Debunking Misunderstandings in Debt Relief
You would be surprised at how many individuals approach me and those in the debt relief industry with misunderstandings of what this phrase actually means. It is not surprising that misinterpretations of the phrase exist considering the thousands of subpar articles that flood the market each year. Everyone attempts to be an expert at what debt relief is in order to market debt solution companies. It is only natural that you would want to find a website you can trust to provide you with the true meaning behind the phrase. For this reason the following will take a look at definitions for debt relief including the solutions it encompasses.
According to Wikipedia debt relief is a total or partial forgiveness of money owed (debt). It can also be the stopping or slowing of increased debt which is owed by nations, corporations, or individuals.
Investopedia states debt relief is total or partial remission of said debts which are owed by countries, individuals, or companies.
The Cambridge dictionary states debt relief is needed in a situation when a government or bank does not require a company, country, or person to pay back the monies owed. By definition it means debt relief offers a forgiveness of those debts by the creditor to the debtor.
However, there are many ways this can happen. You have options, which is often where misunderstandings come into play. Debt consolidation,settlement,counseling, and negotiation are different methods for debt relief. Each one of these relief options is in some way beneficial when you have debts; however, not all will be the right solution for your situation. This website wants you to understand the differences of these debt relief solutions, as well as to find a company that best fits your needs.
Debt Relief Solutions Defined
Debt consolidation uses negotiation to lower the debts owed to a more manageable sum. There are times when negotiation does not lower the debts at all though. If the debts cannot be lowered, then the debt relief is seen by combining all of your debts into one loan with one interest rate. It saves you from making multiple payments and paying out on large interest rates. You may see an interest rate of 20%, yet if you pay 15%, 30%, 25% and 18% on 4 different debts you are obviously paying more interest each month. This option tends to lower your monthly payment, although it is not a given.
Debt negotiation is also used with debt settlement. Settlement aims to lower your owed amount to one lump sum to creditors. In this way you pay a lump sum to your creditors and the rest of your debts are forgiven. You no longer owe money and this debt relief solution ends the troubles you have faced. It is a quick solution that requires you to have savings on hand to negotiate with.
Lastly you have debt counseling as a solution. Debt counseling is usually used in conjunction with debt settlement and consolidation to help prevent you from entering into debt in future once you are debt free. It can help you get your finances under control in an effort to make your debt problems seem more manageable. You can combine it with another relief option if you want.
The main purpose of this website is to provide you with reviews, which I have crafted based on extensive knowledge of each company. I work with these companies, vet them, and only provide reviews that I can stand behind. While I am paid for this work, I only work with companies I can trust.
National Debt Relief Company
America is facing another difficult time with the 2014 partial government shutdown. National Debt Relief is an accredit business with the BBB in New York. This company provides debt settlement, consolidation, and management. If necessary they will also help you file for bankruptcy. Staff members at this location will work with you to help you choose the correct path to your financial freedom. You will work with a manager of your account, who is backed by a team of professionals. You can choose to have negotiations for relief or consolidate your debt into one easy payment.
Whatever would work best for you and your current situation is what this company is prepared to offer. They stand by their services with a guarantee and promise within 24 to 48 months that you can be debt free if you use settlement. There are fees for their solutions, which are known to you beforehand. You never go into a solution without understanding the pay structure. As my number one choice they offer their services in almost all USA states and will allow you to read through the contract before you sign.
Curadebt Debt Relief Company
CuraDebt has been in business for 13 years, almost 14. As a company, they offer all types of debt solutions including settlement, negotiation, and consolidation. Counselors are on hand to help you solve the cause of your debt problems and reason for debt relief. Fees are associated with their solutions; however, you are told about all fees before the process is started. Your advisor will go over your current situation and their estimated time to a solution. Furthermore, your team of debt helpers will look over your goals and be realistic about whether they are attainable or not in a specific time frame.
CuraDebt understands that each person has a unique solution and therefore offers an introductory session to relief solutions before you agree to any plan they may feel is best for you.
It is possible to find a stress free future with CuraDebt if you are willing. They are not the only company out there; however, they have made it through my process and are an accredited company working within North America to provide you with debt solutions.
Debt Consolidation Care
Debt Consolidation Care offers credit counseling, debt consolidation, settlement, credit repair, and bankruptcy solutions to consumers like you. It is number 3 on my list for your relief solutions. It is not that this company is a lesser solution than those mentioned above. Instead, I have found plenty to recommend them to you throughout my process. They provide tools, budgeting, and letter applications you can use, as well as tips on how to deal with creditors who are hounding you as allotted by the government.
At Debt Consolidation Care you do not have to commit to any solution until you are completely satisfied about their program and relief options. As a company of ten years they have already helped over 400,000 members find solutions and answers to their debts. It is a company with BBB accreditation in Nevada, but serves much of North America. Members have come to the company with varying backgrounds including law school studies to ensure they have all the information you need.
These three choices are offered to you in order to choose the one that suits you best. I have found their commitment to your needs very high. I trust their staff members and the solutions they endeavor to offer you for debt relief.