Welcome to the Internet's first get-out-of-debt community. Our community members and debt consultants offer free debt advice on debt consolidation, debt settlement, bill consolidation, debt consolidation loans, dealing with payday loans and collection agencies. They try to make your life debt free in an organized manner. Avail a free debt counseling session and allow a debt consultant to bail you out of the stressful situation.
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What to expect after you fill out free counseling form
- A debt consultant calls you over the phone for a free debt assistance session. The consultant evaluates your financial situation so that he can suggest the right option for you.
- Once you agree to what the debt consultant suggests, the latter will start negotiating with your creditors. Negotiation is meant to lower the interest rate on your debts and waive off any late fees. This is to ensure that you can afford the payments and pay off debts faster. You can also avoid harassing calls from creditors/collection agencies.
- The consultant will guide you to manage your finances in a better way. He'll also help you to budget your expenses and repair your credit.
Is debt consolidation good?
Debt consolidation program is a good option for those have piled up a lot of debts and wish to lead a tension-free life. It offers a number of benefits and helps you save thousands of dollars. Just check out the 8 benefits of consolidating your debts before you go for it.
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8 benefits: A debt consolidation program helps you to get debt free within a period of 2-4 years. This is possible as you're offered an affordable payment plan approved by your creditors. While you make monthly payments to the debt consolidation company, the latter distributes the payment to individual creditors. Thus, when you consolidate debts/bills, you don't need to deal with different creditors. |
Know how to solve debt problems
Debt consolidation program is no doubt a smart solution to your debt problems. However, there are other options to help you pay off debts. Check out 6 debt relief options as given below.
- Self Repayment Plan: This is an option where you don't need professional debt assistance. You can get debt free on your own. All you have to do is, assess your financial situation and prepare a payment plan according to your budget.
- Debt Management: This is a debt assistance program which allows you to deposit money with a credit counseling agency. The agency then uses this deposit to pay off your debts according to the payment plan negotiated with your creditors. When you're into a debt management plan (DMP), chances are that the creditors may lower the interest rate, waive off certain fees and even reduce the payoff period.
- Debt Settlement: It's a process by which you can eliminate debts by taking help of debt settlement companies. These companies negotiate with your creditors thereby reducing the outstanding balance to 40%-60% of what you owe. Once you settle bad debts, you can save good amount of dollars as you don't need to pay down the entire balance.
- Debt Consolidation Loans: This is a kind of personal loan with which you can consolidate debts (cc debts, medical bills and unsecured loans) into a single payment. That is, you pay off debts using a single loan. Then you'll have to make a single payment each month in order to pay back the debt consolidation loan. This helps in paying off debts without having to deal with several creditors at a time.
- Bill consolidation: This is helpful especially when you need to consolidate bills. This is similar to loan consolidation wherein the bill consolidation company negotiates for a reduction of interest rates so that you can pay back all your bills. Bill consolidation helps to consolidate bills into a single easy payment each month thereby reducing your debt burden.
- Bankruptcy: Apart from debt consolidation or settlement, bankruptcy is another option for writing off debts. As a consumer, you can file either Chapter 7 or Chapter 13 bankruptcy depending upon which type would suit you and which one you'll qualify for. Chapter 7 allows you to pay off debts by selling off your assets, which may or may not include your home. Whereas, Chapter 13 bankruptcy allows you to pay off debts through a repayment plan approved by a court-appointed trustee. However, it is best to avoid bankruptcy and try out debt assistance programs such as consolidation, settlement and others.
How Our Community helps you
Our community provides free debt advice in order to help you in writing off debts. Here's what the community has to offer:
We are here to resolve your debt problems and show you the way to financial freedom.Top rated articles to help you lead a debt-free life
- 7 steps to become debt free: If you have piled up a lot of debts and don't know how to pay them off, talk to the creditors about your financial crisis. Prioritize your debts and prepare a budget for your expenses. Check out the 7 steps to help you lead a debt free life. If required, take professional help through debt consolidation services in order to get out of debt.
- Debt relief: Self-repayment plans and debt assistance programs are 2 ways to get debt relief. It's all about paying off your debts faster in order to get relief from the burden of monthly payments to your creditors.
- Credit card debt consolidation: This is one way of consolidating your credit card debts in order to pay them off easily. Credit card debt consolidation helps you to avail a reduced rate of interest which lowers the outstanding debt balance.
- Christian debt consolidation: This is similar to debt consolidation services except that it involves Christian values while helping one get rid of debts. Christian debt consolidation companies are non-profit organizations that help you get out of debt.
- 27 sample letters: Here you'll find a list of 27 sample letters to creditors or collection agencies. Usually credit bureaus and collection agencies do not accept letters in an improper format. So, make sure that you use the right format in your letter and don't miss out any relevant information.
