Are you in deep with student loan debts, credit cards, car loans, or any other type of debt? Are even the minimum monthly payments getting too difficult for you to keep up with? Then you are likely a candidate for the best credit card debt relief programs. You have a variety of options, including debt settlement, management, negotiations, consolidation, and even bankruptcy. At the very least, counseling might be ideal.
Who is debt relief for? You might seek a relief plan if you really feel as if there is no hope of repaying all of your unsecured debts, and don’t think it’s possible to continue making payments every month. Also, if the total you owe on unpaid unsecured debts equals at least half of your gross income. Keep in mind that debt relief isn’t going to be a pain-free fix. You are likely going to experience a hit on your credit scores. But if you’ve been struggling to make payments, then your scores have probably already gone down anyway – or are in the process of it.
It can take years to recover – especially if you are facing bankruptcy. The best credit card debt relief company will evaluate your case, all of your debts and finances, and help you come up with a plan that is best for your circumstances. They might also be able to work out a deal with your creditors to help reduce interest rates, or allow you to only pay a portion of what you owe.
Debt Management With the Best Credit Card Debt Relief
A debt management plan will often allow you to pay off your unsecured debts (usually credit cards) in full, but with waived fees or at a reduced interest rate. You will be required to make a single payment each month to the counseling agency, which will then distribute it in an ideal manner among your creditors. This isn’t the same thing as a consolidation loan, which might also be something you’ll want to look into.
The good thing about a debt management plan is that your credit score might not be affected too badly – if it is at all. However, closing the accounts after paying them off can hurt your scores, but you’ll be in a better position to recover quickly. Needless to say, failing to make payments to your credit management agency WILL hurt your credit and make it difficult to apply for more credit later on.
What about fees for being involved in a debt management or relief program? ONLY choose a service that will charge you no more than 20% for an in-house program, and with the option of working with a network of attorneys.
You should be given a free savings estimate before even having to sign anything. One reputable company that has a really high rating and positive reviews is CuraDebt. You can get a free savings estimate and a viable solution tailored to your needs. CuraDebt really is considered to be the best credit card debt relief company.