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      September 24, 2017

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Benefits of Debt Settlement

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What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt

 

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What To Do When You Find Yourself Deeply in Debt

If debt is mounting and you continually find yourself struggling every month, it may be time to seek debt relief. An important part of selecting the best way to eliminate your debt is to realize when it's time to ask for help. Debt consolidation and debt settlement programs are both very popular ways to help consumers get out of debt in a short period of time, but are they right for you? Neither of these programs are available for people who are simply tired of paying their bills, but they are available to those who are already late with payments, have bills in collections or have had a sudden change in their income.

There are a number of non-profit organizations currently offering debt management services, which include both debt consolidation and debt settlement. Some companies may offer both, while others may specialize in one or the other. In order to be eligible for either of these programs, you must be able to show that there is not sufficient income to pay your bills as they currently require. If this sounds like your situation, debt relief may be just a phone call away.

If you are receiving calls from your creditor's collections department, speak with them openly and honestly regarding your situation. Once you have signed up with a debt management company specializing in either debt consolidation or debt settlement, inform your creditor(s) of the name and telephone number of the company. In most cases, this will stop the collection calls while the creditor verifies the information that you provided. By explaining the fact that you are working with a company who will be submitting a proposal on your behalf, most creditors will accept this information as your good faith desire to repay your debts. As the telephone begins to stop ringing, you will gain some much needed relief from the stress associated with being constantly reminded of your financial woes.

When a debt management company sends your proposed new monthly payments, interest rates and/or debt settlement offers, the creditor(s) will either accept or deny the offer. Within weeks, you will be informed of their decision and will have the ability to call the debt management agency to remain updated with creditor's responses. After 1-3 months of consecutive payments made through a debt relief agency, most creditors will begin to list your account as current with credit reporting agencies.

It is recommended that consumers check their credit report periodically in order to maintain the accuracy of the content and to prevent them from being a victim of identity theft. Each year, you are entitled to receive a free copy of your credit report from each of the three credit reporting agencies, including Equifax, TransUnion and Experian. If you enroll in a debt consolidation or debt settlement program, it's a good idea to check your credit report prior to enrollment and then again after six months. When you compare the two timeframes, you will likely see a great improvement as creditors begin to receive their payments and update your credit reports accordingly. If any of the information is inaccurate, you can file a dispute with the credit reporting agency and get the corrected version updated in a short amount of time.

Dealing with debt is not an easy task. In fact, it can be a very exhausting experience. Once you have faced your finances and made an important step toward eliminating your debt, your life will begin to improve right along with your credit score.

The Latest: Antigua pleads for debt relief after Irma

UNITED NATIONS (AP) - The latest on the U.N. General Assembly meeting (all times local): 7:40 p.m. Antigua and Barbuda's prime minister is pleading for debt relief to help rebuild from Hurricane Irma, which decimated the tiny island of Barbuda and forced ...

Published:  Thu, 21 Sep 2017 15:51:00 GMT



Damaged by Hurricanes and "Vulture" Capitalism, Caribbean Islands Plead for Debt Relief

Last week, just days after Hurricane Irma thrashed through the Caribbean with record-high winds, the Catholic bishop of the island nation of Dominica sent a letter to the managing director of the International Monetary Fund (IMF). Bishop Gabriel Malzaire ...

Published:  Wed, 20 Sep 2017 01:00:00 GMT



Three Must-Have Debt Relief Tips

GREENSBORO, N.C. -- It's so easy and fun spending money, but boy is it hard to get out of debt! It takes a lot of hard work! Money expert, Ja'Net Adams wrote the book, Debt Sucks: Everyone's Guide To Winning With Money So They Can Live Their Dreams.

Published:  Wed, 20 Sep 2017 07:16:00 GMT



Thousands of private student loan borrowers will get debt relief

NEW YORK (CNNMoney) - The nightmare is almost over for thousands of people who faced illegal student debt collections lawsuits. The Consumer Financial Protection Bureau took action Monday against National Collegiate Student Loan Trusts, which owns more ...

Published:  Tue, 19 Sep 2017 07:27:00 GMT



Greece's Papadimitriou on Bailout, Debt Relief, NPLs - Presented by: The Aol. On Network

Sep.21 -- Greek Minister of Economy and Development Dimitri Papadimitriou discusses the Greek bailout, the timeline for debt relief, non-performing loans and his outlook for the economy. He speaks on "Bloomberg Daybreak: Europe."

Published:  Thu, 21 Sep 2017 00:36:00 GMT



Letters from Cardinal Daniel DiNardo, USCCB president, on debt relief

amenable to this reasonable request. At this hour of need, we pray that God may inspire generosity in people around the world, that those affected may be aided in their efforts to rebuild their lives. We also pray that our bonds of solidarity as one Church ...

Published:  Fri, 22 Sep 2017 13:29:00 GMT



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