Myriad Options Of Debt Relief And Benefits Attached To Them

Date Mon, February 10 2014

A gamut of reasons leads an individual to land up in debt. Unemployment, ongoing lawsuit, improper management of finances, sudden expenses, loss in business are to name a few. While in debt, borrowing ready cash to fulfill needs can act as a quick fix but, you need to adopt a viable solution to stop the accumulation of more debt and also improve the present financial condition. You can resort to a number of Financial Apps, calculating tools, professionals, agencies and various plans that can help you to manage your debt well. Even you can take a few simple steps to get rid of this debt.

Option for managing debt

The term debt relief, in reality, implies to reduction of the total or partial amount of the debt, it also helps prevents the accumulation of any more debt. Based on your pending bills and your expenses, you can opt for a solution, to revamp your financial condition. A professional or a counselor first estimates the actual financial condition and then outlines an effective plan for reducing your debt. Various options are available, and you can choose the one that will suffice your need.

  • Credit counseling
  • Debt management
  • Debt consolidation
  • Debt settlement
  • Bankruptcy

Grab an App

Apart from this, you can also take help of different Apps, designed for smart phones and laptops, and are compatible to different operating systems. These Apps are designed to manage your expenses, plan your budget, track your bills and payment. You can download these apps from the net while some of them needs to be bought from online portals. So, if you are not willing to take any professional help for debt relief, these apps can be handy to fix your problem. All you need is to feed it with required information. Some of them are:

  • National Debt Relief
  • Be Debt Free
  • Debt Relief Guide
  • Debt Free
  • Debt Crisis
  • Money Management Pro

Assess your budget first

Without seeking professional help, if you want, you can even contact your creditor directly so that your payments are remitted temporarily. If your account has good standing, then you can strike a good deal with them. Generally, there are few strategic steps that you should adopt to be out of this difficult situation. It starts with assessing your budget, and expenses. Management of expenses is integral to this process. Be it the professionals, counselors, apps aim at management of your dues and expenses.

Benefits of these services

The debt relief services focus on formulating a plan tailored to suit your need. Many advantages are attached to this process.

  • With help of well structured plan, they ensure that debts are repaid in time.
  • They provide education to their clients regarding management of finances at the time of crisis and also in future.
  • Through credit counseling and debt management plan, at the very onset of the process, they analyze the financial condition of their clients and curb their spending accordingly.
  • They also help in improving the credit score and the credit report on a whole.
  • With the help of their calculations, you can formulate a realistic plan for repaying your debt.
  • By negotiating with creditors, they can reduce the rate of interest of your debt, as a result, you may end up in paying less.

Federal Trade Commission has laid down different regulations for profit as well as the nonprofit agencies that help individuals with managing their debts. These agencies have to abide by these rules. While hiring services of such agencies, make sure that those are not the shady ones or you may end up in paying more. You can go through the FTC rules prior to availing their services.

Author Bio: Phil Helm is a financial advisor and has assisted many of his clients with debt relief services. Fe has been associated with a reputed agency for more than two decades.

4 Responses

  1. Maggie C February 12 2014 @ 6:58 am

    I didn’t know the FTC regulated debt relief agencies. That’s reassuring.

  2. LaVonne February 12 2014 @ 10:47 am

    Thank you for sharing this. My husband and I have a plan to pay off all our debt before the end of next year. We want to be debt free! :)

  3. Cole February 12 2014 @ 10:04 pm

    Good luck

  4. Cole February 12 2014 @ 10:04 pm

    It is!

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