Getting out of debt is a great concern for Americans today. Those who suffer from extreme debt often feel like there is no way out of their situation, but the reality is that with careful planning even those in the direst circumstances can look forward to a debt-free tomorrow. There are many different options for people who find themselves with more debt than they can handle.
Budgeting and Self-help
In many cases, consumers can actually get out of debt on their own. It takes planning, hard work and dedication.
The first thing you need to do is design a realistic, workable spending plan. Debt Management Credit Counseling Corp. can help you design your budget with our free budget analysis. A certified financial counselor will help you analyze your income and expenditures to see where you can cut your expenses in order to get out of debt. This service is absolutely free. Please contact DMCC at 1-866-618-DEBT to speak to a member of our staff.
Debt Consolidation and Debt Management Plans
In the past couple of years, there has been a lot of talk about debt consolidation and what it can really do for indebted consumers. A debt consolidation company usually receives payments from a debtor and distributes the funds to the various creditors. This way the debtor only has to write one check a month, but still satisfies all of his creditors. DMCC offers a debt management plan (DMP) that combines debt consolidation of unsecured debt with reduced interest rates, lower monthly payments, and the elimination of fees from your creditors. Our certified financial counselors will assist you in designing a debt management plan that fits your specific situation. DMCC also offers a variety of free educational information and a financial literacy program that will help you gain the skills you need to make smart financial decisions. Please contact DMCC at 1-866-618-DEBT to find out how our program can help you get out of debt.
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. 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.
A debt settlement program involves hiring an attorney or company to negotiate with your creditors a reduction in your overall debt. Successful debt settlement programs result in you owing only a portion 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 help you identify a reputable debt settlement attorney or company. Call us at 1-866-618-DEBT for more information.
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.