Debt Relief

Talking about credit card debt can be overwhelming. Before you press the bankruptcy button consider the available debt relief solutions. There are hundreds of so-called debt relief companies that offer debt reduction services like debt consolidation, debt settlement, debt management and credit counseling. Hiring a company to negotiate paying less for your credit card debt could save you more money than you will likely earn this year at your job.

Bankruptcy is an option for debt relief, but let’s agree this should be the however only when every other option has been exhausted. After filing bankruptcy, your credit report and credit scores will be affected adversely for ten years. With debt settlement, you could end up cutting your debt in half without having to pay to compounding interest like you would with a home equity credit line or unsecured debt consolidation loan.

Think about how much it’s going to take you to eliminate those credit cards. No matter what route you go, other than debt settlement, it’s going to eat up hundreds of thousands of dollars if you make minimum payments. Do not wait until interest rates go higher either, because it may become even more difficult to qualify for credit and you may be forced into bad credit debt consolidation. You think your payments are high right now?

Interest rates are at an all time low. When they go up your payments will jump like our national debt. This is a business decision that may be one of the best financial decisions that you ever made. Think about it and do the math; You have the opportunity to settle $25,000 in credit card debt versus potentially paying $250,000 in interest over the years with the credit card holder’s schedule.

About the Author: Jeffrey Morris is an experienced financial advisor who led the loan sales for companies like Ditech, GMAC and the Loan Modification Outlet. Morris recommends checking out the following link to find the top debt management companies like the Debt Settlement Outlet for debt free living. He also recommends credit card debt relief rather than bankruptcy.

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