debt solutions john stevens
A credit card debt solution is the answer millions of American families are looking for to get out of debt. According to the White House, over the last ten years credit card debt rose 25%. 78% of American families have a credit card and 44% carry a balance on it, paying an interest rate of more than 20%.
If you’re reading this article, you’re probably one of these consumers deep in debt. But don’t feel discouraged. Not only are you not alone, but there are different financial alternatives to help you put your finances back on track. The following brief list examines two popular options consumers choose to get out of debt: debt settlement and credit counseling. Take some time to become familiar with the way each alternative works and how they’re different from each other.
CREDIT COUNSELING
Company Required: Credit Counseling Agency
How It Works: the company examines your financial paperwork, comes up with a repayment plan you can afford, sends it to your creditors for approval, and once approved, you may begin making payments under the new repayment plan
Results: make payments under a new plan you can afford
Advantages: the Agency educates you about relevant financial topics, such as budgeting / repayment plan you can afford
Disadvantages: some lenders consider credit counseling as negative as filing bankruptcy / you might have to face similar problems to the ones people that go bankrupt have to deal with, like being denied a new loan
DEBT SETTLEMENT
Company Required: Debt Settlement Company
How It Works: the company examines your financial information and settles your debt with your creditors for less money than what you owe
Results: settle your debt for less money than the total amount you owe
Advantages: an alternative to bankruptcy / one of the quickest alternatives to get out of debt/ pay off your debt for less money
Disadavantages: doesn’t stop creditors from taking legal action against you / hurts your credit score in the short run
Continue With Your Research
Your credit card debt solution could be just a phone call away. But before you decide to hire someone to do the work for you, research each financial alternative in depth. Make sure you understand its pros and cons -every alternative has them- and if it’s a viable option for your particular case.
About the Author:
Find your credit card debt solution by checking out our FREE, easy-to-read comparison chart between debt settlement, credit counseling, and debt consolidation.
John M. Stevens is a Financial Advisor for Kirkland Green, a Debt Settlement Company located in Irvine, California. Kirkland Green has a highly trained staff of Debt Consultants and counts with established relationships with financial institutions and creditors throughout the US. Kirkland Green is a member of The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA).
Article Source: ArticlesBase.com – Credit Card Debt Solution – 3 Financial Choices To Put Your Finances Back On Track
