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What is a Debt Management Plan?

At Superior Debt Relief, it’s our goal to help our clients manage their debts and stabilize their financial foundations. One of the tools we use to accomplish this is a Debt Management Plan, or DMP. To that end, our debt counseling services and our agents work with our clients to help them design a DMP that is tailored to meet their specific needs, helping to balance their debt payments within their existing budget.

Various debt relief companies offer flashy means of getting out of debt and meeting those lofty obligations. But with a DMP, Superior Debt demonstrates how crafting a viable plan can work for you and your circumstance. If you still have questions, here are the key components of a DMP:

Repayment Duration

Most DMP’s will be set up to cover a term of between 36-60 months. The greater the debt a client carries, the longer the duration a DMP will be set up for in order to keep the monthly payments manageable.



Many creditors charge exorbitant fees for late payments. These add up and add to the principal an individual owes to their creditor. Often, these fees negate any payments that are made. A DMP can help reduce, and in many cases, eliminate these fees.

Interest Rates

One of the leading causes of spiraling debt loads are the interest rates that credit cards, hospitals, and other creditors charge customers who are late on their bills. It is not uncommon for these interest rates to exceed 20%. Thus, one of the primary goals of a DMP is to negotiate a lower interest rate with the creditor so that more of your payment is being applied to principal each and every month.




Consolidation

A DMP will combine all of your debts into one payment each month. This makes it easier to make the payments and stay on schedule. This goes a long way towards reducing stress, and it’s an effective way to mitigate the costs and fees incurred by missed payments to individual creditors.

Education & Counseling

Understanding your debt and obligations is crucial to keeping debt under control now and in the future. To that end, one component of a DMP is educating clients on everything from finance terms to ways to develop a household budget. Taken together, the educational component of debt counseling and a DMP is essential to avoiding a repeat of financial difficulties in the future.

The debt counseling services we offer at Superior Debt Relief can help you reign in your debt loads and get your financial future back on track. To learn more,

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.

How to Cope with and Manage Your Debt

One of the most important aspects of debt management is learning to cope with bills and bank notices that seem to reproduce overnight. It’s stressful, and at times, it’s simply overwhelming. Learning to cope with debt can help you manage life stresses, so you don’t fear them anymore. The following tips will help you put your debt in perspective and keep you moving forward.

Build a Budget. Your budget is a blueprint for how you’ll manage your money every day, week and month. This will be a guidebook for your finances. Remember, it’s important that you make creating a budget a priority.

Get on the Phone. Make contact with your creditors. They’re much more likely to work with you if you contact them rather than avoid them. Most creditors would much rather modify or reduce payments than go through a long and lengthy collection process.

Be Upfront with Debt Collectors. Don’t avoid them, and at the same time, don’t be snowballed by them. The law dictates what they can and can’t say, and while they may flash pointy teeth to scare you, be sure to get everything in writing from them. Many times, you’ll find those pointy teeth aren’t as sharp as they seem to be on the phone.



Pay the Important Bills First. Mortgages, auto loans and utility bills take priority over credit cards and other unsecured debt. Your home is where you live, your car is how you get to where you make a living and your utilities are what you rely on to keep you safe and comfortable.

Get Help. You’re not alone, and you’re not the only person who has debt piling up. It can be hard to reach out for credit counseling and assistance, but it’s imperative you do this at the first signs of financial trouble. A certified credit counselor can help walk you through the steps and help devise a plan to get your financial future back on track.

Superior Debt Relief Services knows how difficult debt management can be. We understand your stress and frustrations very well. We also know that with the proper debt management plan and the right counseling for the future, coping with debt isn’t as hard as it first seems. We invite you to contact us to learn more about our services and the ways we can help you sleep easier at night.

Considering Debt Management

Taking a loan or using credit is not something anyone likes doing. However, some circumstances arise that force people to take the plunge and resolve their monetary problems by borrowing money. The problem is that interest has to be paid on these debts and if the rate is high,

People may realize that it seems impossible for them to ever get free of debt. People may end up getting embroiled in the cycle of debt by taking out more debts to pay off another. The good news is that it is not impossible to get relief from debt. Proper planning can be done for making a debt manageable and this will help people in achieving debt relief in the long run.

The first thing that people can do is to consult a specialist or financial adviser who can assess an individual’s unique situation and help them in finding out the most effective way for relieving their debt. Apart from consulting an expert,

There are some things that people can do by themselves, which can help in getting out of debt faster. The first thing to do is to stop accumulating any further debt. The debt cycle will continue if you don’t stop using your credit cards and also overdraw your account on a regular basis.

If people stop accumulating additional debts, they will be able to reduce their debt level even by making the minimum monthly payments. Nonetheless, debt management may seem impossible for some people when they have to deal with several debts and each has a different interest rate.

One possible solution for eliminating multiple debts is to roll all of them into a single loan, which will have just one interest rate. This procedure is called debt consolidation and can help people in saving a lot of money and reduce their debt burden by a significant extent.

It can often be difficult for people to manage their debts when they are spread amongst overdrafts, credit cards, payday loans, store cards and personal loans, which have a high interest rate. People can save on interest liabilities by consolidating them into one loan for the purpose of achieving debt relief.

Another effective method that can be used is budgeting. People will have better control of their finances if they choose to write down their income and expenditure. Budgeting will help people in identifying areas where their money is being wasted and where cutbacks can be made for better finance management.

People might be surprised to discover how much money they end up wasting every month and it could be a considerable amount in the long run. Reducing the interest and principal is essential when people want to reduce their debt. Consolidation can reduce the interest, but the principal remains constant.

The best way to do so is to use your savings for paying off the debt. Even though savings are very important, your first priority should be getting debt relief. Once this goal is achieved, one can then focus on wealth accumulation.