Debt Options

Everyone’s debt is different, so we encourage you to learn more about other options before you decide if our program is right for you.


Overview of Debt Options



Your Options For Tackling Your Debt

Everyone’s situation and goals are different, so we encourage you to learn about all options available to you for handling your debt. One of the below options should help you decide with program is best for you.



 
What Is It?
Pros
Cons
Credit Counseling A program that reviews your situation, sets up lower interest rates with your creditors and creates a plan to repay your debts.
  • One Monthly Payment
  • Lower rates and fees
  • No collection calls
  • Lenders may view you as credit risk
  • Overall debt not reduced
  • Credit card accounts closed
Debt Consolidation You take out one loan to pay off all of your debt. You make fixed monthly payments until it is paid in full.
  • One predictable monthly payment
  • Flexible terms
  • No credit impact
  • Need good credit
  • No reduction of debt owed
  • Results vary
Bankruptcy A legal process. Ch. 7 and Chapter 13 are most common options. Once BK is complete, your debt obligations are gone.
  • Debt obligation could be cleared
  • Creditors are not allowed to collect
  • Process takes 3 months to 5 years.
  • Significant, long-term damage to credit
  • Loss of all credit cards
  • Ch. 7 is difficult to qualify for
Do It Yourself Using various tools, you determine exact payment amounts needed to repay your debt in full.
  • Optimized payments
  • No required costs
  • No credit impact
  • Requires strict budgeting
  • Interest rates don’t change
  • No reduction of debt owed
Debt Settlement
(What we do best)
Arranged by a company, you make monthly payments into an account. The company negotiates with your creditors to settle the debts for less than owed. The debts are then paid in full from the account you deposited into, until the debt is resolved.
  • Significant savings over making minimum payments
  • One low monthly program payment
  • Faster than making minimum payments
  • Debt collection calls
  • Legal risk, impact to credit
  • Results vary



Carrying large amounts of debt is a very stressful situation – especially if you owe more than what you are earning every month. Whichever solution you decide on, just know that you are not alone. Millions of Americans are struggling with crippling debt, but not all of them are actively pursuing a solution like you are right now. Don’t keep it up! We’re here to help you understand the differences between all of these options, just give us a call. A Certified Debt Consultant will be happy to answer all questions you may have.




  • What is the best debt relief option for you?