Getting Started on Debt Relief
If you are interested in a free, confidential, no obligation debt consultation, simply go to the tab of our website and tell us more about you. You will be contacted within 24 hours of your submission at a time that is most convenient for you.
If you need immediate assistance, you can reach us directly at our toll free number which is: 800-000-0000 anytime during normal business hours.
We would caution you about consumer credit counseling/non-profit organizations otherwise known as debt consolidation plans.
These companies are fairly well advertised however there is major difference between debt settlement and debt consolidation.
To read more on ‘The Difference’ read this article.
In a debt consolidation program, you will repay your entire principal in full. The only real benefit to this option is a reduction in interest costs.
Whereas you would pay a total of 3 times the principal by making minimum payments on your own, you will pay the principal, plus just a few thousand more in interest payments.
They will also charge you a monthly contribution calculated (usually around $35) on how much debt you have, on top of your monthly payments.
Most importantly, you should be aware that the credit card companies are the Number One contributor to these non-profit organizations (and actually helped set them up about 12 years ago when they saw credit card default on the rise).
When working with a non-profit organization, please be aware that you are working hand-in-hand with the creditor.
There are disadvantages to this option. One of the main aspects you should know about taking this option is the impact it would have on your credit.
Most organizations automatically state on your credit report that you are participating in their debt management program. It looks like you filed bankruptcy on your credit report, even though you did not. That stays on your credit report for 7 years after you pay off the debt.
Finally, the dropout rate after the first year alone is roughly 90%.
Therefore, do not be fooled by non-profit debt consolidation programs. They do not work!
To learn about this post, or if you are in need of help regarding your debt, please feel free to contact Debt Relief, LLC toll free at 1-800-000-0000. Our professional advisors will be more than happy to answer your questions.