You’ve been hearing about debt help services popping up left and right lately, but do you really know where to turn? It can be confusing to figure out which organizations are legitimate, and which are just out to capture your money. But here s the thing: Real debt help isn’t easy or immediate. And like any get rich quick scheme, you ought to be wary of anybody who assures you that you can solve your money troubles with a few phone calls to their office. (Debt did not become your way of life by accident, so it will take some time for you to get back on your financial feet again.)
The good news is that there are some decent debt relief services available, and they aren’t all scams. When you are seeking professional help, keep these things in mind: Legitimate debt help organizations provide debt consolidation loans, and they won’t charge you an arm and a leg. Real debt relief services are non-profit organizations, and they don’t make ridiculous claims about their services. If the company doesn’t have contact information on the Internet, then you know that it’s bogus. Stay away from those!
If real debt help is what you need, then you’ll want to check out your local credit union, bank, or consumer-oriented nonprofit organization. These types of institutions tend to have extensive networks that can aid you in the majority of instances. They also will have debt counselling programs that can help educate you and give you suggestions on how best to manage your current debts.
These types of institutions can be found in many places, and you may be able to ask for a referral to one if you so choose. For smaller debts, you may be able to get a free assessment of your financial situation to determine what your options are. If you are struggling with more than one large debt, it is important to look at your options before asking for debt help. There are many people who struggle with even one large debt and feel very overwhelmed by their problems, but there are solutions out there for you.
Your best option may be to set up a repayment plan with your creditors. This debt help solution involves setting up a monthly payment that you can afford to pay, and then making your monthly payments to your credit counselor. The credit counselor will work with your creditors to lower your interest rates, reduce your balances, and in some cases, even eliminate your balances altogether. This will leave you with one small monthly payment that you can afford. If you follow this plan over time, you will be able to gradually pay down your debts and gradually rebuild your credit score and reputation.
If you would rather skip the credit counseling part, you may want to look at obtaining a debt consolidation loan. When you get a loan, your interest rates will be lower than if you were just paying on your credit cards. Your payment will go towards paying off all of your debts, leaving just one payment that you can afford. If you do not have a lot of debt, this may be your best option. Remember, if you are looking for debt help, you need to consult with your credit counselor to find out what your options are.