The guidance of a debt professional who has dealt with numerous cases similar to yours can be quite reassuring in and of itself. An experienced representative in the service of a reputable debt relief agency can provide you with a list of tried-and-tested options that will best suit the particulars of your debt situation. You’re already deep in debt and your budget can’t handle additional expenses like late payments and increased interest rates.
People often think that getting professional debt help is an unnecessary expenditure, but the contrary can also be true. In fact, professional debt relief can actually save you money. You can lessen the amount you’ll need to spend to clear your debt. A professional debt relief agency can help you save money by:
- Reducing Your Debt’s Total Amount
- Bringing Down Interest Rates
- Paying Off Your Debts within the Shortest Amount of Time Possible
Many professional debt relief agencies offer debt settlement, a program that can potentially save you a substantial percent of the money you owe. Debt settlement entails negotiating with your creditors and asking them to forgive your debt in exchange for a one-time payment that is lesser than your total balance. If you owe $10,000, for example, debt settlement may allow you to clear the entire debt by paying only $6,000.
For debt settlement to work, your representative should have a good understanding of your creditors and how they can be persuaded to accept your offer. Getting a professional debt relief agency to represent you can improve your chances of success. Due to the nature of their business, it is highly likely that these agencies have long-standing relationships with credit card companies. As such, they’ll know how to conduct negotiations that will most likely end up in favor of their client.
High interest rates can easily cause your debts to double or triple in just a few short months. This situation can be made worse by giant late fees and various fines and penalties. Your debt advisor can make your debts more manageable by finding ways to reduce its interest rate or waive the fees, fines, and penalties you’ve incurred.
Your representative can do this is by giving you a heads-up on internal hardship programs offered by your credit card company on the down low. An internal hardship program affords you more time to pay your debt without burdening you with added or unreasonable fees. Should your situation not qualify for such a program, your advisor can direct you to other solutions that are specifically made to reduce interest rates and fees. This will help you meet your monthly dues in a more manageable manner.
Clearing your debts within a short span of time can help you avoid extra expenses in the long run. Depending on your situation, ability to pay, and financial goals, your advisor can help you find ways to pay your debts fast. A debt settlement program, for example, may allow you to be free of debt in just 24 to 36 months. Aside from negotiating with your creditors on your behalf, your advisor can also help you plan your budget so that you can meet your goals and deadlines without exhausting funds that are meant for essential household expenses.
In addition to helping you save money while paying for your debts, getting the service of a professional debt relief agency can also bring you peace of mind by reducing stress. Because the agency will take a lot of work out of your hands, you can focus more on making the next payment and devote more time to people whom you might have neglected while you were attempting to solve the debt problem by yourself.
To learn more about debt relief solutions and how to start living with financial freedom, contact CreditAssociates for a free consultation or use our Savings Estimator to see how much you could save.