Do You Need to Payoff Debts Faster?
In Arkansas and across the United States, many consumers are experiencing "symptoms" of unmanageable credit card debt. Due to a variety of reasons such as unemployment, an unexpected financial hardship or even a large medical bill, many individuals and families are struggling to pay off their credit card debt. They experience the following symptoms of uncontrollable debt, like high interest rates, minimum payments that are harder and harder to make each month, or even using credit cards to pay for some of life's essentials - such as gas, food, or medicine. While many individuals and families are occasionally faced with credit card and other unsecured debts, it can become a way of life. A temporary setback can easily escalate when credit cards and other debts become increasingly difficult to pay down or pay off.
If you need to payoff debts or get out of debt at an accelerated pace, find out if help is available through a structured debt relief plan coordinated through a BBB-accredited debt relief provider. Answer a few simple questions online to Request Your Free Debt Evaluation and Savings Estimate.
Payoff Debts Through a Debt Consolidation Plan
For some consumers who want to a reliable and more predictable path out of debt, consolidating debts through a credit counseling agency may be a good option. The goal of debt consolidation is to combine or "consolidate" all of one's credit cards and other unsecured debts into a single, more convenient, more manageable payment each month. This more predictable payment is made to the debt consolidator who then distributes the payments on time, month after month, to creditors until debts are resolved.
What Are the 1-2-3 Steps to a Debt Management Plan?
The creation of a debt management plan ideally starts with a free consultation or free debt evaluation with an accredited debt relief provider. The credit or debt counselor will get the details necessary to verify the amount of credit cards and other unsecured debts. Then, the debt specialist will find out how much in monthly income can reasonably be allocated to pay down debts month after month. Then, with this information in hand, the debt relief specialist will create a personalized debt relief plan and make proposals to each creditor, requesting that they agree to assign their debt to the plan. Included in this plan are the benefits of debt relief that the creditor must first agree to before the plan can be put in place. It is necessary to understand these benefits because they are vital to the success of the program and, therefore, the consumer:
- A Reduction of Interest Rates
- Lower, More Affordable Monthly Payments
- A Waiving of Late Fees and Penalties
- A consolidation or combining of all unsecured debts into a single, more manageable, monthly payment
- The above benefits of debt relief, which must first be approved by creditors, can save consumers a significant amount of money and be the key to helping consumers get out of debt in less time than if credit card terms included the higher interest rates and only minimum monthly payments were made.
If you need to payoff debts or get out of debt more quickly through the benefits of lower interest rates, find out if help is available through a structured debt relief plan from a BBB-accredited debt provider. Get your free debt evaluation and savings estimate.
There is a simple reason why debt management solutions coordinated through a debt counselor can be powerful and effective in resolving debts: Once consumers admit that they have a troublesome amount of debt and allow themselves to reach out for help, they must first agree to stop using credit cards. By "freezing" their debt level, essentially half of the problem is solved. Then, the existing principal amount of debt is paid off on time each month, and hopefully, at a significantly reduced interest rate. That means more of a consumer's principal amount of debt gets knocked down with each monthly payment, until the debt is completely resolved and the debt-free day is celebrated!
Debt Relief Is Simple Math - Does It Work?
If debt consolidation or debt management plans (DMPs) are "basic" concepts to grasp, can they be truly effective? The answer is "yes" if consumers who are enrolled in the plan simply maintain the discipline necessary to set aside the funds needed each month so the debt services provider will be able to distribute payments month after month to creditors. However, it's a fact of life that many people who get into serious debt often find themselves in that money crisis in the first place because they don't practice good budgeting and spending habits. So, if those same habits continue, no matter how effective debt management programs are and how much money and stress they can save - it is also "simple" logic that says that people who are not diligent in staying with the plan will not be successful. The good news is, debt management programs have saved thousands of dollars for many individuals and families who decide it's time to stop the chain reaction of debt and do what they must to change spending habits and regain control of their finances.
To learn more about your debt relief options and how a debt consolidation program coordinated by a BBB-accredited provider can help, answer a few simple questions and Request Your Free Debt Analysis and Savings Estimate.
Will Debt Settlement or Debt Negotiation Help?
For individuals and families in Arkansas facing a critical high-balance credit card debt crisis, debt settlement or debt negotiation may be a viable option to personal bankruptcy. Debt settlement normally involves the process whereby consumers in financial distress stop paying high interest credit card minimums and "set aside" those funds each month in order to accumulate a "lump sum" amount that can later be used to extend a debt settlement offer, through a debt negotiator, to a credit card company. It stands to reason that a credit card company, facing the prospects of possibly "selling off" bad debt for as little as 10 cents on the dollar might be willing to accept a negotiated settlement offer from a consumer truly experiencing a financial hardship. Be aware from the beginning that, while debt settlement can save a healthy sum of money and be a positive alternative to bankruptcy, it is an ambitious debt relief option:
Consumers should understand that when they stop paying cards according to the terms of their agreements, creditors can threaten or take legal action. In addition, money that is saved by settling for substantially less is subject to taxation. Finally, your personal credit will be impacted by debt settlement, but the impact will not be as serious or long lasting as that of personal bankruptcy.
If your credit card and other unsecured debts have become unmanageable, learn more about your debt relief options. Get your free debt relief analysis and savings estimate at no obligation - start now.
Get Debt Relief and Get Your Life Back
If you are struggling with the burden of credit cards and other unsecured debts, rest assured that help is available. Keep in mind that because every individual's debt situation is unique, it's wise to compare and contrast all of your debt relief options, do your due diligence, and take the time necessary to review all your options. Gain a clear understanding of the debt relief program or plan you are evaluating, the BBB accreditation or standing of the debt provider, how much you could save, and how long it will likely take for you to realize those savings. Debt relief can and has helped many individuals and families get out of debt faster, save a substantial amount of money, and put the cycle of debt behind them - but debt relief does not make debts magically go away. It is, however, a plan that has successfully put many on the path to financial freedom; that fact alone can not only save thousands of dollars, but years of unnecessary distress.
If you are a resident of Arkansas with a large amount of credit card and other unsecured debts and in need of debt relief assistance, learn more about your debt relief options and get a free debt relief analysis and savings estimate at no obligation.