Excesive debt can be a very stressful and frustrating.
Here a some options for how to find relief:
DEBT, talk about a "four letter word!"
There are several reasons why someone gets ends up carrying too much debt:
- Loss of employment
- Death of a spouse or significant other
- Illness or Disability
- Retirement...Living on a Fixed Income
But, regardless of the reason, YOU HAVE OPTIONS!
The worst thing you can do is to just keep trying to make the minimum payments due on your credit cards!
Did you know that there is a little box on your monthly credit card statement that tells you how long it may take and how much much interest you may end up paying on your account.
Yes, you have to look close, but most often it will reveal that by only making the minimum payments, it may take 10-15 years and possibly 4-5 times the amount you originally borrowed!
There has to be a better way...
OPTION # 1:
If you can find just an extra $100 a month, and apply that extra money to a DEBT ACCELERATION PLAN, you should be able to pay off all of your credit cards usually 4-5 years instead of 10-15 and SAVE THOUSANDS OF DOLLARS!
I know what your thinking...
"Are you kidding me? How can I find any extra money when I can barely make the payments that are due now?:
Well, maybe its time to make some sacrifices for the short term that could give you such a wonderful feeling of being DEBT FREE in the future?
For example, what if you took a close look at some of the extra things you are spending money on like:
- A Starbucks coffee drink once or twice a day
- Buying a burger or lunch each day
- A pack or two of cigarettes a day
Let's say a coffee drink costs about $4.00 and you get at least one each day:
30 days times $4.00 = $120 bucks each month
Get the idea?
If you take that extra $100 and add it to the smallest payment ( say $45) you have and continue to make the minimum payments on the other cards, you'll pay off that card in a short period of time.
Now you take the total ($145) and add it to the next smallest payment (say $55) and you are paying a total of $200 toward that second account. You'll have that one paid off in a shorter period of time and of course, saving tons of interest!
Take that total ($200) and add it to the next one (say $100 minimum) and you are paying a total of $300 towards that 3rd card. It will be paid off in a much shorter time and again...saving thousands of dollars in interest!
And so on, and so on....
Want to see step-by-step "how to"...
OK, but what if you are just too strapped to not only find any extra funds, but can't even make the minimum payments that are do?
Option # 2:
You can see by now that even if you could somehow make the minimum payments, you are basically looking at a long, long time to get these accounts paid off and you are going to end up paying thousands of dollars in interest and fees. So, what else can you do?
If this is your situation, you should strongly consider a DEBT SETTLEMENT PLAN.
If your in this type of financial situation, most likely, some (or maybe all) of your accounts may have been charged off and turned over or purchased by a Debt Collector.
And, if this has happened to you, then you know that the phone rings all day long and you are getting "nasty" letters warning you to PAY UP or ELSE!
First, let's take care of those phone calls. According to the Fair Debt Collections Practices Act, if you mail a letter to the debt collector requesting that they STOP CALLING you, then they must comply.
It's not hard and here is a link that will make it easy for you:
A Debt Collector or Debt Buyer may be willing to accept an amount LESS THAN THE FULL BALANCE, depending on your particular situation.
Negotiations with a debt collector can be done, but most likely be very stressful. Not everyone can "do-it-yourself" and that is why reputable Debt Settlement Companies can offer valuable service.
Once a settlement agreement has been negotiated, you will receive a WRITTEN settlement agreement. DO NOT, I REPEAT, DO NOT send or agree to payment without the written debt settlement agreement.
I had a client tell me about a debt collection company agree to a settlement but trick the client that before they could mail the settlement agreement, they needed a small payment to "keep the account from going to their attorney for legal action".
The account was only a couple of months away from exceeding the statute of limitations in the state of their residence.
They authorized a payment by phone using a bank account for a "check-by-phone" or credit card, triggered a new time period for the statute of limitations.
Now the debt collection company voided the verbal settlement agreement and demanded full payment or they would sue!
Fortunately, they gave us a call here at Debt Relief NW, LLC and we were able to re-negotiate a very good settlement for them.
Although it is possible for you to negotiate a settlement on your debt, it is not as easy as some it seems. For a FREE evaluation, contact us:
