Rising debt and lower purchasing power is becoming more and more of a reality. Instead of making purchases with cash, many consumers choose to use credit cards. Combine living paycheck to paycheck with an unforeseen circumstance such as a job loss or major illness, and making those minimum payments can become extremely difficult, if not impossible. So what is an over-leveraged person to do? Choosing to consolidate your debt rather than default outright or declare bankruptcy may make the most sense in your specific situation. Take inventory of your specific financial situation before beginning to tackle your debt.
Consolidation is primarily for individuals who are having trouble managing multiple debts owed to multiple companies. If one or two payments to these companies are late, the resulting fees and compounding interest can make it difficult to make progress on the outstanding balance. A good debt consolidation company will simplify the process for you by first negotiating with your creditors. Having an independent third party work on your debt on your behalf can make the process much less stressful. Participants in the program make one payment each month, which is then sent directly to the individual creditors. Savings can reach 80-90% on their unpaid balances by simply following program instructions.
Not all consolidation programs are the same. Make sure you look into several different debt consolidation companies before making a determination. Obtain referrals from family and friends. Perform online research to determine if the company you are considering has significant complaints lodged against it. Successful consolidation programs often offer credit counseling and assistance in developing a monthly budget. These tools will help to ensure that clients do not end up in the same debt trap once they have completed the program.
Of the many debt consolidation companies available today, the first that comes to mind is EagleOne Debt Solutions. This company has IAPDA (International Association of Professional Debt Arbitrators) accredited negotiators that are put to work in a pay for play payment structure. There are no upfront fees for participation, and the company puts its money where its mouth is.
Eagle One makes no money unless they save you money. Few companies will structure their pay with that sort of confidence. Their call center is open until 10pm, so you can always talk with someone with questions, or to check on progress.
As you go about selecting a company to help negotiate your debt, ask if that company is fully compliant with FTC regulations. National Relief is compliant, fully certified and audited, and will work hard to negotiate a settlement that is in your best financial interests. There are no up-front fees, and many clients have saved up to 80% on their unsecured debt.
Make one monthly fee determined by you and your account adviser, and let National Debt Relief do the rest. Take a look at the company’s website for examples of previous customers who have saved thousands of dollars by letting National Relief negotiate their balances.
For consumers who feel they can handle their debt on their own, or if they are still shopping around for options, Lowermybills.com can help arm them with information to make a wise decision. The site has various tools on how to save money from refinancing, to saving on insurance, and other utility bills such as internet access. By entering some basic information about your specific financial situation, lowermybills will provide you with a number of companies that can assist you with taking charge of your finances.
Remember to ask about certification and compliance as you speak with representatives from each company.
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