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Option 2: Consumer Credit Counseling
The credit card companies learned a long time ago that some people can’t even pay their minimum payments. Rather than watch them default with no hope to recover their money, they supported forming non-profit Debt Management firms where they send their troubled clients.
There are 2 main downsides with this choice:
Option 3: Debt Settlement
Debt Settlement is one of the more popular options when you want to do the right thing, you don’t want a public record of Bankruptcy and you want the opportunity to pay LESS than you owe.
Debt settlement is an aggressive approach to debt relief where your creditors receive a smaller but equitable share of their money over time due to a demonstrated financial hardship you have experienced. Debt settlement plans last anywhere from 1-4 years and allow you to set aside a small amount that you can afford into a special purpose savings account that YOU control. As you build funds in this account, they are used to negotiate settlements with your creditors and ultimately relieve you of your debt.
Because there is no bankruptcy involved and the goal is to settle the account in full for LESS than you owe, this is the best option for rebuilding your credit reputation. It shows you didn’t simply walk away from your debts and your creditors did receive their share.
Our organization specializes in debt settlement AND you do not pay fee until we settle your accounts one creditor at a time. Call CC Debt Pay today for a no cost consultation. Call 877-301-3707.
Our clients who make all their monthly program payments are expected to pay approximately 42% of their enrolled balance before fees, or 56% including fees, over 12 to 48 months. Not all of our clients are able to complete their program for various reasons, including their ability to set aside sufficient funds. Our estimates are based on industry averages, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest.
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But how do you know what they are and which one is the best for you? Let’s take a look.
Option 1: Bankruptcy
This is one of the more popular debt relief options. Many people don’t feel comfortable filing bankruptcy because they would be marked for life or it would be detrimental to their career. But keep in mind that in 2005, the banks lobbied Congress to make it much more difficult to file Bankruptcy and walk away from your debts. In fact, if you have an income, it may be impossible wipe the slate clean with bankruptcy. If you are considering this option, you will need to consult with a reputable Bankruptcy attorney.
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You’ve accumulated too much credit card debt and something has to give! The monthly payments are more than you can handle and you’re heading for real financial trouble! The good news is that you are not alone. Thousands of people are taking advantage of the many debt relief options available today.
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