Many people find themselves in a difficult spot when it comes to their finances. The age-old problem of managing bills, whether its credit card bills, medical bills, various types of loans or other financial obligations can cause people to become desperate for solutions.

Thankfully, there are many debt relief initiatives that can be extremely beneficial. With things such as consolidation of debts, debt settlements, managing your debt and in some cases bankruptcy, those who are in financial distress have options that they can consider. Click on one of the topics to learn more.

•Consolidation Programs
•Debt Settlement
•Debt Management
•Finding the Help You Need

Consolidation Programs

For many people having excessive debt through multiple creditors can create payment issues not only in having enough money to pay each bill, but remembering each bill that needs to be paid every month. One way to make it easier to pay your bills is by combining all of your debts into one monthly payment through a debt consolidation program. In most cases, the best option is to look for debt relief companies that offer these programs and see if you qualify.

Debt consolidation companies work with creditors to reduce your fees and interest rates. Also, once an agreement has been made with a creditor, you can expect the creditor to stop calling for as long as you make your agreed upon payments. Some consolidation companies will also work with other types of debtors, such as hospitals and utility companies as well.

Debt Settlement

On the surface, this may seem like a different type of consolidation plan, but in essence this is where a settlement company will negotiate with your creditors to actually reduce the balance that you owe for each of your debts. This type of financial assistance is most beneficial when it comes to people that have too many credit cards and can no longer afford to make minimum payments.

What this does is it also produces a single monthly payment for your debts. In addition, most settlement companies will negotiate to eliminate or reduce things like late payment fees and over the limit charges that are so common with credit cards. While not every creditor will work within a debt settlement plan, most will as it benefits both parties.

Debt Management

Debt management is one of the most popular methods and it is one that tries to get you to pay your debts off in a more comfortable fashion. Debt management is also known as credit counseling. Debt management is where an individual or a financial institution looks over your debt situation and devises a repayment plan for all of your credit card debt. In some cases, these counseling services will negotiate with your creditors to reduce interest rates and to remove late fees.

How debt management differs, however, from other debt services is that once your debt has been analyzed and a payment amount has been established, you make that payment to the counseling institution and they disseminate the payment to the creditors on your behalf. You will also be restricted from acquiring new debt while on such a plan.

Self-Repayment of Credit Debt

Self-repayment is known as debt DIY and it all depends upon you. This is where you make a comprehensive list of all your debts, prepare a budget and pay off the debts from smallest to largest as your budget allows. This is beneficial because you end up paying off your debts on your own, you don’t have to involve anybody else in your credit issues and you hopefully learn solid principles for budgeting money.


Bankruptcy should only be considered as a last resort. Whether you’re filing Chapter 7 or Chapter 13 bankruptcy, this is a step that you take when all other financial debt assistance has failed. Bankruptcy is regrettable because it is disastrous to your credit score and makes it difficult for you to get loans and credit in the future. If possible, try one of the other debt relief options prior to filing for bankruptcy.

Finding the Help You Need

The first thing you want to do is compile a list of different debt assistance or relief companies and check them out. Look for current or past client testimonials. In addition, you may want to check out how much certain financial assistance companies charge for their services. Some credit counseling services are often times free of charge, but certain consolidation or debt management companies work for you on a fee contingency.

Also, look for accreditation for the companies that you are considering. When you’re thinking about enlisting the help of a financial service company to help you out of your debt situation, you’re going to be offering up a fair amount of very important personal information. You’ll want to make sure that the company that you choose is as reputable as possible. One way to do this is to check if the companies are accredited or are certified by either the TASC or the IAPDA.

You may think that your debt is beyond the scope of anyone’s assistance; however, you need to remember that professionals can help. You might be amazed at what debt assistance experts can do at helping you work your way out of your financial situation, settle your debts and get your financial life back on track.

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