TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.
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.
Top Consumer Reviews Articles
TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.
Debt Relief In The News
NEW YORK (Reuters) - New York's attorney general on Thursday sued 10 companies and two executives over their alleged roles in a scam to induce thousands of struggling borrowers into buying student loa...
Published: Thu, 20 Sep 2018 12:20:00 GMT
If you feel as if you are drowning in your debts, you may already be considering options for assistance, like one of several debt consolidation methods or filing for bankruptcy. The assistance you ult...
Published: Thu, 20 Sep 2018 03:57:00 GMT
Debt consolidation and debt settlement are both financial strategies for improving personal debt load, but they function quite differently and are used to resolve different issues. At a very basic lev...
Published: Fri, 21 Sep 2018 10:50:00 GMT
NEW YORK, Sept 20 (Reuters) - New York's attorney general on Thursday filed a lawsuit accusing several companies of misleading thousands of borrowers into buying student loan debt-relief services that ...
Published: Thu, 20 Sep 2018 14:45:00 GMT
Law360 (September 20, 2018, 10:55 PM EDT) -- New York's attorney general on Thursday accused a constellation of student debt relief companies of lying to struggling borrowers to extract illegal upfron...
Published: Thu, 20 Sep 2018 20:01:00 GMT
A lot of people are having a hard time managing their finances that is why National Debt Relief aims to provide some deeper understanding of whether or not a frugal budget can be helpful. The article ...
Published: Wed, 19 Sep 2018 09:00:00 GMT
(See also: 5 Debt Management Questions You're Too Embarrassed to Ask) While debt consolidation requires you to take out a new loan to consolidate your existing debts, debt management doesn't require a ...
Published: Wed, 19 Sep 2018 01:40:00 GMT
Lisa Brown, D, a former WSU Spokane chancellor and former Washington state Senate majority leader, is a candidate for the 5th Congressional District of Washington. What does it say about our nation's ...
Published: Sun, 16 Sep 2018 02:16:00 GMT
- View Full Site -
Reproduction in whole or in part in any form without the express written consent of TopConsumerReviews.com, LLC is strictly prohibited.