Debt can be a major burden. The loss of a job, severe illness, or changes in personal circumstances can lead to problems repaying the debt you have accumulated. If you become delinquent credit collectors contact you via telephone and mail. Eventually the creditors may take legal action in a bid to recover some or all of the money owed to them.

If you receive regular calls from creditors, are afraid to open statements, and regularly spend as much or more than you repay on your credit cards --then you may want to take a look at debt settlement. Contact one of our professional debt consultants to see how a debt settlement program can help to relieve the burdens of debt.

Debt Relief Solutions – Debt Settlement

We offer professional debt settlement programs to qualified individuals. We will analyze your monthly budget to determine the amount you can afford to repay on a monthly basis.  Our program can be customized to fit your budget. If you enroll our objective is to negotiate with your creditors to settle your debt for 40-60% of your existing debt. This means that you could replace your monthly credit card payments with single program payment every month.

Debt Relief Solutions – Credit Counseling

Credit counseling services work with credit card companies to lower your interest rates and have you pay back debt over 4 to 5 years. They are partially funded by the credit companies themselves and do not offer much reduction compared to existing monthly payments. Debt settlement can negotiate your accounts and have your debt settled typically in around 36 months.

Debt Relief Solutions – Credit Card

Opening new lines of credit or transferring balances from one credit card to another offers a short term method of debt relief. However, credit card interest rates are among the very highest and borrowing money to repay other debt is often not an advisable long term solution. Using 0% balance transfers seems reasonable, but missing one payment can mean that your interest rates could increase to 30% or more.

Debt Relief Solutions – Home Equity Loans

Refinancing your mortgage or using a home equity loan could prove to be a viable and beneficial solution for some consumers. Interest rates are normally low because you are securing the debt against the value of your property. Home equity loans do shift the balance of your debt from unsecured debt to secured debt and, if you get into financial trouble again, your home will be put in jeopardy.

Debt Relief Solutions – Liquidating Assets

Selling property, vehicles, or second homes provides an option for debt relief. Unfortunately, few of us own property that we do not consider to be essential to our daily lives. This option is likely to be available to only a handful of people.

Debt Relief Solutions – IRA And 401k Plans

Selling an IRA or borrowing against your 401k plan are ill advised debt relief solutions. Not only are these plans typically meant to finance retirement but it can prove to be an incredibly costly route. Early withdrawal penalties and state and federal income taxes mean that you end up paying a high price for money you use.

Debt Relief Solutions – Chapter 7 Bankruptcy

Chapter 7 Bankruptcy requires that non-exempt assets be liquidated and the proceeds be used to repay some or all of your debts. If you have no assets of any value then you could become debt free without having to repay credit card companies a single cent. However, Chapter 7 Bankruptcy should be treated only as a last resort because it carries very heavy financial implications. A Chapter 7 Bankruptcy remains on your credit file for 10 years and on the court file for 20 years. Future employers can refuse employment if you have ever filed for bankruptcy.

Debt Relief Solutions – Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is another last resort situation. A payment schedule is agreed upon with the court, meaning that they calculate allowable living expenses based on average figures, and all remaining money is given to the courts to repay your creditors. This can last for as long as five years or until you have fully repaid your debts. Because figures are calculated based on averages it may be necessary to downgrade your car or even move to a smaller or more affordable home. Some people have been forced to remove their children from private school in order to use the school fees to repay creditors. Chapter 13 Bankruptcy can negatively impact your credit for up to 7 years and remains on court records for up to 20 years.

Debt Relief Solutions – The Best Choice For You

Either form of bankruptcy should be looked as the last option for consumers because of the negative impact it has on future credit ratings, and because it can prove to be an intrusive, public, and emotionally stressful solution. Every individual's needs are different but we firmly believe that our debt settlement program is the ideal solution for many people looking for debt relief. The total amount you owe could be negotiated down by 40-60% and you could normally expect to complete the program within 3 years.