Posts Tagged ‘Consumer Credit Counseling’
Debt Consolidation Loans: Do They Work?
I saw a headline in the paper this morning as I was riding the train in to work. It said, “Battered Traders Tired of Hearing Recession Is Over”. And the meaning is clear: For weeks now the talk on the news has been of economists chiming in unison, “The recession is officially over” – but that hasn’t been felt by the average American.
Wall Street has gotten billions in taxpayer money to help prop itself up, but people on Main Street have hardly received a thing. Cash for clunkers? Big deal. People have been buying cars they couldn’t afford in the first place. It’s more of a cash for suckers type of program. Sorry to be so blunt. I call it like I see it.
The most that the average American has seen in the form of aid during the great recession has been the measly unemployment check that goes out to laid off workers. Let’s be perfectly honest here, if you were someone in a decent job or a very high-paid job and went from your previous salary to receiving barely over $200 a week – would you look at this as a bailout?
In any case, during these troubled times many are those who have sought to take advantage of those in need. Enter the (cough, shark) bankruptcy lawyer and debt consolidation people. They are experts in the field of honing in like vultures over the vulnerable.
The debt consolidation people are really something else. They would have people believe that there is some benefit to enrolling in a debt consolidation plan or worse – signing up for a debt consolidation home equity loan. But the facts speak for themselves.
Most people sign up for a debt consolidation loan when they are strapped with large amounts of credit card debt and are finding it hard to make ends meet. But consider this: when signing up for a debt consolidation home equity loan, the consumer is exchanging unsecured credit card debt for secured debt – debt that is secured with the consumer’s home. This is risky, risky, Risky.
If the consumer were to sign up for a debt consolidation home equity loan and then be unable to make their monthly payments at some time in the future – they could absolutely have their home seized. This is not the strategy for consumers in debt to go with.
Rather than debt consolidation and bankruptcy, consumers should consider bankruptcy alternatives such as debt settlement. Even consumer credit counseling can be effective for many. These provide a better measure of debt relief for those who are struggling in the great recession.
Move On Up To The East Side & Eliminate Credit Card Debt With Debt Settlement
It is much in the news lately as people are scrambling to find ways to cope with, deal with, manage, and hopefully reduce the enormous loads of credit card debt which many Americans carry these days. If you are one of the people who are skating by and have not been touched by the recession, consider yourselves fortunate.
But there are millions of good, hard-working Americans who have definitely been stung by the recession. They are in need of good, factual information pertaining to debt relief. There questions include: What is debt Relief? Is debt relief even possible? Is it real? Are there scams to watch out for? Does it cost anything? If so, how much? Can I lower my monthly debt payment through debt relief? Americans are a wise bunch and typically research as much as possible before carefully making a decision.
It can be a degrading thing. People spend their money for instant gratification, but the bills that then follow are anything but satisfying. There is a lesson to be learned here for sure, but that’s not what this article is about. So when it comes to credit card and ways to reduce and eliminate it – just what works best?
Without a doubt, debt settlement is the one program which has proven itself most effective at providing actual debt relief to consumers. Debt settlement provides greater debt reduction and debt elimination than other programs such as debt consolidation, consumer credit, and even bankruptcy.
Total Debt Relief offers consumers a free debt evaluation which they can take advantage of at the company’s website: www.totaldebtrelief.net
Total Debt Relief has been a leader in the debt management field for over 5 years. Their consumer customers have achieved the greatest amount of debt reduction (over 50%) and the greatest amount of satisfaction possible.
Getting the Consumer Debt Relief You Need
With all of the trouble in the economy right now, more and more people are looking for ways to find relief from their credit card debt. Get help and debt relief from your credit card troubles by finding the right places to look for help and the best places to go to get assistance. If you have debt stress, it will start to affect your life in general by adding problems to your marriage or relationship, cause unemployment or even major health problems. The key to working with creditors, either directly or through a debt settlement company or attorney, is good communication. When the debt builds up, many people will try to avoid creditors in general, which is unfortunate. You can find great debt relief when you tackle your problem and stop avoiding it in general. Look for these great ways to get top government debt relief and start rebuilding your financial future.
Something to Think About:
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How Creditors Can Help
Talking to your creditors is the first step towards solving your financial woes. Look for a hardship provision that will provide you with top debt relief if you have dealth with a death, layoff or divorce recently, which is affecting your finances. You can ask your creditor for a reduced interest rate, reduction in the debt or temporary delay in payment for a great debt relief. If you are behind payments, you should talk to your mortgage lender or credit provider. There are many banks that specialize in debt relief and work to help troubled home loans to keep them from seeing a foreclosure. Often, if you can tell them exactly why you fell behind and what you are going to do to help the situation, they will listen. You can find some lenders that will give you an extension to help you with your debt relief.
Credit Counseling and Debt Settlement
Look for specialized consumer credit firms that have debt relief that you can take advantage of. You will see that these firms specialize in debt relief and have a relationship with banks and credit card companies to help you get out of debt. These firms take advantage of their relationship with banks and credit card companies in order to keep your credit score from taking a big hit. Debt settlement firms, on the other hand, are able to speak to lenders in order to negotiate settlement of your debt for less than the full amount owed. Before you pay them their fees or sign a contract, be sure that you know the success rate of the debt relief firm.
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To Your Financial Success
-Suze Fulton
Using Nonprofit Credit Card Consolidation Debt Reduction
There are a number of credit card counseling debt consolidation agencies that can help you get the help and advice you need from your overwhelming credit card debt. There are two major nonprofit credit card debt relief trade groups — the National Foundation for Credit Counseling (NFCA) and the Association of Independent Consumer Credit Counseling Agencies (AICCCA) that are good choices for you to associate with. You shouldn’t trust an organization just because it’s called “nonprofit”. Since they are under investigation for false claims and unfair practices, there are a number of nonprofit credit card debt relief agencies that are actually under investigation by the Internal Revenue Services and other consumer groups. You need to ask a lot of questions and know the facts before you enter into your credit counseling program since there are some authentic firms that can help.
Facts about Credit Counseling
Did you know that most nonprofit credit card debt relief counseling companies are actually underwritten by banks and credit card companies. That’s because one of the things these companies do is help consumers work out debt management plans (DMPs) that will provide for full repayment (usually) of the balances owed. Since the credit card debt is unsecured, the credit card companies know they will be last in line to receive money if a consumer files bankruptcy. For that reason, they would much rather a consumer enter credit counseling and sign up for a DMP. Since there are great benefits that the company and its customers can get with their association of a nonprofit credit card debt relief company, they will stop the collection calls and the payments will be “re-aged” and the late payments are taken off the credit reports.
Something to Think About:
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Problems with Your Credit
You can find most DMPs last only five years. If you maintain your payments for five years and keep your credit report clean, you will see your debt cleaned up and your credit report restored. Your credit report will be noted and you will still have the debt if you cannot keep up with the program. Make sure you see their rates and compare their costs with other options. Ask questions about their specific credit help experience and get references for your future nonprofit credit card debt relief program. You can avoid the bad nonprofit credit card debt relief organizations by doing this.
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To Your Financial Success
-Suze Fulton