“Everyday do something that will inch you closer to a better tomorrow”..Doug Freibaugh
The consumer needs to explore all their options when considering a way to get out from underneath their unsecured debt.
There are several ways to approach this financial situation which has been created. Some of the options are:
• Debt Consolidation
• Bankruptcy – Chapter 7 and 13
• Debt Settlement
• Debt Consulting
The above options may or may not work for a consumer’s individual needs. We will explore process for each of the above options.
1. Debt Consolidation – The consumer goes to their bank to request a loan to consulate their unsecured debt. The bank may require collateral like a 2nd on your home. However you might not have enough equity in your home to qualify for this loan.
2. Bankruptcy – This is a step you need to discuss with an attorney. Filing either Chapter 7 or 13 is a big step and involves more than just your unsecured debt.
3. Debt Settlement – This program allows you to start saving money toward paying off your debt in some cases less than 50% that the current outstanding balances. This process can take anywhere from 12 to 48 months, but at the end of the program you’re debt free and your credit standing will be restored.
4. Debt Consulting – You entry into a debt consulting program and they design a budget for you and your family. They may or may not contact your creditors and inform them you have entered into a program. Using this program the debts are still owed and continue to grow.
Debt settlement maybe the best approach for you and your family. Compared to the other options, you need to discuss a debt settlement program with one of our representatives. So take that first step today for a better tomorrow!
