Debt Relief Companies » Get Out Of Debt http://www.debtreliefcompanies.net Wed, 08 Feb 2012 00:41:43 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 I have close to 100k in debt, no interest above 7.99, work for myself, have unstable income, no savings and often borrow more money to pay monthly bills. My credit is good (680+) Any ideas how to get out of debt? I am 62. http://www.debtreliefcompanies.net/any-idea-on-how-to-get-out-of-debt/ http://www.debtreliefcompanies.net/any-idea-on-how-to-get-out-of-debt/#comments Tue, 27 May 2008 14:41:45 +0000 Scott http://www.debtreliefcompanies.net/any-idea-on-how-to-get-out-of-debt/ more »]]> This is a tough. You obviously have a good situation as far as your interest rates are concerned and you have maintained a good credit rating even though you sometimes have to borrow from Peter to pay Paul.

So how do you get out of debt?

I can only think of 3 possible debt solution options none of which are without financial and/or personal sacrifices:

1. The best option- You sound financially savvy so I am sure this no brainer option has occured to you but it must be stated….Can you make personal alterations in your lifestyle to pay down the debt? Do you have assets that can be sold? Do you have a lot of equity in your home? If so have you looked into a reverse mortgage?

2. Debt Settlement – This option is only for you if your income is not so unsteady that you cannot make a reduced fixed monthly payment to the debt settlement account. You should ONLY go down this road if #1 is not an option for you because your credit score will suffer severlely for many years.

3. Bankruptcy – Everything I said about debt settlement applies to bankruptcy too especially the part about your assets. You must have true financial hardship to file bankruptcy successfully so be sure you’ve exhausted all asset sales, money saving lifestyle changes, etc. before considering this. Of course your credit will be damaged for an even longer period of time so I am not sure your situation sounds desperate enough to warrant this option.

So, in short, there are no easy answers with the possible exception of a reverse mortgage. Do your research and decide what the best solution is for you.

]]> http://www.debtreliefcompanies.net/any-idea-on-how-to-get-out-of-debt/feed/ 0 I am currently enrolled with care one credit and have a debt of $7,500 . I just received a collections letter for another $1,966. My question is do I enroll that extra $1,966 with care one, wait till they settle for a lower amount, or should I enroll in a debt relief program. MY score at this time is 646 and I am currently looking for a (state/federal) job. Which will not effect my credit the most? http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/ http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/#comments Thu, 28 Feb 2008 01:50:22 +0000 Scott http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/ more »]]> Sorry for the delay in responding to your question. From what you said, youi are already enrolled with CareOne so you should speak with them regarding any additional questions about your debts. Assuming they are doing a satisfactory job for you, use them as your guide as to anything that comes up. That guidance is what they are there for and that is what you are paying them to do.

Ask them, they will tell you what you should do and how it may affect the process that they presumably they have already started for you to help you get out of debt.

]]> http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/feed/ 0 Currently using Emergency Debt Relief and their monthly fee is 1/2 of my monthly payment. Are there any free companies to get the remaining balances paid with out a monthly fee? http://www.debtreliefcompanies.net/free-debt-relief-companies-to-get-out-of-debt/ http://www.debtreliefcompanies.net/free-debt-relief-companies-to-get-out-of-debt/#comments Fri, 19 Oct 2007 17:02:20 +0000 Scott http://www.debtreliefcompanies.net/free-debt-relief-companies-to-get-out-of-debt/ more »]]> Hello. I do not know of any free debt relief companies to get you out of debt. Many people mistakenly believe that the non-profit debt relief companies are free but to use their services, there is a fee after the initial consultations. I do not know anything about the company you are currently using or the type of debt relief services they provide so it’s hard for me to comment.

What I will say is that it is often common for some debt companies to charge a large portion of their fees in the initial months after you enroll in their program. Therefore, the percentage of each payment that they take as fees will be large in the first few months but usually will go down drastically after that. I do not know if that is the case in your situation.

You should discuss your concerns with them and see if the total fees you are paying them is around 15% of the debt amount you enrolled in their program, give or take a percent or two, as that is the industry average. This is for debt settlement but debt management should have an even lower fee structure comprised of a monthly management fee.

I hope that helps.

]]> http://www.debtreliefcompanies.net/free-debt-relief-companies-to-get-out-of-debt/feed/ 0 My husband is active Duty Military. He got us out of debt before he deployed, and Yes I put us back in debt. sadly I have waited to long to get us out of this mess before he returns by the end of October this year. Is it possible to help me with my debt problems? http://www.debtreliefcompanies.net/need-to-get-out-of-debt-fast/ http://www.debtreliefcompanies.net/need-to-get-out-of-debt-fast/#comments Wed, 22 Aug 2007 18:23:16 +0000 Scott http://www.debtreliefcompanies.net/need-to-get-out-of-debt-fast/ more »]]> Sorry to hear about your situation. I don’t know enough about your situation, debt levels, types of debt, etc. so I can refer you to a debt relief agency if you choose to complete a “Need My Help?” form but that’s your choice.

Generally speaking, I don’t know a way to make your debt problems go away in the next few months unless you can come up with the money yourself. Most debt relief programs range from 12 months to 7 years depending on the type of program you enroll in so I don’t know of an easy way to get out of debt fast.

I wish I had better news. Talk to a few debt relief companies, explore your options, do your research, and most importantly, start saving immediately. Best of luck to you.

]]> http://www.debtreliefcompanies.net/need-to-get-out-of-debt-fast/feed/ 0 Scott, do you know between debt consolidation or debt settlement or filing chapter 13, which will hurt your credit the most as you get out of debt? http://www.debtreliefcompanies.net/hurt-credit-as-you-get-out-of-debt/ http://www.debtreliefcompanies.net/hurt-credit-as-you-get-out-of-debt/#comments Thu, 28 Jun 2007 15:19:27 +0000 Scott http://www.debtreliefcompanies.net/hurt-credit-as-you-get-out-of-debt/ more »]]> You have them ordered correctly from best to worst. In other words, in terms of the affect on your credit score when you get out of debt:

Debt Consolidation / Debt Management (least affect on your credit score)
Debt Settlement
Bankruptcy (worst affect on your credit score)

Your decision should be based on your situation. It depends on:
1. how good your credit score is currently
2. how much income you expect to have over the next few years
3. how much debt you have
4. the types of debt you have problems with
5. how soon you need to be debt free

So don’t just take credit scores into consideration, you need to look at the entire picture of your personal financial situation. While your scores can get damaged, remember, they can also be rebuilt once you get out of debt. It will just require you to be disciplined in your use of credit and not let it get away from you. Read more about the affect of debt on your credit scores. Thanks.

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