It’s vital to know about how different debt repayment methods could benefit you. But as we all know… that’s easier said than done.
Many people don’t realize the huge amounts they could save with a debt repayment plan. That’s understandable. When you’re deep in debt it’s hard to look beyond keeping up with monthly payments. The problem is that it keeps those already in a vicious cycle debt that is designed to keep them exactly where they are – in debt and with no way out.
That’s why we’ve created a debt consolidation calculator. It can’t predict the future, but it can estimate how much money you could save using debt relief or debt consolidation. Knowledge is power. And becoming knowledgeable of the options open to you when dealing with credit card debt is the first step to breaking free from the chains of the misery of debt.
Our debt consolidation calculator can tell you exactly how much you could save. It can be tailored to your unique credit situation by inputting your amount of debt owed and your average interest rate. Using this information, the debt consolidation calculator can predict how much you have the potential to save with either debt relief or debt consolidation.
The amounts and percentages below are simply examples of debt relief we have achieved for our clients. They may not pertain to your unique situation or circumstances..
DEBT RELIEF AND
Not sure exactly what debt consolidation and debt relief means? You’re not the only one.
Debt consolidation is most helpful when you’ve got a lot of debt spread across multiple lenders. The varying interest rates and payment deadlines can be hopelessly confusing. With debt consolidation, these debts are unified under a single loan, simplifying things and creating a clear path out of the red.
Debt relief is slightly different. With debt relief, you seek to negotiate a lower debt amount with your creditors. Why would they agree to this? Well, if you’ve got a large amount of debt that is unlikely to be repaid, this becomes a ‘bad loan’.
Bad loans are usually sold by creditors at discount rates. If you can agree on an amount that is more than the potential sale price, but lower than the original debt burden, you can reach a mutually beneficial deal that reduces your overall debt.
These methods help thousands of people break free from debts that they previously had no hopes of ever escaping. That said though, they’re not without their downsides. Indeed, both methods may negatively affect credit scores.
Those in debt need to take time to carefully consider the outcomes of the different debt repayment options. For many, the potential harm to their credit score is more than worth it for the chance to finally rid themselves of the burden of debt.