Your Debt Reduction Choices

You have a few options for managing or eliminating your debt. Our debt-relief service is the only one that can eliminate your debt quickly and effectively, however. Our customer service-oriented staff will provide resources and information to help you make the most informed decision for your unique situation.

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Debt Relief Choices

1. Our Service
2. Bankruptcy
3. Debt Consolidation Loan
4. Consumer Credit Counseling Services
5. Do Nothing

1. Our Service

We provide a proven debt-elimination process to help you become debt free, often within 36 months. Our expert staff will design an individualized debt-relief program for your unique situation and we will assist you until you complete your journey.

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2. Bankruptcy

In 2005, Congress passed new bankruptcy laws that made it more difficult to file for bankruptcy. Many people may believe bankruptcy remains on your credit report for up to 10 years, but its effects stay with you forever. You should only consider bankruptcy as the last option for resolving debt matters since its effects are permanent.

Chapter 13 bankruptcies, for instance, require repayment of all debts along with attorney fees and credit counseling costs. The court requires you to repay your debts through them. Bankruptcy’s negative effects stay on your credit report and affect your credit rating.

3. Debt Consolidation Loan

A debt consolidation loan’s premise is flawed: You borrow money to fix a money-borrowing problem. This is supposed to reduce your debt. Banks and other lenders offer these loans because they make money. If they make money, then you lose money.

Lenders loan you money at a lower interest rate than you currently pay on your debts. This saves you money on your interest charges, but it only reduces your debt if you repay it quickly. If you extend your repayment, then the interest charges add to your current debt and increase your overall debt.

A debt consolidation loan can lower your monthly payment. This helps you every month, but it will not help you over the years. The loan extends your repayment period over many years. Whereas you could have repaid your debt in 10 years without the loan, may now take 15 or 20 years with it.

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4. Consumer Credit Counseling Services (CCCS)

A major credit card company originally created the Consumer Credit Counseling Service (CCCS) organizations in the early 1980s to recover money from consumers who had fallen behind on their payments. The card company disguised the CCCS under a "non-profit" banner to distance it from the bank. This made the CCCS appear friendlier, while it sought to collect money from the consumer.

The truth is that more than 50 percent of all consumers who begin with a CCCS program fail to finish. The reason is simple: CCCS companies work for the creditors. The CCCS seek to collect as much money as it can and they charge the consumer a fee for the service, often under the heading of a voluntary contribution.

5. Do Nothing

This is not a viable debt-management option. This is what many consumers have done to reach the point where they realize they need help. To change your debt situation, you must change. Without changing your habits, you will only yield the same negative results.

If you are ready to regain control of your financial destiny and reduce your stress, then call today and talk with a debt consultant. If you are unsure, call one of our debt professionals and ask them any questions you may have.

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