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How to Clear Debt With a Debt Elimination Service

How to Clear Debt With a Debt Elimination Service


Returning to a simpler way of life to clear debt can be a positive and rewarding experience. Letting go of the notion that 'stuff matters' is an essential step in following a debt elimination plan. Becoming debt free puts money in the bank and guarantees peace of mind.

A debt management service such as CareOne Credit, can be very helpful to clear debt as quickly as possible. As opposed to a credit card debt settlement service, a management service will work with your creditors to lower interest rates and set up a realistic payment plan. The service takes an amount from your bank account each month and pays the bills for you.

The snowball method is used by the debt elimination service to clear debt in the shortest amount of time. A 'snowball' is created by moving payment amounts from balance to balance as they are paid off. Most of the time, debts are paid off in three years or less and thousands of dollars are saved in interest.


The point of using a debt elimination service is to show your creditors that you mean business. Credit card companies will work with these services and offer lower interest rates because statistically, you are more apt to stick with the plan and actually pay off the balance. Trying to negotiate with your creditors yourself is not as likely to be successful. It is also nice to have someone else to do the work of paying everybody on time every month.

A couple of things to be aware of:

These services are only set up to work with unsecured debt which does not include student loans, auto loans and mortgages. Also, American Express does not negotiate with debt management services as they have their own internal payment plans for people who have lost jobs and income.

Taking advantage of the expertise a debt management service can offer will help to keep you on that shaky and narrow road to financial freedom.

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