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Debt Relief Options

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There are several debt relief options now available to consumers struggling with debt loads that threaten their financial survival. Finding the solution that will provide the best outcome for a specific situation and the best company to navigate through the process to achieve that outcome are important decisions that cannot be left to chance. A brief definition of each option can be found below.


* Debt Consolidation – A process where a borrower engages an organization to either replace multiple lines of consumer debt with a single unsecured debt instrument or collateralize the multiple lines with secured debt. At present, most consolidations are collateralized against equity in the borrower’s home which introduces the possibility of foreclosure if payments in the consolidation don’t go as planned. Decreases in interest rates are negotiated allowing the borrower to pay increasing sums toward principle. Principle reductions are not negotiable in debt consolidations.


* Debt Counseling – The term debt counseling now provides an “umbrella” for companies in many activities considered to be outside the true definition of the service. In its truest form, a debt counselor, usually working with a non-profit organization, negotiates lower interest rates on credit card accounts. Payments are made to the counseling firm and then forwarded from there to creditors. As with debt consolidation, principle amounts owed are not negotiable.


* Bankruptcy – A last resort option for consumers due to the onerous, restrictive, and invasive nature of bankruptcy laws since they were overhauled in October of 2005. Most filings are now for chapter 13 which carries far fewer benefits than the dismissals of debt which were the norm in chapter 7 filings.
* Debt Settlement - A process where a borrower engages a company both to negotiate reductions on principle owed and the monthly payments required to service that client’s consumer debt. Reductions in principle owed normally range from 40 to 60%. Complete payoff of the reduced principle owed takes from18 to 48 months.


Be sure to study all of your options before making a final decision. Apply on-line today. The time to start is now.

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