– Julio Maldonado, one in a million, Brian H. - Media, PA 
The problem with this option is that it does nothing to improve the situation. If you are paying just the minimum payments on your debt, then 90% of what you pay each month is going towards the interest. It will take you almost 10 years to pay off that debt. Here’s an example:
If you owe $15,000 in total unsecured debt, and you are making $300 payments each month, it will take you 9 years to pay off that debt and you will end up paying over $17,000 in just interest. Thats $32,000 total for just $15,000 debt.
And that is if you make all your payments on time and make the minimum monthly payment each time. If you miss a month, or can’t pay the minimum, or need MORE credit then you are going to be paying off the debt for even longer.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
Hoping for a miracle to happen is not a good strategy for anything. This is really just a delaying tactic to avoid having to face your problems and look for a real solution. The sooner you come to terms with that and look for a solution for yourself, the sooner you will be able to face your problems and come out ahead.
And for the record, the odds of winning the lottery are 1 in 175,223,510.00, so the chances of this being your way out of debt are almost 0. You would be much better off if you chose a plan that is proven to have worked.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
There are two kinds of bankruptcy: Chapter 7 and Chapter 13.
In Chapter 7 Bankruptcy, the court appoints a trustee to sell off most of your assets and uses that to pay off your debts. Once this is done your debts are considered canceled and you no longer owe anything to the creditors. However it will still show on your credit report for 10 years, and it is becoming harder and harder to qualify for Chapter 7. Much more common is to file Chapter 13 Bankruptcy.
In Chapter 13 Bankruptcy the banks simply tell borrowers that they must pay back some or all of their debts to all unsecured lenders. Repayments under Chapter 13 can range from 1% to 100% of the amounts owed to unsecured creditors, based on the ability of the debtor to pay. Repayment periods are 3 years (for those who earn below the median income) or 5 years (for those above), under court mandated budgets that follow IRS guidelines, and the penalties for failure are more severe.
Basically you will end up paying most or all of your debt, under more threat and stress of not making a payment, and it will STILL be on your credit report for 7 years.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
A non-profit debt consolidation program (also known as a debt management program, credit counseling program, non-profit credit counseling program) is a creditor sponsored program that has been advertised as helping individuals who are falling behind or having "trouble" paying their minimum payments each month. To qualify for this program, typically the individual with the debts has to make at least a 2% minimum payment each month plus a fee to the credit counseling agency. The credit counseling agency in turn makes one payment to the creditors each month. In the past, creditors would lower the interest rates a lot (even to 0%), but in recent years, the creditors do not lower the interest rates as much, some do not lower them at all, and some do not even work with non-profit debt consolidation plans. Also, on this program, if one payment is missed or late, the creditors may kick the individual out of the program.
The credit report still shows that a third party (the debt consolidation credit counseling agency) as paying the accounts. While interpretation is different from one lender to another, some lenders equate the credit rating on this program to a chapter 13 bankruptcy.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
If you are looking at a debt consolidation loan secured by your home or property, you are taking on an added risk of losing your home. Additionally, this type of loan adds additional fees which just increases the debt more.
If you use a home equity loan, line of credit or cash-out refinance to consolidate your debts, recognize you are guaranteeing the loan with the pink slip to your home. It may seem like a good idea--especially with today`s incredibly low interest rates, but you`re going from unsecured debt to debt that`s secured by your most important asset: your home. If you default on the loan, you`re at risk of foreclosure--just like if you defaulted on your original mortgage.
A recommended solution is to see if you qualify for a debt relief program where you can get the benefits of a consolidation loan with additional financial savings and without the risk of losing your home.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
Credit card companies know that consumers compare interest rates (APRs), so they frequently offer very low APRs, often on balance transfers. The very low APR applies for only a few months and is followed by a very high APR afterwards. If you still have a balance outstanding when the low rate ends, the high rate applies to the balance as well as new transactions. You may lose the low introductory rate even sooner, for example, if your payment is even one day late. Check the company`s disclosures of terms and conditions to see if the APR is an "introductory" rate and, if it is, how long it lasts. If you get a card with a low introductory rate, be sure you can pay it all off before the higher rate kicks in.
Example: Doug fell into the low-interest-rate net that a lot of credit card companies cast. "I was so happy to get the card, I missed the fine print that my interest rate would go from 3.5 percent for 6 months all the way up to 27 percent after that! I had four cards with the same excellent initial rate, and transferred balances from my other cards to all of them. I was fine for the initial months, but once the interest rate jumped, I had no way to pay them off. I wished I had considered a different debt relief solution instead of doing balance transfers."
Additionally, if you do a balance transfer, your debt relief options are limited because with the new credit card, the payment history starts again from zero. If you are unable to pay the new loan, there is a potential that you could be sued for fraud (due to taking out a debt without intent of repaying). Laws against fraud vary from state to state, and can be criminal or civil in nature. Criminal fraud requires criminal intent on the part of the perpetrator, and is punishable by fines or imprisonment.
A recommended solution is to see if you qualify for a debt relief program where you can get the benefits of low interest rate APR transfers with additional financial savings and flexibility.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
While the idea seems attractive, the fact is that most new personal loans (especially peer-to-peer loans) change an initial fee plus interest payments. One peer-to-peer lender that we reviewed charges 2-5% of the loan balance initially and then 10-29% interest rates depending on your credit score. With these additional fees, the potential savings is very limited.
Additionally, if you get a peer-to-peer loan, your debt relief options are much more limited if you need flexibility in payments. Many of these lenders will not take into account your financial hardship, choosing instead to immediately sue you.
A recommended solution is to see if you qualify for a debt relief program where you can get the benefits of peer-to-peer loan with greater flexibility and financial savings.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
You are lucky to have loved ones, friends, or family who have money and are willing to help you with your financial challenges.
You have one option: ask the individual to pay back 100% of your current debt. The individual who is close to you likely worked very long and hard to accumulate this money. Potentially, later in life they may need the money and could be short because of their having paid off your debts. Do you feel right asking them to pay off all your debts? If you truly appreciate them, wouldn’t it be better to ask them to pay back a fraction of what is owed?
Your second option: you enroll in a debt relief program, wait until the accounts are on average, 5-8 months delinquent to get the best reductions. Then get the loan and pay off everything in a lump sum. We provide a referral to a credit restoration company after you finish (minimum $15,000 of debt) that is top rated to challenge marks since your accounts would be paid as settled now. Let’s say that your debts are $20,000 and your payoff is $12,000 (these will vary; this is just an estimate). Now you’ve saved your friend $8,000! If you were helping a friend, would you want them to ask you for $20,000 or $12,000? Which would make you appreciate the person more?
Your credit is already affected by the amount of unsecured debt that you have. Also, part of your credit score is based on the your ability to pay back a new loan. In the example above, if your friend gifted you $8,000 and the debt was resolved for $12,000, you could then buy most things in cash, thereby not having to rely on credit (and likely have the same problem again in a few years). By your family or friend helping you with some cash to live on a cash basis instead of a credit basis, this would solve the problem instead of just putting a band aid on it.
If you are considering a loan from friends or family, then see if you can show your appreciation for their willingness to help you by reducing the debt first and then paying off the reduced amount
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
Depending on your state of residence, and your financial profile, we have an option where a lender gives loans to pay off a reduced balance. Would you like to pay back your full balances with interest or a reduced balance?
How it works is simple:
1) You enroll in the CuraDebt debt relief program and makes 6 months + of payments toward the program.
2) We submit your file to the lender for approval.
3) If approved after 6 months, then the lender loans the amount of the reduced balances in a lump sum and your are finished with the program. Your only payment would be to pay back the loan. The accounts are all settled in full.
Get more information to see if you might qualify for a loan to pay back the reduced balances.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
In debt settlement, agreed to reductions are negotiated based on your monthly savings or 'payment' with the goal of saving money off the balances and getting your debt resolved in the shortest period of time for the greatest savings.
What happens is that you are putting money each month in a special savings account, and once a portion of your debt is saved up, the debt settlement company will negotiate with the creditor to accept the lump sum payment in order to cancel the debt. The amount varies for each creditor and for the amount of debt and length of time you have been paying. However usually the creditor will accept a payment that is significantly less than the total debt amount as this is a better option for them than bankruptcy.
The amount of time to pay off the debt this way is also much less than if you just make the minimum monthly payments as all the money you save goes to paying off the debt and not to paying just the interest.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.
Sometime out of desperation people look at other alternative methods to try and get out of debt. Usually these are poorly thought out and end up costing the person much more than they originally anticipated. By looking for a quick solution, without doing any research, people end up paying the consequences. This is usually a result of desperation from getting so many collection calls, but despite how intrusive and annoying those are, one must do their research first before trying any solution and look at all the possible outcomes.
Can CuraDebt help you with your debt? To find out, Click to Call 1-877-850-3328.