American Debt Relief Help - What Are the Best Debt Relief Options Available?

American Debt Relief Help - What Are the Best Debt Relief Options Available

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Americans seem to suffer a lot from the economic crisis and the recession. Before this happened, most of us took personal loans to cover some big purchases or just for other various reasons. When many got a substantial reduction in their salary they started falling back on their payments and so end up in deep debt.

There are several financial relief options available for consumers to choose from. Some of the most popular options are debt counseling, debt consolidation and debt settlement.

Debt counseling is a program that helps consumers become aware of incurring debt and avoid it. The option is based on a debt management plan (DMP) that after some negotiations with the creditor can also provide an easy and organized way to pay back some debt.

Debt consolidation also helps consumers pay off their debt by reducing interest rates and creditor fees so that the monthly payments become affordable for most consumers. Also debt consolidation helps consumers with loans from different creditors that have problems with the multiple payments each month. By using debt consolidation you only pay one easy monthly payment to the company that will divide it and send to all of your creditors.

But the most popular debt relief option is debt settlement. As financial consolidation, this option uses negotiations as a way to help the consumers pay back their debt. When you hire a settlement company they take care of every aspect of the operation. They negotiate on your behalf and guarantee a reduction of 50% or even more. The rest has to be paid back, but this is easier then before due to lower interest rates. You can also save up money and just pay the creditor in a lump sum. The settlement company will also open a settlement account in which you will make monthly deposits for as much as you can afford until you have the needed sum. When you have all the money you need, the debt settlement company will take it and pay back the creditor and so clear your debt.

Debt relief help can come in many ways, you just have to select the one you think is best for your personal debt.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

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