Credit Counseling and Debt Consolidation
Published on: April 26th, 2010
No matter what your occupation, your standing in life, or what your belief system is in our money-driven society just about everyone are familiar with debt. There are bills to be paid, groceries to be purchased, taxes that go to the governing body, and many other needs that has to be met each month. It doesn’t matter what your walk in life is, debt is simply a reality in today’s world. Where the problem comes is when that debt becomes too much.
For any one of us, several scenarios may make our debts become an issue. When that occurs though , it’s important to know that you aren’t always stuck. Bankruptcy isn’t the only option. Understanding that, knowing that you can turn to debt consolidation and credit counseling can relieve a large part of the responsibility when debt is a problem.
To take it further though , it’s important to comprehend the differences between debt consolidation and credit support, and to be in a position to choose the solution that’s good for you.
Debt consolidation and Credit Counseling What’s the Difference?
There are clear differences between debt consolidation and credit counseling. Consolidation entails taking out a loan, while credit support involves working with a debt counselor to barter down the amount of money you owe. There also are less clear, and frequently misunderstood, differences between the 2.
Differences in length of time to complete One of the biggest differences is the period of time to finish the programme. A consolidation loan customarily averages 5 8 years before it’s paid off. From the other viewpoint credit support, commonly referred to as debt settlement, is generally finished in 2 Three years.
Differences in the way your credit is affected One of the most misunderstood differences between debt consolidation and credit counseling is the way in which your credit score is affected. Folks apparently believe that because consolidation is a loan that it has effects on their credit in a positive fashion. This is not true at all.
A consolidation loan is a black mark on your credit status. Most banks look at your present credit, see that you overextended yourself, and will refuse to extend further credit. This black mark lasts for the period of time the consolidation loan is on your credit record, and 5 years after. Since a debt consolidation programme can last as long as Eight years, that’s Thirteen years the loan may influence your capability to gain credit.
Since a debt settlement programme is over faster, the negative result to your credit record doesn’t last as long. If you finish your debt settlement in 2 years, then at that point you can begin working to reconstruct your credit and overcome any negative effects the support programme may have had.
These differences are vital to consider as you choose the debt consolidation programme that is right for you.
Debt consolidation and Credit Support Which one’s Right for Me?
With a clear knowledge of the variances between debt consolidation and credit analysis choosing a solution isn’t actually that tough. The only other thing you really need to consider is the quantity of debt you have.
If your obligations are still a controllable amount, and are under $10,000, then a consolidation loan may be the most practical answer. The most important thing here is that you’re able to pay the loan off in a 2 3 year period. This obviously becomes less likely as you begin dealing with larger amounts of debt ( most of us couldn’t pay off a $100,000 loan in 3 years ).
For those with a bigger quantity of debt, a credit counseling programme is likely the best solution. By working with a counselor and having the balances of the obligations themselves reduced your debts become more controllable and you’ll be able to complete the programme in a shorter period of time.
If you’re currently suffering because of huge obligations, you may want to check out our debt cure review page. We cover the top 3 debt relief firms in the States according to our research and consumer feedback.
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Curadebt – Top Rated Debt Settlement for 2010
Published on: April 24th, 2010
Well the time has come again, and over the last couple of months we’ve been working to complete our customer reviews of the diverse debt control corporations out there. Once more, Curadebt has taken number one spot, and remains the 1 advocated debt settlement company for 2010.
There are several reasons why they took number one spot again ; one of the most important was the standard of service supplied by their company. The most significant factors that put Curadebt on top include :
- Service orientated Their debt analysis options are clearly explained, and each client is provided customized service by working with a single counselor right from beginning to end.
- High Level of Savings The team of negotiators at Curadebt have a lot of experience, and they supplied a raised level of savings both on balances due on unsecured borrowing, and on the payments due during the settlement process.
- Better Qualifications Unlike many of the debt settlement companies we cover, Curadebt is among the only ones that ensures good standing membership with many of the important debt associations ( TASC, USOBA, IAOPDA, etc ).
- Guarantee Another factor that worked principally in their favor is their guarantee. Curadebt gives a low settlement guarantee that states : We’re satisfied when you are and will keep on negotiating until you accept the settlement.
The guarantee by itself is sufficient to make Curadebt stick out from the other debt control corporations out there.
Curadebt Consumer Feedback
Along with the factors we rate the various debt relief corporations for ; it’s also the consumer feedback that led this one into 1st place for the second year in a row. From the clients that took part in our review process, we were given nothing but praise for the service and the savings.
Here are only some of the things clients had to say about Curadebt :
- Curadebt definitely Surpassed my expectations!
- The settlement result exceeded my expectations, I was nervous about the outcome of a couple of my accounts, but the entire process was handled professionally, quickly and was settled for the amount my debt specialist predicted on this account.
- The rate and professionalism with which my case was handled, was a great lessening from the worry of the creditor calls I had been receiving. Calls stopped, debt settled, and my counselor saved me Eighty five % on the balances owing!
If you have been struggling with the burden of debt, push the banner below to get your Free Consultation from Curadebt.
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Credit Card Debt Relief Program – Know Your Options
Published on: April 22nd, 2010
For those who have a larger amount of debt, finding relief from those monthly payments is often a priority. The problem is that a good credit card debt relief program can be hard to find. The credit card companies are calling, the collection agency has threatened to sue, and your biggest wish at the moment is to find a debt relief program that actually works.
There are many reasons that debt can become a problem. Illness in the family, sudden (unexpected) financial obligations, a spouse losing their job, or even just poor money management may have got you to this point. It really doesn’t matter what got you here, what you need to know right now though, is that there are options that can help.
In fact, with the right credit card debt relief program, you can be back on your feet in a short amount of time. Let’s take a moment to discuss your options, and help get you on the road to debt relief.
Credit Card Debt Relief Program Options
When it comes to relieving credit card debt quickly, there are really three options available to you (actually four, but ignoring the problem is a bad idea so we won’t cover that). The options are as follows:
- Declare Bankruptcy
- Get a Consolidation Loan
- Talk to a Credit Counselor and take Part in a Debt Settlement Program.
Each option has its downside, so let’s talk about each one individually for a moment.
As a solution to debt relief, bankruptcy is usually the worst option. Bankruptcy does work to get rid of your debt, but it will also follow you for the rest of your life. It’s not just your credit rating that is affected for 5-8 years, as most people think. It’s also obtaining any type of credit whatsoever. Even a bank account application asks “Have you ever declared bankruptcy?”, and it’s a question that you’re legally obligate to answer. For this reason, bankruptcy should only be considered if the next two options aren’t suitable.
Next on the list we have consolidation. With this type of solution you take out one large loan, with a smaller payment than the others combined, to cover all of your debts. This type of solution may seem like a viable option but there is one major problem.
Consolidation loans can last for 6 or 7 years. Suddenly instead of relieving the problem, you’ve only made it a little less hard on your pocket book for now. Maybe you can meet the new payment monthly, but you’ll be forced to do so for years to come. Consolidation loans are really only a good option if you have a smaller amount of debt to contend with (say under $10,000) and you can pay the loan off in a reasonable amount of time.
Finally we have the last option which is debt settlement, also known as credit counseling, as a credit card debt relief program this is usually the best option. With this type of solution a debt negotiator works with all of your unsecured debts (not just the credit card companies) and negotiates a lower balance on the amount owing.
The upside to this type of program is that it is usually over quickly. With the reduced balances, a debt settlement program can usually be finished in 2 – 3 years. That’s half the time the consolidation loan would have taken, and it doesn’t affect your credit rating like a bankruptcy would. The downside to debt settlement is that you have to have over $10,000 in unsecured debt to qualify for the program.
If you are currently burdened by a large amount of debt, there are options. You can get help finding a credit card debt relief program on our home page: Top 3 Debt Relief Companies Reviewed
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Credit Card Debt Relief Program – Choosing a Company to Work for You
Published on: April 17th, 2010
When it comes to choosing a credit card debt relief program many people find the idea intimidating. There are so many different companies, and all of them state that they have the best solution to relieving credit card debt. Choosing which company you decide to put to work for you is important to getting fast debt relief.
Let’s face it, for those of us who understand how much debt can be a burden, relieving that debt becomes even more important. Debt can affect your family, your relationships, your lifestyle, and even your ability to live in our money driven world.
It doesn’t really matter what the cause of the issue is. Maybe you lost your job and suddenly can’t keep up, or maybe you simply had bad spending habits. In any case, choosing the right credit card debt relief program can make all of the difference in determining how quickly you can get back on your feet.
Credit Card Debt Relief Program – Do You Need One?
The first question you need to ask yourself is do you need a credit card debt relief program in the first place?
First of all there are laws in place (in most states) that disallow you from taking part in a debt settlement program if you have less than $10,000 in unsecured debt. For those with under $10,000 in debt, there are other options such as a consolidation loan. If you do have more than $10k in unsecured debts, then a debt relief program such as a debt settlement is a viable answer.
With this type of credit card debt relief program you work with a credit counselor, and they work to negotiate the total balances due on your debt. Any type of debt that isn’t secured can be worked into the program, and as the balance owing is negotiated down, so are the payments. In some case this can reduce you’re the amount you need to pay monthly by as much as 90%
Credit Card Debt Relief Program – Which Company to Choose
If you decide that a debt settlement program is for you, then the next question to answer is which company do you choose?
From our consumer reviews of the various debt relief programs, we highly recommend Curadebt as the #1 debt settlement company. If for some reason that particular debt company doesn’t fit your needs, you can read about all of the top three debt relief programs here.
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