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What
are my options to get out of debt?...continued
Debt
Consolidation Loans
With a debt consolidation loan, a lender will give you a loan
for an amount that will pay for all of your unsecured debt.
The loan may or may not have a lower interest rate than what
you were paying to all of your individual creditors. Although
DMCC does not offer debt consolidation loans, we can help you
find the right way to get out of debt. DMCC works with several
mortgage lenders with special programs for consumers enrolled
in a DMP for a minimum period of time. If our DMP is not your
best option, our certified financial counselors will help you
find someone who can help. Call DMCC today at 1-866-618-DEBT
for more information about your options to get out of debt.
Debt Settlements
A debt settlement program involves hiring a debt negotiator
to negotiate with your creditors and achieve a significant reduction
in your overall debt. Successful debt settlement programs result
in you owing only a fraction of your original debt. However,
this settled amount usually must be paid in one lump sum payment.
Debt settlements can also hurt your credit history and subsequently
your credit score. Unless otherwise negotiated, settled accounts
are not considered “paid in full.” The negative
information will stay on your credit report for 7 years. DMCC
can help you analyze your financial situation to find out if
a debt settlement is right for you. We can also refer you to
a reputable debt settlement company. Call us at 1-866-618-DEBT
for more information.
Bankruptcy
People who face severe debt delinquency may consider bankruptcy
as a viable option. All collection activity will cease from
the time an attorney represents a client or when the initial
bankruptcy papers have been filed. Bankruptcy is a serious decision.
DMCC can help you decide if bankruptcy is the right option for
you and may be able to offer you alternatives to avoid it. Call
us at 1-866-618-DEBT to speak to a certified financial counselor
about your situation. We strongly recommend that you also speak
with a bankruptcy attorney if you are considering this option.
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