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4 Signs You Should Consider Debt Relief

4 Signs You Should Consider Debt Relief

Many Americans are suffering from debt. Whether it’s due to job loss, unexpected expenses, medical bills or just plain bad spending habits – they have overspent and are unable to pay back the debt they have accrued.  Many of these people tend to pay only the minimum amount due every month. They do not seem to consider that next month the added interest and (in some cases) late fees will be tacked on, meaning the amount they have to pay back will steadily increase even though they think this is what is required to pay off the balance.

We aren’t just talking about credit card debt, as there are numerous types of debt, and not all of it is bad.  What you do need to know is whether your debt is manageable or not. If you do notice your debt is not manageable, there are several Personal Debt Solutions available to help you resolve the debt with the best program being Debt Relief. (Karina Fabian, (2017)

If you are unsure of your debt situation and if it is manageable, don’t worry we are here to help! We have compiled four signs that will help you identify if you are a proper candidate for CreditAssociates debt relief program.

Sign 1: Most Of Your Income Goes Towards Paying Debt

You earn a decent amount every month, but once you have paid all the bills and made your credit card debt payment the amount left is not ideal.  In a lot of cases this scenario is due to over-leveraging the credit you can afford. Add on any late fees and interest and the amount you could originally afford to pay on the debt is no longer enough. Now it seems almost impossible to pay the debt back sometimes making choices between delaying payments, holding off on bills, or limiting household expenses.  At this point you are now at the point that paying the monthly minimum payment will continue to leave you completely trapped in the debt. (Carl AAmodt, (2017)

Sign 2: Unable To Afford The Minimum Payments

One of the most urgent signs that you need the debt relief is that you have trouble simply paying the monthly minimum amount. This could be due to:

  • You had some extra bills come in
  • You are over-spending and not budgeting your expenditures
  • The interest rate and late fees on your personal debt have increased to such a high level that you cannot consider paying off the minimum payment.
  • Any combination of the above

This is the time things can get scary. If you have reached this point your creditor(s) will have the authority to file a legal case against you. It is better that you look for a solution like debt relief before it is too late.

Sign 3: No Chance For A New Loan

When it is apparent that you are trapped in a downward debt cycle, you may be unable to qualify for another loan except from the riskiest of sources.

A lot of times people in this situation turn to Payday Loans. While it can be easier to get that first payday loan since they do not check credit scores, the reality is between the interest rate and the opportunity for default you are most likely digging yourself into a deeper debt spiral. 

Sometimes people at this point try their luck with a bank loan or private creditors.  The same perils arise here as with payday loans – and that is only IF you are approved. If you have not been able to manage your finances and lower your debt before going to outside loan sources, the chances are pretty high that these solutions may cause more pain by increasing your debt load.

If you are considering or already in one of these scenarios, we highly suggest you look into debt relief before you take another step. Certified Debt relief counselors and related programs have a long track record (100s of thousands to date) of helping people clear up their debt and maintain strong financial security moving forward.

Sign 4: Your Savings Account Is Empty

Many people open a savings account in order to save extra money for future use, as a safety net, or maybe to pass on to their children.  In a number of cases when individuals become trapped in debt, they see their savings account as a possible ticket to debt relief. This might be a possibility if the debts can be covered by the amount in savings. However, in most cases the debt owed is not relieved by the amount saved.  When you have drained your saving account to pay back debt and there are still several payments that need to be made to make the debt whole, it most likely means it’s time to contact a debt relief specialist like CreditAssociates. (Karina Fabian, (2017)

Personal Debt Solutions

If you fall into any of the scenarios presented, it is important to apply for a debt relief program as soon as possible. Debt relief professionals will listen to your issues and the financial problems that you are going through. They will present your case and a plan to your creditors for paying back the debt and typically achieve a solution that works for you and the creditors. Together this solution will allow you to pay affordable monthly increments that will help you achieve debt freedom in 24-36 months depending on the total amount that you owe and save you 40-60%.

© CreditAssociates, LLC, 5050 Quorum Dr., Suite 700, Dallas, TX 75254 • 2018 All Rights Reserved. Not available in all states, including New Jersey. Where applicable, CreditAssociates will refer you to an accredited service provider who can provide the debt relief services you need.