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YOUR OPTIONS
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Option #1
Do nothing at all, & continue to make payments directly to your creditors: A consumer making minimum payments on $25,000.00 in debt would take 31 years to pay off their debt & would pay 280% of the originally borrowed money assuming they never use their credit card again
NOT LIKELY!!
Option #2
Sign up with a “Credit Counseling Program”: Credit Counseling programs work for the creditors as an extension of their collection department. They have a pre-determined list of agreements to lower your interest or payments to a minimum acceptable amount. These new interest/payment amounts are commonly higher than your current amount. Some creditors will lower your interest to as low as 14% while others remain above 20%. The benefits are minimal & mainly help you organize yourself to make your payments ontime. Also, with credit counseling, as your balances go down, your minimum monthly payment to the credit counseling company remains the same which means more money is going towards the principle later in the agreement as opposed to just making your monthly minimum payments directly to your creditors which can take 30+ years. So, the key benefit to Consumer Credit Counseling is the management of your debt. There are minimal actual financial benefits.
Option #3
Choose Bankruptcy: Most people file for bankruptcy to escape from bill collectors. With our program, we offer a safe & sound alternative to bankruptcy. As with most people interviewed, surveys show a vast majority of people would rather not file bankruptcy. By enrolling in our program, our satisfied customers are able to avoid the bankruptcy mistake. In our experience, we find that consumers are best served by first researching their options before considering bankruptcy.
Option #4
Apply for a debt consolidation loan: If you are struggling with making your minimum payments, it is unlikely that you will qualify for this solution. If you do qualify for a consolidation loan, one of the worst mistakes a consumer makes is transferring unsecured debt into secured debt.
Option #5
Debt Settlement: Happily, we offer a unique program which settles your unsecured debt for pennies on the dollar. Negotiation of settlements on debt has been around for many years. It is a solution for a creditor to cut their losses. A creditor does not want to lose all in a bankruptcy. Your initial consultation with our debt consultant will help you explore your options further. We work with a number of affiliates to make sure you as the consumer are shown the options available to you. |
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