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Debt Help

The type of assistance you require will depend mostly on the type of accounts you owe and your specific situation. For credit card debt and other unsecured bills like collection accounts, personal loans, and hospital bills, you can choose from the following options:

Debt Consolidation Programs

Also known as credit counseling, these are payment plans typically offered by non-profit agencies that aim to lower your interest rates and have you debt free in four to six years. As an initial first step, your counselor will do a budget analysis and determine whether your can your debts back yourself or if a debt management plan (DMP) is more appropriate for your situation. Simply fill out a form now for a free consultation!

Debt Relief Companies

Another option that is available for people is debt settlement. These services aim to settle your debts for less than you owe and when successfully completed, it is possible to get out of debt in as little as 12 to 36 months. The savings potential in debt settlement is more substantial than credit counseling, but there are other risks associated with this option, such as a likely credit score hit and the potential that one or more of your accounts wonâ€™t settle. To speak with someone more about this option, submit a form now! Get absolutely free and useful advice today!

Filing Bankruptcy

A last resort for many consumers, bankruptcy is certainly an option. Keep in my mind, however, that Chapter 7 bankruptcy stays on your credit for at least 10 years, and although Chapter 13 only stays on your credit for seven years, you still have to pay at least part of the debt back to your creditors. The advantage with filing bankruptcy of course is that you can eliminate your debt completely and for less than your other options for debt help.

Debt Consolidation Loans

With this option, you take out a loan, presumably at a lesser interest rate, to pay off all your other bills. Usually consolidation loans are taken out against some piece of property, most often your home, through a mortgage refinance or home equity loan, but there are unsecured consolidation loans, although they typically come with a higher interest rate.

Get Out of Debt Yourself

Getting out of debt on your own involves preparing a budget, setting a goal or timeline for when you would like to be debt free, and then making the necessary sacrifices to ensure it actually happens. For those who have manageable debt loads, but just need to be better disciplined about paying off their credit cards, doing it yourself is always the advisable solution.

What is in your credit report

A credit score and credit report are two different, albeit related, things. Credit scores—commonly known as FICO scores—are numerical values that rate one’s current creditworthiness. In the United States, credit scores typically range between 300 and 850. A credit report, on the other hand, is a more comprehensive loan dossier. Identifying information is not calculated into a credit score, but is found on a credit report. Read More >>

Lowering Credit Card Balances

Significantly lowering your credit card balance can be like coming from behind to win the Super Bowl. If you are thousands of dollars in credit card debt you may look at the score board and think there is no way out. But think about some of the greatest comeback football games you’ve seen and you’ll know there is always hope. Read More >>

Credit Companies are Hurting Your Credit Score

Just when you think you've got the calculation of credit scores figured out... you discover that credit companies can actually hurt your credit score – and it's not what you are probably thinking. Of course, if you don't make your payments on time, a creditor can report you as 30, 60, 90 or 180 days late which will eventually decrease your FICO score, particularly if you make a habit of making payments late. But creditors can also decrease your credit score through no fault of your own. Read More >>

What You Don't Know Can Hurt You: 3 Financial Mistakes that Lower Your Credit Score

Just about everyone understands if you pay your bills late or skip a payment all together, your credit score is going to be lower than someone who always pays everything before it's due. There are some other financial mistakes that may not be as well known, but that will also cause a lower credit score. When talking about your financial situation, what you don't know really can hurt you – here are 3 financial mistakes you need to avoid: Read More >>