Here is a simple truth about the lending and borrowing relationship- it is always characterized by a single factor: Risk.
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Here is something the banks just don’t want you to know about money. Money is a lie. It’s totally fictional. There was a time….a little over 40 years ago, when your dollar was technically worth something in gold.
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Yes, maybe there was a time before you were grasping for debt solutions, where using your credit card was still okay. Now, if you are deep in debt…then no matter what your reasons are, you should stay away. Here are some of the popular myths behind using your credit card:
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Credit Card debt is a sad fact of living in America today. A lot of people decide to take debt solutions into their own hands and pursue credit card settlement. The situation goes like this: Joe Citizen sees he has 15 years left of making minimum payments…and decides to find an easier way out.

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It can be incredibly overwhelming to look at your debt and say “how am I ever going to do this?”

Well debt solutions don’t come easily, but they do come.

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If more families had the “debt” conversation with kids, maybe this country would be better off right now. I mean in the last twenty years kids have grown up on a pink cloud. Only now, in post-recession America, are 18 year olds seeing the value of skipping college and going to technical school.

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Now someone on a a debt settlement company’s blog, might be surprised by this statement. That’s because they are used to these blogs constantly promoting debt settlement as “the only option.”

The truth is, our industry is full of companies that hurt the consumer tremendously.

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1) Count your blessings: Close your eyes. Within 2 blocks of you, there is a family living off of sixty-five percent of your income right now. It’s a statistical miracle if there isn’t. HHow do they do it? Think debt solutions…take just a small piece of that, ten percent, and devote it towards an emergency slush fund. This will help you out during a rainy day.

Be extremely diligent about this. When each check comes, take out ten percent and put it in a savings account. Don’t make excuses!

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Debt Negotiation Programs exist for cardholders who cannot afford their required minimum payments and who cannot afford the DMP monthly payment. A person who is enrolled in a Debt Negotiation program is not making monthly payments to the creditors. Instead, they are adding funds to an escrow account on a monthly basis.

These funds are building and are used to pay off debts, one debt at a time. The debt balances are negotiated down to about 50% of the original debt and then paid off. Therefore, a large portion of what the cardholder owes is forgiven. This is called a settlement. Until the cardholder settles all debts, their credit rating does reflect the delinquencies and the cardholder may experience collection calls.

This is the typical experience for anyone who can no longer afford their minimums. The typical Debt Negotiation program length ranges from 18 to 32 months. The Debt Negotiation program is considered the option to choose before filing bankruptcy. It may be the most popular program at this time. If your goal is to pay off your delinquent debt as quickly as possible while saving as much money as possible, this option may be for you.

If you would like to talk about how we can settle your debt click here.

Debt Management is an option for people who are able to pay the monthly minimums payments required by their creditors but they find it very difficult. Their situation isn’t terrible but it is very tight. In a Debt Management Program (DMP), Creditors are asked to lower the cardholder’s interest rates so that more of the payment goes toward principal and less toward interest.

The Creditors may even lower the minimums a little bit. In this program, the DMP sends a proposal to the creditors requesting lower interest rates. The cardholder then makes a monthly payment to the DMP who in turn disperses the funds to each Creditor each month.

Since Creditors are receiving a payment each month, the cardholder should not experience annoying collection calls and the negative impact on their credit rating is minimal. The typical DMP length is about 5 years. If your credit rating is very important to you and it hasn’t already suffered, this may be the option for you.

If you would like to talk about how we can settle your debt click here.