Get $80,000 through Debt Consolidation
At one time, you would’ve thought it’d be impossible to rack up $80,000 in unsecured credit card debt… and yet, here you are. It can be hard to say “No” when all the card offers keep coming and you could use the extra money. Maybe it was unforeseen medical expenses that got you into this mess, a wedding that you couldn’t afford to pass up, or a series of bad purchasing decisions.
Regardless of how you got here, you’re faced with one of four options.
Video: Declaring Bankruptcy! (The Office)
You can declare bankruptcy. This will be a major blemish on your credit report for ten years, making it nearly impossible for you to get credit cards, take out auto loans, buy a house or get a college loan for years to come. Basically, no one’s loaning you any money for the next 5-10 years so you’d better hope you don’t need it. Also, in some bankruptcy proceedings, you’ll have to kiss some of your valuable possessions goodbye.
Or you may try to do it yourself if you feel you are a skilled negotiator or suspect that your creditors may be using unfair collection practices. Expect to be on the phone for hours, listening to terrible waiting music and speaking with people who may not be willing to help you. You’ll be filing copious amounts of paperwork, keeping track of names, dates and times and you may need a lawyer. You’ll need to remember all the deadlines and be organized enough to know which payments are going where and when. It’s frustrating but the lion-hearted can endure.
Another option is to simply not pay anything. Sure, there’s no more debtor’s prison in the United States anymore. However, your credit will tank, no one will give you any more money, creditors will hound you nonstop and a police officer may appear at your doorstep to hand you a summons from one of the collection agencies. If you receive a summons, you must appear in court prepared to pay all of the debt owed to the creditor who summoned you. This route is never recommended, particularly if you owe $80,000, although many people try to shirk their debts off this way regardless.
Or you can try one of the most-recommended tools for financial freedom: debt consolidation.
How Debt Settlement Works
After assessing your situation and negotiating settlements with all your creditors for you, the credit counselors will issue you a loan. They’ll pay off all your creditors at a reduced rate, which will stop the creditors from harassing you and close out those negative hits on your credit report. Then you’ll just make one affordable monthly payment to the debt consolidation company each month. In the end, you will sometimes pay a fee for their services, but you will still save as much as 50-75% of what you would have paid on your own.
Video: Non-Profit Debt Consolidation
You can get as much as $80,000 from a debt consolidation company if you have a substantial and reliable source of income and a decent credit score. You can also choose how long you want to spend paying back your debt. Choosing to make payments to a debt consolidation company, rather than eight or more credit card companies and collection agencies is a lot easier and ensures that you are able to meet your obligations each month.
What You Can Settle
Most people seek debt consolidation to cover their unsecured debt like credit cards. In addition to credit cards, you can consolidate virtually any account in collections, medical bills, store charge cards and personal loans. There are some types of consolidation companies that specialize in student loans as well. Things not covered in standard debt consolidation include: child support, alimony, tax liens, IRS payments, mortgage loans and auto loans.
Be aware that not everyone who consolidates is in a financial crisis. A number of Americans have decided they would just like to pay a little less, simplify their bills and start tackling their total debt more aggressively. Why should you pay more than you owe because of escalating interest rates? It’s time to demand fairer lending practices by finding a debt consolidation specialist you can trust.
The first step to getting help consolidating your debts is to fill out the quick form above with your name, email, and phone number, state of residency, and best contact time.
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