This time of year, many people find themselves stuck in a financial rut. They want to buy more presents for others, but the bills keep coming and it becomes increasingly more difficult to pay every bill, or even to pay more than the minimum payment on ANY of the bills. Buying gifts becomes a dreadful experience instead of the heartwarming one that we all want to have and you begin to wonder how you are going to get out of the messy financial situation you are in. Then you begin to wonder if you are the only one worried about what January is going to look like financially. Unfortunately, you are not alone. December and January are often the most stressful times for people financially. If you’re finding yourself overwhelmed with your credit card bills, personal loan payments, medical bills or have even begun to receive calls from a collection agency (or more than one collection agency), finding a Debt Relief Program is probably on your mind… or it should be.
Is Your Credit Impacted By Using A Debt Consolidation Program?
Your current credit score will affect your ability to get any kind of new credit offered to you. Specifically what you will qualify for in terms of interest rate and amount of a loan, or possible credit limits on a new credit card. However, what most people may not realize is that there are Debt Relief programs available that don’t consider your credit score in order to qualify for them. Some Debt Consolidation programs them self may NOT affect your 3 digit FICO credit score as long as you remain current on your account. In some cases, a Debt Consolidation program may even help you to avoid default by giving you a good plan to get out of Debt!
What Bills Qualify For A Debt Consolidation?
Unsecured debts such as credit cards, personal loans, collections accounts, medical bills and other debts that are unsecured may qualify for a Debt Consolidation program or Debt Settlement program.
Do Debt Consolidation Programs Charge a Fee?
It’s important to ask your Debt Relief specialist what are the fees to participate in the particular program. There are always some kind of charges depending on the option. Whether it is a non profit Credit Counseling program or a Debt Settlement program, there will be some fee’s involved. When you consider the fees that you are paying now to multiple lenders and creditors, or the finance charges that are compounding, most of the time it is clear that the fee’s associated with a Debt Relief program are well worth paying to get you on a plan to become Debt free!
Should I Contact A Debt Consolidation Program?
Debt Consolidation and Debt Relief programs typically are able to convert multiple payments to creditors into one manageable monthly payment with the assistance of the service provider for the applicable program. By participating in a Debt Relief program, you can see the big picture – the whole picture. You’ll know what kind of debt you have, approximately how long it will take you to pay off the debts in the program, and how much you will need to pay each month in order to get yourself out of debt. By having a Debt Specialist assist you, you can be more comfortable knowing that have someone help you find the right path to get out of debt. Even if you don’t qualify for a particular Debt Relief program (contact us for information on whether you qualify), at least you will know what kind of Debt Relief options our out there.
If you need to talk to someone about your Debt problems, please reach out to us at Christian Debt Counselors. We are here to help.