Credit Card Relief Programs Available in the
Before you take that next step and file for bankruptcy or sign up on any debt relief program, you should learn about all of your options available.
You will become an informed consumer that is ready to start on the journey towards debt freedom by the time you are done reading this page. We encourage you to call us at 1-866-376-9846 if at any point you have a question while reading and one of our experienced financial specialists will be happy to assist you.
Keep in mind that our company is highly rated with the Better Business Bureau (BBB) and we have been specializing in debt relief since 2004. We have the most effective and compliant programs available on the market today for consumers that have a hardship, unsecured debt and that want to save money.
In order to get a free consultation fill out the contact form on the right. One of our debt experts will contact you within 24 hours after filling out our form. You will not be obligated to anything.
We will now take a close look at all of the credit card relief programs available in the United States.
Credit Card Relief Program - Debt Settlement
- Debt settlement as a credit card relief program can be the fastest route for consumers to take to pay off all unsecured debt.
- A significant amount less than the principle owed can be paid back to satisfy a debt when joining on a debt settlement program.
- One small monthly payment will take place for the consumer.
- FDCPA Enforcement Program included. This provides our clients with education on what to do with the creditor calls and how to make sure they abide by the laws. Also a way to report any infractions to the FTC and State Attorney General is provided, which is important when joining on any debt relief program. This type of program can help consumers with becoming financially fit and educated upon graduation.
- With debt settlement consumers are actually paying their debt back, which is ethically the right thing to do, but based on their hardship, consumers pay a fair amount back. Unlike a Chapter 7 bankruptcy where consumers can walk away from their debts aside from paying fees, debt settlement is not an easy way out. Consumers actually pay back a negotiated amount because of their hardship and the plan is structured to be feasible. In the end it feels good to complete the program and everybody wins.
- Debt settlement has helped hundreds and thousands of consumers with avoiding asset liquidation like with bankruptcy.
- No third party notation! With consumer credit counseling, a third party notation will show up on a consumer’s credit report. This can be looked at as a negative mark because it illustrates to future creditors that the individual could not responsibly pay off their bills without assistance. With debt settlement consumers could take a hit on their credit score in the beginning of the program, however a third party notation like with debt management, will not show on their credit report.
Here are examples of real creditor settlement letters.
- Could have a temporary negative affect on credit in the beginning of the program.
- Consumers could get creditor phone calls in the beginning of the program which can be stressful.
- Consumers are supposed to pay taxes on a forgiven debt. There are tax forms that can assist consumers on this subject that a licensed tax preparer can help on, so that you are not going to have to pay taxes on the money saved. (IRS #982 Form)
Call 866-376-9846 for a FREE DEBT SETTLEMENT QUOTE to see if you qualify!
Credit Card Relief Program - Debt Management Plan
- Late fees can be waived with debt management.
- Interest rates can be lowered on a debt management plan.
- Overall monthly payments can be lowered once getting approved on the program.
- One monthly payment for the consumer.
- No creditor harassment should occur when using a debt management plan.
- Third party negative notation reported on a person’s credit report.
- Debt management plans last for on average 48 months, which can be longer than if a person was to join on a debt settlement plan.
- Higher payment than on a debt settlement plan. With a debt management payment it’s usually smaller than what a person would be paying on their own, but higher than if that same person was to join on a debt settlement plan.
- Some debt management companies will charge high hidden fees. Consumers should only enroll with a non profit BBB "A+" Rated Company if debt management is the program they qualify for.
Credit Card Relief - Bankruptcy
- Bankruptcy can help to avoid foreclosure. No other program can do this. Hypothetically speaking if a consumer joins on a program such as debt negotiation or consumer credit counseling, consumers will have an increase in their monthly cash flow, helping them to pay their mortgage and avoid foreclosure. Credit card relief programs can help consumers with avoiding foreclosure in that way. However with Chapter 13 Bankruptcy, a person would pay off the "arrearage" (late unpaid payments) over the length of a repayment plan proposed, which is usually five years and that can help a person to avoid foreclosure.
- Bankruptcy can help to avoid wage garnishment.
- Creditor’s harassment should stop after filing for bankruptcy, where with debt settlement, creditor harassment will not stop right away.
- Certain debts will be discharged with bankruptcy and this will not occur with other programs such as consumer credit counseling or debt negotiation.
- Chapter 7 bankruptcy could lead to the possible loss of nonexempt property, where with credit card relief programs consumers will not have to deal with that loss.
- Bankruptcy can ruin a person's credit for 7-10 years. A credit card relief program could also negatively affect a consumer’s credit score. However it’s easier for a consumer to raise their credit score when not having bankruptcy on their credit report.
- Attorney fees can be high, plus court fees, plus pre-bankruptcy credit counseling fees and possibly more fees for the credit education course required after filing.
- Chapter 13 bankruptcy payment plans can last for 5 years and a consumer’s payment will typically be higher than what it would be on a debt settlement plan.
Credit Card Relief Programs including debt settlement and debt management are much better options for consumers needing debt relief if they can qualify. However sometimes consumers will not qualify for these programs and bankruptcy is their only option.
It is important for consumers to read and get educated for free, before joining on any program.
Reputable debt settlement or non profit consumer credit counseling companies have debt counselors available to assist consumers with free information regarding all credit card relief programs. Education is also included on how to hopefully stay current and avoid having to join any program.
Simply CALL 866-376-9846 to see what credit card relief program you could qualify for! The call is FREE and debt experts are here to assist you!
Consumers beware of misleading and deceptive ads that say:
"Obama Credit Card Debt Relief"