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By: Michael Millington
Having multiple forms of debt relief can be overwhelming to grasp, especially for those who deal with debt. Not all iterations of debt relief service will yield the best results for everyone. In order to know which form of debt relief will work for you, it’s best to research your options thoroughly. Here we will discuss each form of debt relief service available in levels of severity. Know what you should know before you commit to a certain level of debt relief.
Debt Relief Service in Order of Severity
Credit Counseling
If you have debt but you don’t know what to do to eliminate it, a simple bout of credit counseling could go a long way. Credit counseling can help to provide advice on dealing with debt and bolstering your finances. Credit counseling is free and is not a commitment based endeavor. A credit counselor can analyze your debt, your income and your financial ability. .
After making the necessary reads on your finances, your counselor can provide a strategy to help lessen or eliminate debt. Afterwards, your counselor can advise you on how best to utilize your income. This is the best way to experience a debt relief service without committing too much to the process.
Debt Consolidation
The next level of debt relief deals with consolidation loans. If you have multiple debts, consolidation can help to organize your financial obligations. Having your debts combined will help to make your payment schedule easier to manage. In many instances, multiple debts come with different payment deadlines and varying interest rates.
Getting a debt consolidation loan can allow you to pay off the debts you have immediately. Afterwards, you would only have one debt left. With careful planning, you can whittle down your consolidation loan without incurring any extra debt. The only obstacle that you may face is the ability to qualify
Debt Settlement
Debt can get so far out of hand that it can’t be handled without help from someone. The process of debt settlement has you negotiate your debt down to a more manageable level. There are multiple ways to achieve debt settlement. You can settle your debt on your own or with the help of a third party consolidation team. This can be of more use to you should you be unable to pay your debts without assistance. Using a debt settlement company would require you to pay for their services (once completed), but would have you rely on the company's negotiators and their existing relationships with your credit providers.
You can also attempt to settle your debts on your own, saving you the cost of hiring a company. However, trying to negotiate your debts alone might not get you the desired settlement. Knowing what your financial ability is can help you figure out the best course of action.
Bankruptcy
Bankruptcy is a debt relief service that helps people in extreme debt situations. If you have absolutely no other way to handle your debts, Bankruptcy has the ability to completely eradicate your unsecured debt. If you file for a chapter 7 bankruptcy, many of your unsecured debts would be taken care of. While a bankruptcy would eliminate your debt, it would also mar your credit record for up to ten years. This can seriously hinder your ability to apply for new credit or be considered for credit related products.
If you have no other options, then bankruptcy should be considered. Bankruptcy can also prevent other negative things from happening, such as wage garnishments. If you’re facing actions from your credit providers in regards to your debts, bankruptcy can help by putting a stop to them. Consult with lawyers in order to know more about bankruptcy (should you choose to use it).
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Completing a form on this site does not enroll you into a debt relief program. If you do enter into a debt relief program with Guardian, your program may last 24 to 48 months. Clients who are enrolled in a debt relief program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured debts, and may vary depending on your individual debt relief program. Completion rate of the program is not guaranteed, and is based on the client’s ability to make timely monthly payments. There is no guarantee that we will lower your debt by either amount or percentage, or that you will be debt-free at any set time. We do not make monthly payments to creditors, take on consumer debt, nor do we provide credit repair services, or bankruptcy, tax, legal, or accounting advice. Contact a tax professional for tax advice and consequences of debt relief. Contact a lawyer to discuss bankruptcy options. Our debt relief services are not available in all states. Depending on your location, we may be able to recommend tax professionals or attorneys to assist you. Any use of the term “debt-free” or “debt freedom” on this site or by any Guardian representative, refers only to unsecured debt enrolled in our debt relief program—and does not relate to or promise any relief from secured debt and/or unsecured debt not enrolled in a debt relief program. Please understand the benefits and consequences of enrolling in any debt relief program, including potential negative credit rating impacts.
Lifeline Debt Relief, Inc. d/b/a Guardian Debt Relief.
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