DebtHelpSearch.com is an informational website and service that matches consumers with financial firms that offer products to solve common consumer debt problems. Consumers that have maxed out credit cards, overdue medical bills, or just can’t afford to make monthly minimum payments on any form of unsecured debt, can find the help they need at DebtHelpSearch.com.
If you or someone you know is having difficulty with debt, you have come to the right place. DebtHelpSearch.com works with the most reputable financial firms in your city or town to offer the following types of products designed to reduce your debt and put you back on the road to financial freedom:
- Debt consolidation
- Debt settlement
- Credit counseling
Debt Consolidation
Debt consolidation, bill consolidation, consolidation loans, and consolidating debt – these are terms to describe the process of taking out a new, low interest rate loan to pay off one or more high interest rate loans. By taking out the new loan to pay off the other loan or loans, you are “consolidating debt”.
Debt consolidation is a great way to lower your monthly payments. If you have a good credit score, and can stay current on a new loan, and don’t have the desire to reduce your overall principal debt amount, debt consolidation can be a great option.
That being said, if you are having problems making minimum payments on your current debt, or you have a low FICO score or a credit score under 730 (yes 730!), you will have a very difficult time finding a lender to offer you a consolidation loan. With the current economic crisis and credit crunch, banks, credit card companies and other lending institutions, have adopted extremely strict lending practices – to the point where the only consumers who they will lend to are the consumers who don’t need or want to borrow!
If after reading this you are concerned that you are an unlikely candidate for a debt consolidation loan, don’t worry, there are other options for you to consider that may actually be much better for your financial well-being. In particular, debt settlement and credit counseling.
Debt Settlement
Debt settlement is a unique and highly effective way for consumers to reduce their monthly payments on unsecured debt AND reduce the total amount of debt owed. To be clear, unsecured debt includes credit card debt, unpaid medical bills, personal loans, overdue membership dues like gyms, etc. It does not include student loans, auto loans, home loans, or any type of debt or loan that is secured by a piece of property or asset of value.
Debt settlement is a service provided by expert negotiators, and sometimes attorneys, who will work directly with you to set aside an amount of money that you can afford – definitely less than your minimum monthly payments on your credit cards. The expert negotiators will then contact all your creditors and negotiate or “settle” the debt you owe, and you end up paying a fraction of what you previously owed. The average industry wide reduction in debt from this service is between 40% and 60%. So it’s possible that if you owe $10,000 today, you will only have to pay as much as $4000 to completely pay off the debt.
We recommend this service for anyone who has a financial hardship and is worried about being able to afford their currently monthly payments, or may have fallen behind on payments.
Credit Counseling
Credit counseling is a service that is very helpful for consumers who owe less than $10,000 in debt, or for consumers who live in states where debt settlement is not allowed, like Kansas, Maine, New Jersey, North Carolina, South Carolina, Virginia and West Virginia. Credit counseling is offered through a joint venture between the major credit card issuers and private credit counseling organizations. Credit counseling has similarities to debt consolidation in that your credit card balances will be consolidated and managed by the credit counseling organization, to whom you will make a single monthly payment at a lower interest rate. The credit counseling organization will manage the payments directly to the credit card companies. This service does not reduce the total amount of debt you owe, or the time it takes to pay it off, it just helps you get a more affordable monthly payment.
For any of these services, you will benefit from understanding your current credit standing and credit score. To get a free copy of your credit report, please visit www.annualcreditreport.com.
To learn more about any of these products, please fill out the form above, or call us direct at 1-866-751-4923.
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