Debt Reduction, Consolidation, And Other Strategies Are Right For You!

In today's economic climate, increasing debt is becoming an ever-increasing concern for many individuals and families

. Here are some common questions and concerns regarding how to manage, reduce, and consolidate debt.

1. My credit card debt is over $10,000 and I can't even make minimum payments. Is bankruptcy the only option?

Bankruptcy is never a good option. Filing for bankruptcy is a major legal decision that will follow you the rest of your life. You will lose your assets. A Chapter 7 Bankruptcy (liquidation of debt) remains on your credit score for 10 years and is difficult to apply for. Chapter 13 bankruptcy (reorganization of debt) remains a part of your credit history for seven years. If you are considering filing bankruptcy because of your total debt, including credit cards and other bills, debt consolidation should be your first option.

2. What is Debt Consolidation?

Debt consolidation is a strategy whereby all of your debt is consolidated into one debt so that one monthly payment is required. You can consolidate your debt through 1) debt consolidation loans, 2) by utilizing your home's equity or 3) by entering a debt repayment plan through credit counseling or a debt consolidation service.

3. Why will creditors work any better with a debt consolidator/resolution company than with me?

As they confront unprecedented numbers of troubled customers, credit card companies are increasingly doing something they have historically scorned: settling delinquent accounts for substantially less than the amount owed.

4. How does a debt reduction and consolidation plan affect my credit?

Generally speaking, you can improve your credit scores through responsible credit management. Working out a debt consolidation plan and adhering to it demonstrates to creditors that you are serious about credit responsibilities and repair. In much less time than a bankruptcy your credit can be repaired. As fico is partially scored on debt to income it is most likely that scores have already started to sink even if they are not late.

5. How can debt consolidation lead to debt reduction?

Debt reduction can't be achieved overnight. A workable plan must be put in place, broken down into manageable, bite-sized chunks, and, one step at a time, you can get on the path to financial freedom.

6. How long will it take for me to get out of debt if I decide to consolidate my debt in order to reduce and eliminate it?

We often help you determine, and can almost always achieve complete resolution of all unsecured debt within 48 months and often much less. Depending upon your debt, and your commitment to strict adherence to the plan, freedom from debt can be achieved much sooner than you ever thought.

7. Can this strategy prevent foreclosure of my home?

We can assist with a loan modification and short sell if you contact us. If you have explored your options under The Homeowner Affordability and Stability Plan, a $75 billion dollar federal program, which provides for loan modification including refinancing opportunities, and it was not resolved, your home can still be sold in a "short sell" rather than foreclosure, and in certain circumstances, with no resulting deficiency judgment.

8. How does debt consolidation and resolution differ from credit counseling?

Debt consolidation addresses and manages your unsecured debt, such as credit and department store cards, and personal loans with debt reduction, consolidation, and settlement strategies. Credit counseling is a comprehensive educational approach to money management and your spending habits versus your income.

9. How does the process work?

The process begins with a free consultation. Once you enlist the assistance toward debt reduction, you will gain access to the Vision software in some cases. Vision Software is a tool to create an inventory of all your debt and asset accounts. By collecting all your accounts online, you can view them together and simultaneously manage your income goals. Next, aid in settling your existing debt, potentially for less than half of what you owe, and aid with debt consolidation on the debts remaining. Their certified financial planning service helps you build a plan toward debt consolidation, debt reduction, and debt elimination, and then savings growth, ultimately building wealth for your retirement.

by: Nick Smith

POST COMMENT

Why Purchase England Competitive Tickets For A Excellent Escaping Thinking About Hot-lanta Last Minute Cruise Packages? Read About These Secrets On Ways To Purchase T Needing Lone Star State Cheap Excursions? Take Advantage Of These Hints On How To Purchase Top-notch Introduction of bad debt Introduction of Debt Introduction of Debt Collection Introduction of Debts What Is The Meaning Of Debt Syndication And Corporate Debt Restructuring? Want To Find Lone Star State Reasonable Adventures? Check Out These Clues On How To Purchase Incredi Consumer Debt Counseling How To Get Out Of Debt Need Hot-lanta Last Minute Cruise Getaways? Check Out These Secrets On How To Purchase Incredible La Debt Settlement Secrets That Your Lender Won't Tell You