If you are tired of debt and the limitations it imposes on your life, you need a plan to radically alter your financial situation. Here are some of your debt resolution options:
We know that choosing the optimal method of debt relief can seem overwhelming, especially when you are already dealing with the stress that debt causes. That's why we recommend that you speak to a ClearOne Certified Debt Specialist, who will help you determine which of these options suits your particular needs.
Here's a brief overview of what each type of debt relief involves.
You may be able to reduce your debt on your own if:
Through the Snowball Method, you go after the credit card with the smallest balance first, while paying the minimum on the other credit cards. This way, you retire one card at a time. The Avalanche Method requires you to retire the credit card with the highest interest rate first.
The advantage of DIY debt reduction is that it does not hurt your credit score and it does not cost anything beyond what you owe plus interest. The disadvantage is that you may find that you are not making real progress toward your goal of freedom from debt. In that case, you can always consult with a ClearOne Certified Debt Specialist to analyze your situation and explore other options.
Debt settlement plans are often a good option for people who owe more than $10,000 in unsecured debt like credit cards. If you are struggling to make the minimum monthly payment on credit cards or are making little to no progress in paying off the principal amount of debt you owe, a debt settlement plan can help you get back on track.
When you choose a debt settlement plan with ClearOne Advantage, we do all the heavy lifting for you. Here's how it works:
Credit counseling/debt management is a form of debt consolidation that may work well for people with $5,000 to $10,000 in unsecured debt. It allows you to bundle multiple credit card debts into a single package, making a single monthly payment with lower interest rates and possibly forgiven penalty fees.
Credit counseling may have a slight negative impact on your credit score, and there are some upfront fees as well as monthly management fees to consider.
Bankruptcy should be considered a last resort for those who can see no other way to free themselves from debt. A successful bankruptcy filing creates an automatic stay that protects you from creditors for the duration of the process.
Filing is complicated, however, and working with a bankruptcy attorney is usually required and there will be fees involved. Even if your bankruptcy filing is successful and you are able to discharge some or all of your debt, the severe impact on your credit score lasts for 7-10 years.
Debt consolidation loans aim to replace your multiple, high-interest credit cards with a single, low-interest loan. This way, they consolidate your monthly payments into a single payment under more favorable terms. These loans may be suitable for people with excellent credit.
Debt consolidation loans feature payment periods of 36-60 months. The main danger of “paying off one debt with another” is that you may feel tempted to start using your paid-off credit cards again. Another danger is that, because some debt consolidation loans are secured, you risk losing assets you use as collateral for the loan if you default on your payments.
A ClearOne Advantage Certified Debt Specialist can help you to determine if debt settlement is the right option for you, as well as help you put together a customized solution to fit your financial situation. Defeat your debt the smart way. Find out how.
Struggling under the weight of credit card debt? Take back control by exploring how Debt Settlement can provide credit card relief.
If your goal is to pay off credit card debt in a reasonable amount of time, you are going to have to pay more than the minimum payment. Here’s why.
There are scores of reasons why it makes sense to work with a debt settlement company . In this article, we discuss five benefits of debt settlement.
Debt settlement can save you money and is the sensible solution for certain debtors once the pros and cons are considered. Find out if it is right for you.
I wish to thank you for all of your agency support and encouragement. The last two months have been very stressful due to the accounts going legal. It has been also very rewarding to get through this process and have a good grip on our future and we have started this planning and example for our children.
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We do not discriminate on the basis of race, color, religion, sex, marital status, national origin or ancestry. Please also note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 50% before fees, or 30% including our fees, over 24 to 60 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. C.P.D. Reg. No. T.S. 12-03822
**Disclaimer - We do not charge upfront fees and you do NOT pay our fee until a settlement has been arranged, you approve the settlement, and at least one payment is made towards the settlement. As each situation is unique, fees and costs vary. Please contact us at 888-340-4697 for a free debt analysis and for complete program details.