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Testimonial

Once everything started rolling I didn't have to worry and having only one payment was great.
- Betty Morris

Did you know?

91% of undergraduates have at least one credit card

Rise in Tempting Consumer Credit

Consumers are bombarded with advertising messages urging them to use credit “There’s no need to save, you can get what you want TODAY and pay for it later, it’s easy, simply use your credit.” Easy credit, and high interest rates and fees charged make these companies very profitable and contributes to many Americans in debt today. Easy credit has changed the way people think about and spend money. The biggest change is that credit has turned most individuals and families in America into debtors – with all the pressures and Federal Reserve, Americans are in $1.98 trillion of debt, that’s more than $18,000 per household!

The Trouble with Debt

Unfortunately, now any type of economic downturn sends thousands of people into bankruptcy. Huge increases in mortgage foreclosures have affected nearly every community and have had a devastating domino effect on the economy.

Debt Quiz Conclusion

If you answered, “Yes” to eight or more of the fifteen questions, chances are you have a compulsive debt problem, or you’re well on your way to having one. If you answered, “Yes” to five or more - you may still need some help.

Hope is HERE!

Not to worry, now you’re on the right path. You have the power to make changes in your financial life, get your finances in order, and to build new habits which give you more freedom. These changes can improve more than just your life; they can help businesses, civic organizations, and even government. Your desire to be debt free must be strong enough to overcome the temporary discomfort of learning new attitudes and habits.

You have Options

Suggestions you may want to consider on how you can eliminate your debt are:
  • Debt Rollup Plan
  • Debt Settlement
  • Debt Management

1. Debt Rollup Plan

First of all, you must continue to follow your spending plan to avoid accruing any new debt. You will not be increasing your total monthly payments. Once you’ve paid off your first debt, you would then add the amount of that payment to the minimum payment of the next debt on the list until the next debt has been paid off - another debt has been “rolled up!” Continue this process and watch as all of your debt gets rolled up.

2. Debt Settlement (Debt Negotiation)

Debt Settlement is when you negotiate a reduced payoff with your creditors called a “settlement.” Typically this is used when your financial situation is in crisis. The money is placed in an account until the debt negotiator makes an offer to your creditors. Be careful when choosing a debt negotiator! Get their fees in writing. Some companies will charge hefty fees and not pay any of your debt for several months thus trashing your credit. While having to pay less on your total debt is tempting, first get the facts of the process and fees, then carefully consider your options.

3. Debt Management (Credit Counseling)

Debt Management and Credit Counseling can go hand-in-hand. Whatever debt elimination option you choose, a professional credit counselor should be able to guide you in the right direction. Debt Management plans will typically require a monthly payment which they use to disperse to your creditors. A comment may be placed on your credit report until the account is paid in full, and won’t hurt your credit score. They should manage your payments and pay off your debt as soon as possible -- this usually takes approximately three to four years. Again, ask for all of their prices and fees upfront and in writing. A reliable credit counselor will tailor a program to fit your needs, welcomes your questions and encourages progress towards debt elimination with ongoing coaching.

 

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