Key Facts about Debt Relief Options
If you are finding it hard to keep up with credit card payments or medical bills, you are not alone, Consolidationnow.com can help! Millions of Americans are facing the same problem.
Figures from the Federal Reserve show that the total consumer debt stands at $2.4 trillion. This represents $7,800 in debt for every citizen of the United States.
Inability to pay bills on time reflects on one’s credit report making it almost impossible to access financing from traditional lenders. The good news is one can use debt relief solutions to get out of debt. Some of the debt relief options that are currently available include:
This involves consolidating multiple unsecured debts into a single monthly payment. As a result, you end up paying lower interest rates, affordable monthly payments, as well as waivers on late fees.
For example, the debt consolidation company may use equity in your home to provide a cash-out refinance. Debt consolidation comes in handy if you are finding it hard to pay credit card debts as well as utility bills.
Debt Management Plan
Many people get into debt because they do not know how to budget monthly income. Figures from the Consumer Financial Literacy Survey show that 42% of Americans fare badly when it comes to basic money skills.
For such people, credit counseling can prove to be invaluable. By working with a credit counselor, you will be able to understand how to plan, manage, and even reduce unnecessary expenses.
Interest Rate Arbitration
Tom Harold is a personal finance and insurance writer who has more than 10 years of experience in covering commercial and personal insurance options. He is also determined to beat her brother, who is a financial advisor with intimate knowledge of the field of personal finance. He devotes time researching the latest rates and rules.