Debt Management and Debt Elimination Can Give You Help Paying Off Debt
Over the last several years we have seen a massive growth in companies that offer people help paying off debt and help with debt management. This is because massive credit card debt has become a problem for millions of Americans, a problem that is illustrated by the average American household owing over $15,000 in unsecured credit card debt alone.
This is why there are so many companies out there today who are offering debt management solutions as a way to give consumers the help with debt that so many people are in desperate need of. When a consumer enrolls in a debt management program, the debt management company will close the customer’s accounts and restrict the account to future charges. Most commonly, you may have heard of these advertised as debt consolidation services. The debt management company will consolidate debt from multiple statements into one monthly payment. This payment will generally be less than the sum of the multiple payments a consumer was previously paying. Banks are more likely to accept a lower monthly payment from a customer working with a debt management company than if the customer was trying to negotiate on their own. Many times, the advertisements will say that getting debt reduction help from a debt management company can lower payments by 50%, but realistically you can expect a reduction of 10-20% in your monthly payments. If you have defaulted on a credit card account, you can face an interest rate of close to 30% which will make it seem impossible to pay off credit card debt. By using debt management programs to get debt relief, your rates can be lowered to 5-10% which will allow customers to become debt free in periods of 3 to 6 years instead of the 20 years or so it would take to pay off debt at a extremely high interest rate.
Another solution exists, though, if you are serious about paying off debt once and for all and begin living your life debt free. Debt elimination programs can eliminate credit debt overnight so you never have to make another payment again. Debt elimination is not like a debt management plan. It is not debt consolidation or debt management. It is not a debt settlement that can damage your credit rating and still leave you open to being sued by credit card companies. Debt elimination is just that: elimination. If you need are in over your head and feel like you will never be able to pay off credit card debt, you should consider a debt elimination program to help you eliminate your credit card debt
Consider debt elimination as a viable and legal alternative to time-consuming debt management programs. Visit debt management for more info, or call 561-282-9476 for more information.