Debt Relief Solutions

You can be debt-free in 24 to 36 months.

You have debt relief options. We have the right solution for you.

When you have a lot of credit card debt, there are a lot of companies offering a wide range of options to help you. As you do your research, you’re probably asking yourself two questions:

  1. What are the different options?
  2. Which one is best for me?

Let’s take a look at 4 of the most common debt relief options.

  1. Credit Counseling
  2. Debt Management
  3. Debt Consolidation
  4. Debt Settlement

Credit Counseling

When you’re struggling to keep up with all your bills, credit counselors advise you on your debts, maintaining a budget with your current income and provide money management seminars.

When you have a lot of debt and you’re looking for a way to get out of it, the term “credit counseling” will pop up frequently when you’re searching. While you may be familiar with the term, you may not know what it really is.

Credit counseling is basically what it sounds like—counseling about how to handle your credit. Counselors will educate you about how to repay your debts, set budgets and manage your personal finances, commonly set up as 0ne-on-one sessions that are customized to your unique situation.

To make that happen, the credit counselor will look at all the financial information you provide, help set up a new budget that considers your income and expenses and plot a debt repayment plan. In some cases, you can get a lower interest rate on some debts that have been pre-negotiated with your creditors.

Despite lower interest rates, credit counseling does not reduce the original amount of the debt you owe. It helps set up affordable payment plans with a schedule for repayment.

And keep in mind your current credit card (or revolving credit) accounts will be closed to new charges. Plus, credit counselors expect you to avoid opening new credit cards or taking on additional debt while in the program—most plans last 36 to 72 months.

Credit counseling could help you from becoming delinquent and keep creditor collection calls and letters from starting. And it might be an option if you can afford the minimum monthly payments or your debts aren’t too large. However, if you’re struggling to make your minimum payments or worry that you’ll have to pay even more each month, credit counseling might not be the best choice for you.

Debt settlement might be the solution you’re looking for.

The experts at CreditAssociates, and our expert Debt Consultants have helped over 190,000 clients just like you during the 12 years we’ve been in business. In fact, we’ve helped settle more than $1 Billion in debts.

Debt Management

Debt management is one way to pay off your unsecured debt with creditors over a specific period of time. Your debt amount does not change, you’re simply granted an extension with a pre-agreed upon payment plan.

Debt management isn’t a loan. A debt management plan often strategically advises you how to successfully manage your current debt load.

A debt management program or debt management plan (DMP) is designed to help you pay off multiple creditors with one monthly payment.

Enrolling in a DMP usually includes a fee, and it sets up monthly payments to your credit counseling agency who then pays your creditors. Unlike a debt settlement, a DMP doesn’t settle your debts for less than the original amount. Plus, your monthly payment to the credit counseling agency could be as high or higher than your monthly minimum payments had been.

To set up a DMP, a credit counselor reviews the financial information you provide, helps you create a budget that takes into account your income and expenses, and plots a debt repayment plan. In some cases, you can get a lower interest rate on some debts that have been pre-negotiated with your creditors.

Despite lower interest rates, a debt management plan does not reduce the original amount of the debt you owe. It helps set up affordable payment plans with a schedule for repayment. That means the banks are still making as much money from the interest they’re charging you as they can. Plus, your monthly payment to the credit counseling agency could be as high or higher than your monthly minimum payments had been.

So, your monthly anxiety about making it from paycheck to paycheck might get worse before it gets better.

You should also keep in mind that your current credit card (or revolving credit) accounts will be closed to new charges. In addition to closing all your accounts, credit counselors expect you to avoid opening new credit cards or taking on additional debt while in the program with most plans lasting from 3 to 5 years.

Debt management could help you from becoming delinquent and keep creditor collection calls and letters from starting. And it might be an option if you can afford the minimum monthly payments or your debts aren’t too large. If you’re struggling to make your minimum payments or worry that you’ll have to pay even more each month, debt management might not be the best choice for you.

Debt settlement might be the solution you’re looking for.

The experts at CreditAssociates, and our expert Debt Consultants have helped over 190,000 clients just like you during the 12 years we’ve been in business. In fact, we’ve helped settle more than $1 Billion in debts.

Debt Consolidation

Consolidating is a type of debt refinancing. Instead of having multiple debts to pay off in multiple places, debt consolidation loans offer you one loan to pay off many others. Typically, debt consolidation loans require a higher credit score to be approved.

If you’re making payments each month on multiple high-interest unsecured debts like payday loans, credit cards or medical bills, debt consolidation may be an option to consider. It’s one way to consolidate payments to multiple creditors into 1 monthly payment. To cut the number of payments you make from several to 1, you’ll get a debt consolidation loan or a personal loan. Then you’ll use the loan to pay off your current creditors and begin making a single monthly payment to the new lender.

Making one payment can be more convenient and could save you over the long term if the interest rates remain lower. If the rates are a variable APR rather than fixed, the interest rates could rise significantly over the course of the loan and with a larger overall balance that makes a big difference. So, as you think about debt consolidation, consider all the terms of the new debt consolidation loan, and the overall costs.

You should also know that some loans require collateral.

Home equity loans and lines of credit, for example, are secured by the equity you have in your home. That means you’re turning unsecured debts into secured debts. In the case of a home equity loan or line of credit, if you fail to repay on time and in full, you could lose your home. That’s a lot more risk for you to take on in exchange for a lower interest rate from the lender.

When you don’t have collateral such as a home or car, some lenders will offer an unsecured loan. Those loans typically have higher interest rates. And a high interest rate on a large amount of debt adds up very quickly. If the repayment schedule is stretched out over years, that is a lot of extra money you’re paying when all is said and done.

When you take a debt consolidation loan, you’re not really paying off your debts. You’re just replacing your existing debt with a new debt. It might be worth considering if you have a lot of debt you’re paying to multiple companies. But you’ll need to qualify for an interest rate that is much lower than your current rates, and you’ll want to make sure you pay on time each and every month to avoid any additional penalties and fees.
If you’re already struggling to make your minimum payments or worry that you’ll have to pay even more over the life of a debt consolidation loan, it might not be the best choice for you.

Debt settlement might be the solution you’re looking for.

The experts at CreditAssociates, and our expert Debt Consultants, have helped over 190,000 clients just like you during the 12 years we’ve been in business. In fact, we’ve helped settle more than $1 Billion in debts.

Debt Settlement

When you’re struggling with high interest credit card or other unsecured debts, debt settlement could be the right solution for you.

We’ve mentioned debt settlement several times. So you may be asking, “What is it?” You may have heard debt settlement called debt negotiation or debt resolution.

Debt settlement simply means you settle your debt for a lot less than your outstanding balance. Even though the idea sounds simple, to maximize your savings it is always best to work with a proven and reliable debt settlement company. With some debt settlement companies, such as CreditAssociates, you could be debt-free in as few as 24-36 months.

Debt settlement companies offer a program where you can make monthly deposits into a savings account. These deposits are typically much lower than the minimum monthly payments to the credit card companies. Your account is then used to help negotiate settlements with your creditors for far less than your outstanding balances.

When you decide to start a debt settlement program, you should know that it will take several months before creditors are ready to settle debts for less than the outstanding balances. Once you have enough savings in your account, a Debt Settlement Specialist will negotiate with your creditors to settle for less than the outstanding balance of the debt

In those first few months, you will likely receive collection calls and letters. That’s actually good news— it means the program is working! Each day, your creditors are getting closer and closer to accepting settlement terms that are favorable to you.

Once a settlement is reached, you pay off the lower debt amount and save the difference. And that’s one step closer to living a debt-free life.

Please keep in mind that debt settlement is not a solution for secured debts like a mortgage, auto loan or home equity loan. For those types of debt, you’ll need to consider other options such as debt consolidation or credit counseling to help you get the debt-free life you want.

When you’re struggling with debt, a lower monthly payment combined with a plan to help you budget and resolve your debt in 24-36 months could be the best strategy for you. And CreditAssociates is the team that can help you start immediately.

The experts at CreditAssociates have helped over 190,000 clients during the years we’ve been in business. In fact, we’ve helped settle more than $1 Billion in debts for clients just like you.

Getting help with credit card debt is easier than you think
Getting help with—and getting out of—your credit card debt is easier than you think. Thanks to our team of debt experts at CreditAssociates, we help thousands of people just like you settle their debt for a fraction of what they owe each and every month. Talking to one of the expert Debt Consultants at CreditAssociates could be all you need to get the help you want with your credit card debt and start your debt-free journey. We help people just like you get out of high-interest credit card debt every day. In fact, we’ve settled over $1 Billion in debt for our clients.

There is simply no better feeling in the world than living a debt-free life, and we take pride in turning people’s financial futures around for the better. The only question left to ask is, are you ready to take control of your credit card debt once and for all?

How CreditAssociates can help

Start by picking up the phone and giving us a call for your free consultation. One of our Debt Consultants will give you the details of the program and see if you qualify. Once you’re approved, you will be up and running with your very own savings account and a 24-36 month plan to become completely debt-free.

Starting on day one of your plan, we get started implementing your 24-36-month plan to get you completely debt free. Our experts are available around the clock to answer your questions every step of the way, and you’ll always be able to access your Online Account via the web or mobile app for assistance and guidance 24/7.

© CreditAssociates, LLC, 5050 Quorum Dr., Suite 700, Dallas, TX 75254 • 2019 All Rights Reserved. Services not available in all states, including New Jersey. Where applicable, CreditAssociates will refer you to an accredited service provider who can provide debt relief services you need.