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Ohio, AKA “Great River” in Iroquis, has several significant rivers within the state, including the Cuyahoga River, Maumee River, Miami River, Muskingum River, and Scioto River. Its many rivers provide Ohio’s residents with a lot of opportunities to relax and unwind by the water. However in today’s financial day and age, unwinding may be harder for a lot of Ohioans than it sounds. Hard economic times and easy access to credit cards have led many people, not just in Ohio, but all across the nation into a world of overwhelming debt that isn’t easy to get out of. The big question is how to settle credit card debt for good, and we know it can be a confusing and challenging one to answer. Making only the bare minimum payments on your bills won’t take you anywhere, since interest keeps piling up you keep paying, even end up paying more than you owe! To help guide you on debt solutions and whats available in terms of Ohio debt settlement, we’ve explained some of the options available below.
There are a number of options available for those drowning in debt and unable to pay. One of the first things that comes to mind is bankruptcy. However bankruptcy may not be a good fit for a lot of people because of its eligibility requirements first and foremost.
There are two kinds of bankruptcy that you can file: chapter 13 and chapter 7. To briefly summarize each of them, chapter 13 is also known as “The Wage Earners Plan”. This allows people in debt to create a plan with their creditors to repay the debt. Do note though that there are serious penalties for not fulfilling the plan. Its also important to note that not everyone is eligible for this, as you need to have a certain level of disposable income- something many people in debt lack in the first place.
Then there is chapter 7 bankruptcy, and this is categorized as ‘liquidation’. Here, all your non-exempt assets may be sold in order to pay back creditors. Your assets are held in the responsibility of a bankruptcy trustee who makes a cut from the sales, so you know he’s motivated. Also for chapter 7 bankruptcy you also need to have below a certain level of income. Some other indirect barriers to filing bankruptcy (both Ch.7 & Ch.13) include court filing costs, lawyer fees, time off work, and the long lasting implications on your credit score.
So if not bankruptcy, then what? There are a number of alternatives available, such as debt consolidation loans. These generally come in two types: secured and unsecured debt consolidation loans. Secured consolidation loans are backed against an asset of yours with equity, such as your home. On top of a longer repayment time, which could lead to over-payment, you also carry the risk of losing your home if you cannot continue paying.
Unsecured consolidation loans, like credit cards and payday loans, are the most commonly problematic with those already in debt. Although they are given without collateral, they usually come with very high interest rates and potentially various types of fees.
Another alternative? Debt settlement. What is debt settlement you ask? Also known as ‘debt negotiation’, the process involves a professional debt representative who negotiates directly with your creditors to reduce the total amount owed. This reduced amount is then paid off through funds which we help you save in a designated account. Many people have found success in reaching their goals of financial freedom through Ohio debt settlement. To see if this option works best for you and to get advice on Ohio debt settlement programs, speak with one of our professional and qualified staff who will take your unique situation into consideration .
When considering to settle debt through a debt settlement agreement, its very important to find the best debt settlement companies. Its important to choose from established debt settlement companies that are members of related professional associations and that have earned a good reputation with the many different third party business review services available nowadays.
CuraDebt not only has over 15 years of nationwide experience in all sorts of debt resolution programs, but is also a member of the International Association of Professional Debt Arbitrators, the American Free Credit Council, and the US Chamber of Commerce. CuraDebt has received zero complaints on HonestE and NetCheck, both ethical and integrity reviewing services provided for consumers. CuraDebt is also a proud member of the Online Business Bureau. And all these years of quality service have earned CuraDebt over 670 verified 5-star reviews on www.CustomerLobby.com, as well as over 100 5-star reviews on www.ShopperApproved.com.
When it comes to credit card debt settlement and debt solutions, CuraDebt is the name to trust. Speak to one of our qualified and experienced staff to see what options are available for you and how you can get back on your feet financially.