Debt Relief Solutions That Could Work for You

It is easy to turn a blind eye and ignore debts as they mount and pile up. It’s a common occurrence, and while it is easy to ignore those debts for a while, eventually they will need to be resolved. Here are four debt relief solutions that can help you put your debt unrest to ease once and for all.

Debt Settlement -  This is an ideal solution for unsecured debts such as credit cards and medical bills. Via this approach, a debt arbitrator will negotiate with your creditors to reduce the total amount of money that you owe. This has the advantage of not only lowering your payments, but it can also shorten the duration of your payment term to between 12 and 36 months.

Debt Consolidation - Making multiple payments each month is full of pitfalls. For one, your interest rates and payment dates can vary widely; this can lead to missed payments and fee accumulation. Debt consolidation takes all of your debts and combines them together at a lower, fixed rate that won’t change. Further, since your debts are combined, you only need to make one payment each month.



Credit Counseling - Interest rates can eat up a significant portion of your monthly payments. Credit counseling can lower your interest rates, but it won’t reduce the total amount of money you owe. One drawback of selecting credit counseling is that any assistance you receive from a credit counseling company will show up on your credit report and lower your credit score. Thus, it is an option that you should weigh very carefully before deciding upon.

Chapter 7 Bankruptcy – This is a last resort option that we strongly caution our clients against. It has significant credit consequences and should only be chosen when the sum of money owed on credit cards and other unsecured debts is simply too much to ever be paid back. Declaring Chapter 7 Bankruptcy is a choice that should only be exercised when all other options and solutions have been thoroughly explored and exhausted.

There are a number of debt relief solutions that Superior Debt Relief can assist you with. We invite you to contact us by calling 866-896-7616. Our IAPDA certified arbitrators will be happy to help you navigate the solutions that can help you find proper financial footing.