Do you have student loan debt, credit cards, car loans, or any other type of debt? Do you find it too difficult to keep up with even the minimum monthly payments? Then you are likely a candidate for the best credit card debt relief programs. You have a variety of options, including debt settlement, administration, negotiations, consolidation, and even bankruptcy. At the very least, counseling could be ideal.
Who is debt relief for? You can look into a relief plan if you really feel there is no hope of paying off all your unsecured debts and you don’t think it’s possible to continue making payments every month. Also, if the total you owe on unpaid unsecured debt equals at least half of your gross income. Keep in mind that debt relief will not be a painless solution. You will likely experience an impact on your credit scores. But if you’ve been having a hard time making payments, chances are your scores have already dropped anyway, or are in the process of doing so.
It can take years to recover, especially if you are facing bankruptcy. The best credit card debt relief company will evaluate your case, all your debts and finances, and help you come up with a plan that is best for your circumstances. They might also reach an agreement with your creditors to help lower interest rates or allow you to pay only part of what you owe.
Debt Management with the Best Credit Card Debt Relief
A debt management plan will often allow you to pay off your unsecured debts (usually credit cards) in full, but with reduced fees or a reduced interest rate. You will need to make a single payment each month to the counseling agency, which will then ideally distribute it among your creditors. This is not the same as a consolidation loan, which might also be something you’ll want to look into.
The good thing about a debt management plan is that your credit score may not be affected too much, if at all. However, closing accounts after liquidating them can hurt your scores, but you’ll be in a better position to recover quickly. It goes without saying that not making payments to your credit management agency will hurt your credit and make it harder to apply for more credit later.
What about the fees for participating in a debt relief or debt management program? ONLY choose a service that will not charge you more than 20% for an in-house program and with the option to work with a network of attorneys.
You should receive a free savings estimate before you even have to sign anything. One trusted company that has a really high rating and positive reviews is CuraDebt. You can get a free savings estimate and a viable solution tailored to your needs. CuraDebt truly considers itself the best credit card debt relief company.