If you are struggling to manage your debt, professional debt management can help you.
Dealing with Debt
When people encounter problems with their debt, they have a tendency to think of bankruptcy as inevitable. This could not be further from the truth. Just because you're struggling to manage your debt doesn't mean it's impossible. Bankruptcy is not your only option. In fact, over 7 million Americans now owe more than 20% of their annual incomes in short-term debt. You are not alone. There are professionals out there who can put you on the road to becoming debt-free.
Professional Debt Management
Sometimes the thing to do when you can't do something on your own is to enlist the help of a professional. Debt management is no exception. Professional debt management can help you get out of debt, and it can help you do so at a lower cost in less time. Debt management can refer to several services; namely, debt consolidation and debt settlement. In general, debt management involves consolidating your unsecured debt into one loan and one monthly payment. You work with a credit counseling service that then forwards your payment along to your creditors, helping you pay your bills on time. Best of all, your monthly payments and total amount of debt will be lower once you consolidate.
Benefits of Debt Management
The benefits of debt management are considerable, especially when you're looking for an alternative to bankruptcy or defaulting on payments. Here are just a few of the advantages:
- Make one payment each month on a due date you select
- Lower the interest rates and total cost of your debt
- Reduce payments by up to 60%
- Improve your credit score and credit report
- Get out of debt in 36-60 months, on average
- Stop creditors from harassing you for payments
- Stay out of bankruptcy
- Work with a nonprofit credit counseling service for guidance