If you find that there has been too much month at the end of your money and the bills have been piling up, it may be time to seek some debt relief. This solution may be just what you need to get back on your feet again financially. It could enable you to see the light at the end of the tunnel, instead of dreading every day to see what the mailman brings.
A Look at Debt Relief
When individuals or couples create debt and then run into trouble paying it back, they may be eligible for some relief from some or all their debt. This occurs when the creditor chooses to forgive some or all of the debt, or decides to lower payments or interest so that the debtor will be able to make a dent in the total debt.
A less desirable way to get rid of your debt is to declare bankruptcy. In these situations, your debt may be completely eliminated, however, this doesn’t happen without some serious negative consequences. Your credit score will suffer greatly, for example. A low credit score could prevent you from doing many things during that time, such as buying a home, getting a new car, or it could possibly even prevent you from getting a job. If you already have a home, it is probable that you will lose it in order to pay off some of the debt during bankruptcy filing. It’s important to contact a reputable credit counseling company before declaring bankruptcy. Though bankruptcy is an option, there may be other more desirable options available to you.
What Debts Can Qualify for Relief
Not every kind of bill can receive the benefits of debt relief. It is only for those bills that are considered unsecured credit, such as credit card debt, medical bills, collections accounts, personal loans, and other unsecured debts. There are several programs for debt relief for qualifying debts. School loan debt relief received recent attention when President Obama announced the possibilities of student loan forgiveness, however, you should still contact a qualified debt counselor to ensure that you are eligible and that you take the appropriate steps for repayment.
Debt Relief Company
There are many companies out there that help people get relief from their debt. Their primary objective is to help you take some of the pressure off from the debt by coming up with some options available from your particular creditors. It’s important to use caution when choosing a company to handle your debt relief or debt consolidation. This is a serious situation that should not be handled by amateurs. The company you choose should handle your finances with the utmost responsibility and care.
Get Financial Counseling
Besides getting help with your debt, you may also need debt counseling to help you manage your money better in the future. After all, you do not want to be back in the cycle of debt once you are free from it. Having the knowledge necessary to steer clear of debt problems afterwards is vital to your financial success.
Christian Debt Counselors is experienced, knowledgeable and caring when it comes to handling your debt. If you are having difficulty in dealing with your credit card companies, and other creditors, please give us a call today.