National Debt Relief for Consumers

The recent economic downfall of our country has caused a decrease in jobs, wages and hours and an increase in prices, interest and living. Millions of families have become swamped with insurmountable debt and most are looking for options to help deviate as far away from financial drowning as possible. There are currently four major options to choose from to help alleviate financial distress.

Debt Consolidation

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. The accounts enrolled in a debt consolidation program are usually closed and your monthly program payment is lower than your current combined monthly payment to those creditors.

Debt Settlement

Debt settlement, also known as debt arbitration or debt negotiation, is an approach to debt reduction in which you and your creditors agree on a reduced balance that will be regarded as payment in full. In this process, you usually eliminate the interest rate and cut down your total principle balance causing a drastic decrease in your monthly payment, as well as a short program period to get out of debt.

Credit Counseling

Credit counseling often involves negotiating with your creditors to establish a debt management plan (DMP) for you. A DMP may help you repay your debt by working out a repayment plan with your creditor. DMPs, set up by credit counselors, usually offer you reduced payments, fees and interest rates. These programs stay on your credit report for many years, thus affecting your ability to get credit for a long period of time.

Bankruptcy

Bankruptcy is either a full or partial discharge of all your present debts issued by a judge who oversees your case in a court hearing. This stays on your credit history for seven years and lowers your credit score almost to the minimum. It is very hard to get approved for any kinds of loans after going through a bankruptcy.

The National Debt Relief Group can help you find the right solution with a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.

National Debt Relief Group

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