Credit Counseling Reviews
Many consumers struggling with debt in Florida and elsewhere are looking for a way out that is both proven and predictable and are comparing reviews of their credit counseling or debt relief options. One option is debt consolidation, which allows consumers to consolidate high interest, unsecured debts into one, more manageable monthly payment. An alternative is debt settlement, where the goal is to "settle" credit card debt for less than the full amount owed.
See how debt relief can help you. Answer a few, simple questions to get a free debt relief estimate and savings analysis - at no cost to you.
When researching and selecting a debt relief company, make sure you do your due diligence; one way is to review a company's Better Business Bureau (BBB) rating and its record of customer complaints. Also make sure that they clearly communicate the features and benefits of their programs, as well as any negative aspects you need to be aware of such as the legal, credit, and tax implications of debt relief services.
Debt Reduction
When choosing a debt reduction method that fits your needs, consider the following factors:
- Degree of Debt
- Type of Debt
- Assets Owned
- Length of time to become Debt Free
- Ability to Pay-Off Debt
These days, many consumers have the following debt relief choices available: Debt consolidation, debt settlement, loans, or even bankruptcy. For those who are truly unable to pay their debts and do not qualify for either settlement or consolidation, bankruptcy may be the next step.
Bankruptcy Pros
- Can stops collection actions
- Eliminates unsecured debt
- Provides option to keep house, car, other properties
- Can provide a clean financial slate
- Provides potential to rebuild credit sooner
Bankruptcy Cons
- Loss of credit cards
- Remains on credit report for 10 years
- Student loans and back-taxes do not qualify.
- Stigma associated with declaring bankruptcy
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
Debt Settlement Companies
As a form of debt relief, debt settlement is another viable option for many consumers. What it typically involves:
- Advise debtor to set aside enough money for a negotiated settlement
- Advise debtor to stop credit card payments
- Help the debtor settle debt for much less than full amount owed
- Has a less severe impact on credit than personal bankruptcy
Credit Counseling Agencies
Another popular debt relief method is what's known in the industry as debt consolidation through a credit counseling agency. This approach allows consumers to combine their high-interest unsecured and credit card debts into one, more affordable, and more manageable monthly payment.
Benefits of Debt Consolidation:
- Negotiate reduced, more consumer-friendly interest rates.
- Helps debtor maintain on-time payments to creditors in the program
- Distribute and direct all payments directly to creditors on behalf of debtor.
- Helps debtor by promoting healthier credit habits and debt priorities for the future.
- Lessen the likelihood of personal bankruptcy by debtor.
Explore your debt relief options. Request a free debt relief estimate and savings analysis, at no obligation to you.
