subject: Make An Impact Debt Relief Negotiate Credit Card Debt Settlement & Debt Relief [print this page] Impact Debt Relief offers a comprehensive solution for those whom are struggling to make ends meet into todays economy. Impact Debt Relief specializes in debt relief, debt settlement, debt management, and debt consolidation programs.
If you are really looking to make an impact on your credit card debt issues it might be time to check out some of the debt relief and debt settlement programs available.
There are three major debt relief programs available to consumers to help them reduce their credit card debt. The first and most popular debt relief option is debt settlement. Debt settlement is the legal process of settling/negotiating down your credit card balances to 50% or less than what you currently owe on them. This is the most popular option because it offers immediate debt relief for the consumer because it will typically lower your current minimum monthly credit card payments by up to 50%. And to top it off your only paying back half of your current balance which allows you to get out a debt within a 12-48 month time frame. Debt relief does have a slight impact on your credit score but it is definitely worth it.
The second major debt relief option available for consumers is a debt management program. When you enroll into a debt management program the company whom you choose to hire will contact your creditors and attempt to get an interest rate reduction on your credit cards. The average interest rate in a debt management program will range from 6-13% APR. The interest rate is also fixed for the life of the program so you dont have to worry about your monthly payments increasing. A Debt management program typically takes 5-7 years just depending on your amount of credit card debt and the interest rates impact debt relief will be able to negotiate for you. The major downfall of a debt management program is that it does not typically lower your current monthly minimum payment which is why this is the #2 debt relief option.
The final #3 option for consumers whom are looking for debt relief assistance is debt consolidation. The term debt consolidation is the most widely recognized term yet most consumers do not actually know what it consists of. Debt consolidation in simple form is a bank giving you a loan to pay off your current unsecured debt. This loan is fixed and usually carries around a 7-10% interest rate. This is a great debt relief option for a consumer whom has equity in their house along with a great credit score. But in todays economy it is almost impossible to get a debt consolidation loan due to the fact that no banks are really willing to take on another banks unsecured debt.
