeling totally stressed out- worried about how you’re going to make just those credit card minimum payments, afraid to answer the phone and scared that your wages will be garnisheed or that you might even lose your home.
Do you have alternatives?
You could just keep paying off your debt but that’s not really credit debt relief unless you can pay down your balances instead of must making minimum payments every month.
Do you have a 401K account? You might be able to take money out of it to get credit debt relief. But that’s just borrowing from your future and when it comes time to retire, you may very well wish you hadn’t dipped into that account. If you have some other type of savings, you could use it but then, if you had a lot of money saved, you probably wouldn’t be in so much debt,
A third alternative is to transfer your high interest credit cards to cards that have lower interest rates. While this won’t give you total credit debt relief, it should at least result in lower monthly payments.
You could also try a credit counseling company such as Community Credit Counseling Services as a possible solution. The way this works is that the service develops a plan to pay off your debt and then negotiates with your creditors to agree to the payment plan. Instead of paying your creditors each month, you pay the counseling service, which then pays your creditors. Assuming that you don’t run up any new debt, this could get you total debt relief in three to five years.
If you decide to go this route make sure you choose a credit counseling service that has a good reputation and that is a non-profit. You need to be careful because there are credit-counseling companies that are basically scam artists. They can take your money but not pay your creditors – leaving you in an even worse mess.
Bankruptcy – the final alternative
Of course, if you’re just totally over your head in debt, you can always file for bankruptcy. However, a bankruptcy will not discharge debts such as student loans, taxes and liens, alimony and child support, and debts for fines or penalties to governmental units (read IRS). Plus, a bankruptcy can continue to have negative effects on your credit for as long as 10 years.
A better solution to debt relief
We think the best way to get relief from debt is through a well-respected debt settlement company.
This is a company that’s trained and experienced in working with creditors to consolidate your debt and get you smaller monthly payments. These companies are skilled at settling debts and actually reducing your debts – often by as much as 50% to 60% - and not just getting you a lower APR (annual percentage rate). The way these companies get paid is by charging you a fee for the settlement and consolidation work. You should also know that while debt settlement can hurt your credit score, this is only temporary and certainly not as hurtful as if you had filed for bankruptcy.
Make sure the debt relief company is legitimate
Credit debt relief through debt settlement can be a great way to handle your debt. But you need to make sure you choose a company that’s legitimate, honest and trustworthy. For example, National Debt Relief has an excellent reputation and is always ranked among the top three debt settlement companies in America. You can get a free debt relief quote. It won’t cost you a cent and you may find that debt settlement could be your best choice for credit debt relief.