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NB: We cannot help with student loan debt - only unsecured credit cards and medical bills are eligible types of debt we can help with.
Are you in debt paying for a child's education?
The New York Federal Reserve has also reported that 5.3% of the 37 million people borrowing to pay for an education are 60 or older. It's believed that in most of these cases, it is parents taking out loans to pay for their children's' educations
Regardless of why you're in debt
Whether you're heavily in debt because you've borrowed to help pay for your kid's education or because you're either unemployed or underemployed, debts can just cloud your entire life. You may be having trouble sleeping at night, concentrating on your work or even experiencing stomach problems – all because of those debts hanging over your head.
Bankruptcy can't help with student loans
If one of your problems is student loan debt, I have another shocking fact to share. The most common form of bankruptcy is called a chapter 7. It can be used it to get rid of credit card debt and some other “unsecured” debts but not everything you owe. There are some types of debts you can't discharge through a chapter 7 and one of them is student loan debt. You also cannot discharge any taxes you owe or child support payments.
You can get some assistance with your student loans with government consolidation programs, student loan debt forgiveness programs if you volunteer for certain organizations and income sensitive repayment programs.
Read on about how you can get help with other types of debt.
What are secured debts?
If you're wondering what secured debts are, they are debts such as an auto loan or mortgage where there was an asset (automobile or house) used to collateralize or secure the loan. And there is just no way to discharge a secured loan. You can stop making payments on the loan but what will happen is that your asset will be seized or, in the case of a mortgage, you will be forced to sell your home or see it repossessed.
How to manage your debt
Let's say you're $25,000 in debt. If $10,000 of it is secured debt and $15,000 is credit card debt. There's nothing you can do about the secured debt except continue to pay it off. However, there is something you can do about that credit card debt that can at least get you some debt relief.
The answer you may be looking for is called debt settlement. The way it works in brief is that you fall behind on your credit cards for maybe six months, then call the credit card companies and offer to settle with them. The objective is to get them to agree to settle for less than what you owe. However, this won't work unless you have actually have the cash on hand to make an immediate payment. For example, if you owe one of your creditors $5,000 and it agrees to settle for $2,500, you will need to have that $2,500 ready to immediately send off in the form of an electronic transfer or certified check.
A better form of debt settlement
We think that a better answer in debt settlement is to let an experienced debt relief company do the heavy lifting for you. We'll contact those credit card companies for you, settle all your unsecured debts and provide you with a payment plan that will get you out of debt in 24 to 48 months. We've helped thousands of families enjoy debt relief through debt settlement. Go to our home page, fill out the free debt analysis form and let us help you.