Debt Solutions

The list below contains the numerous options available to you as a consumer with high credit card and unsecured debt. Our Credit Advisors can help you understand your options and the benefits of each program in order to find the right solution to meet your needs.

• Continue Current Monthly Minimum Payments
• Credit Counseling Services (Debt Consolidation)
• Debt Relief Plan (Debt Settlement)
• Bankruptcy
• Credit Repair
• Budgeting and Education

CONTINUE CURRENT MONTHLY MINIMUM PAYMENTS

Unfortunately, millions of Americans who are struggling with their debts continue to just barely make their monthly payments. This option could take over 30 years to pay back the debt you owe, costs thousands of dollars in interest alone, and could require you to potentially pay back over three-times what you now owe on these balances. This may be the least timely, most costly, and most economically disadvantageous way to get out of your unsecured debt. Keeping high balances on your credit cards may affect your credit in a negative way and could make it more difficult to obtain any other type. In some cases it can take over 30 years to get out of debt this way.

CREDIT COUNSELING SERVICES (DEBT CONSOLIDATION)

Credit Counseling is a program offered in conjunction with the banks and credit card companies. It is often referred to as debt management or debt consolidation. It is not a hardship program and it may offer you an opportunity to manage your payments more efficiently and get out of debt in a shorter amount of the time than it would normally take under your existing payments. Your monthly payments will be processed by an accredited 501(c)(3) not- for- profit credit counseling agency. They have established relationships with many creditors to enable you to receive all of your benefits. Some program details include:

• Selecting your own pay date, making it easier to budget your monthly expenses
• Potentially significant reduction in your interest rates.
• Fees and penalties, if you are currently experiencing them, may be eliminated.
• Monthly payments are calculated by your creditors and are non-negotiable.
• During the process, you will still receive individual statements so you will be able to monitor your disbursements and benefits.
• The program is voluntary and if you choose to discontinue, you will lose all benefits and the creditors will set your interest rates back to the higher rates and may add on fees.

DEBT RELIEF PLAN (DEBT SETTLEMENT)

Debt Settlement Plans are ideal for consumers who currently have monthly payments they are struggling to pay, but who want to avoid filing for bankruptcy. This is a formal process where the consumer retains an expert firm to handle debt negotiations on their behalf directly with their creditors. Average settlements can be in the range of 40-55% of outstanding debt, and typical programs take between 12 – 36 months to become entirely debt free. You pay one monthly payment into a savings account you control which is used to pay off your debt. That monthly payment is usually lower than your current monthly debt payments. Millions of Americans have utilized these programs over the years to avoid bankruptcy and become totally debt free.

HERE ARE SOME OTHER PRODUCTS AND SERVICES TO CONSIDER WHICH MAY HELP IN YOUR CURRENT SITUATION:

CREDIT REPAIR

Having good credit is something most consumers strive for. There are many factors that can influence your credit scores, and some you may not have much control over. Whether its past debt issues or your current situation, we can offer you advice and solutions to improve your credit score. It will take time and persistence, but you can start today in order to improve your credit score.

BUDGETING AND EDUCATION

Our credit specialists will help assist you in putting together a personalized monthly budget that you can meet to avoid falling further into debt. There are also many debt management tools and tips and educational resources we offer to help you on the path to becoming debt free, and staying that way! Good financial planning and cash management need to be part of your daily life, and we can help you get there.