Credit Defense

Debt settlement and debt negotiation are one in the same; they refer to the same type of debt resolution program. Debt Settlement is a deal negotiated with your creditors to pay less than the amount you owe. It is usually a lump sum payment and it does not require a court filing like bankruptcy…. Debt settlement unlike bankruptcy can take more time but, if negotiated properly, can do far less damage to your credit. Creditors are often willing to accept less than what you owe them because they know that filing bankruptcy is a legal option which could eliminate their ability to collect anything from you. You may be able to avoid the time and expense involved in bankruptcy. If you cannot afford even the reduced payments negotiated from debt settlement, bankruptcy could be the best option for you. However, before choosing a particular option, please speak with an experienced and accredited credit counselor today who can evaluate your specific situation and discuss the benefits and disadvantages that each solution offers. There are many potential routes out of debt whether it be debt settlement, bankruptcy, or other debt relief options such as debt consolidation loan.

Debt consolidation and bankruptcy are both debt relief options. Unlike debt consolidation, bankruptcy involves discharging or restructuring all your debts- but it stays on your credit report for 7 to 10 years. If you qualify for a debt consolidation loan, and can afford to make the payments, a debt consolidation loan is better than bankruptcy. However, if you cannot, then bankruptcy may be necessary. A debt consolidation loan does not reduce the amount you owe; it just combines all your payments into one. Debt consolidation — combining multiple debt balances into one new loan — is likely to raise your credit scores over the long term if you use it to pay off debt. If you are struggling to afford credit card payments, taking out a personal loan with a lower interest rate and using it to pay off the credit card balance in full may be a good option for you. A debt consolidation loan with a low interest rate could mean owing less per month, which can help you make loan payments on time.

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Debt consolidation is a common strategy used by consumers to eliminate high levels of credit card and other debt. It involves a payoff of one or more debts with one new loan leaving you with a single monthly payment that is usually at a lower interest rate. Consolidation may help to minimize late payments and other fees incurred from having numerous loan accounts. The process involves acquiring a debt consolidation loan or a balance transfer credit card. You need to qualify for the credit through a lending institution which can be difficult if you have been late on payments, charge offs or have collection accounts on your credit report. Do not Despair! There are Debt consolidation loans for bad credit that could help you recover. You have options to choose from, but you need to understand your financial situation. Before deciding on bankruptcy, look at some options for debt consolidation and debt settlement options.

Whatever debt relief option you choose, understand your personal financial situation by getting a FREE debt consolidation quote from a BBB A+ Rated accredited credit counselors today! There is a minimum of $10,000 of unsecured/tax debts that can be helped with. Unsecured Debts Include: Credit Cards; Personal Loans and Lines of Credit; Medical Bills; Collections and Repossessions; Business Debts; IRS Debts and Back Taxes. Program will not work with secured debts such as mortgages, car loans, or student loans. Must be employed or have some source of money to pay toward a new program payment. Must be 21 or older to apply. After submitting your information, you will receive a call and emails from counselor to give you your free savings estimate.