My Debt Relief Plan

Three Steps For A Debt Free Life

Debt Management

This is a program many agencies and companies offer individuals with heavy debt and those having difficulty in paying back or those who have defaulted in a couple of monthly payments. A debt counselor first reviews the complete situation and tailors the repayment plan as per the individual’s unique needs.

In this program, all the unsecured debt of the consumer is consolidated to incorporate one convenient payment each month, made to the company or agency, who shall then distribute it to the various creditors of the consumer. When these loans are consolidated, the interest rates are also significantly reduced hence, completing the repayment in a shorter span of time. This program generally becomes a “win-win” situation for the consumer, and is one of the recommended ways of effectively dealing with excessive consumer debt.

Debt Settlement

Many consumers are struggling with unsecured debts such as credit cards, store cards, personal loans, and medical debts. These debts are so burdensome that the consumer can no longer pay the minimum balances without sacrificing some basic necessities. In this situation many feel as though bankruptcy is their only solution. Fortunately there is an alternative.

Debt settlement is a financial hardship solution, meaning that if a person has a financial hardship from an unexpected event such as an injury, loss of job, divorce or medical issue, or he just can’t keep up with his minimum payments anymore, he can qualify for a debt settlement program, wherein, an agency will negotiate with the creditors of the consumer and work out a reduction of the debt which can then be easily paid off by the consumer. Hence, avoiding bankruptcy and at the same time becoming debt free.

Credit Improvement

FICO score or credit score as it’s commonly called is a very important calculation that can control whether or not an individual is eligible to receive credit, and if eligible the terms that he can receive credit under. Failure to understand the impact that this score can have on the future purchasing power and lifestyle can be disastrous. The FICO score is a numerical score that is based on a person’s financial history as collected in his credit report.

There are professional agencies that can review a consumer’s current financial situation and credit report to give feasible suggestions which, if incorporated, will definitely improve his FICO score, thereby giving him the chance to negotiate with his creditors for a lower interest rate or easier repayment plan.

A survey once conducted in association with Bright Credit, a Financial Services company, into the understanding of U.S. Consumers’ awareness and attitudes relating to getting help with their personal debt, revealed the following facts:

1 out of 4 American who has 4 or more major credit cards is having difficulty paying their credit card bills.

Over 58% have or would look for help from their financial or tax consultant while over 41% would look to the Internet and 24% would follow the advice of an independent newspaper columnist.

Over 70% of the respondents felt that the vital or extremely important elements in making a choice were:

- The amount of fees paid to the company
- The length of the program
- The certification of counselors
- The effect on credit score
- The stopping of creditors calls
- The record from the Better Business Bureau
- And the length of time to cancel without a penalty.

The survey reveals the need for an increase in consumer awareness regarding the options open to a consumer when he is faced with extreme financial duress due to high debts. The right choice could make him debt free in just three easy steps.

Glen Grant is the President & CEO of Bright Credit, a financial services company that helps consumers get out of debt, improve their credit, & become financially free. Their team of experts has over 10 years of experience and they have helped thousands of consumers with their debts and their credit. Under Glen Grant’s supervision,

Bright
Credit has used it’s 3 core services, namely, Debt Management Program, Debt Settlement Program & Credit Improvement Program, to help many consumers resume a Debt Free Life. You can contact Bright Credit at:

Phone: (800) 699-9740

Fax: (760) 888-0442

Email info@brightcredit.com

Web: http://www.brightcredit.com

Add comment December 29th, 2007

Can’t Make Monthly Minimum Payments? What to do

Cannot make your monthly debt payment? Understand your different options so you can avoid late charges, increased interest rate and avoid lowering your credit score.

Not being able to pay to pay the minimum balance happens to people very often. It is likely that his could happen to you if you have an unexpected large expense for the month or an unforeseen circumstance arose that drained your funds temporarily. If this happens to you, the worst thing you can do is to not do anything. Failing to address the issue in the current month can lead to the following problems:

If you find that you are consistently unable to make the payments on time then it would be good for you to consider credit counseling. A credit counselor will be able to help you manage a monthly budget, or will negotiate with current creditors about your current rates and payments to lower your overall monthly cost.

Try to keep maintain good standing with your creditors and take the necessary actions needed to address the issue as soon as possible because this will save you thousands in the long run by maintaining a better credit score, keeping your interest rates down, and eliminating late fees.

Find more debt relief solutions by visiting http://www.endthisdebt.com a website that specializes in providing debt help advice as well connecting individuals with debt specialists based on their individual debt situation.

If you need help with your debt and would like to get a free debt consultation please fill out the form here.
Free Debt Consultation

Add comment December 27th, 2007

Wipe Out Debt Now

Would you like to wipe out your debt now? You can, if you leverage the services of a debt consolidation agency.

A debt consolidation agency acts as a mediator between you and your creditors, so that you no longer have to deal directly with them. The phone calls will stop. The collection notices will stop coming to your house. You will no longer receive any more bills from them. The agency will now be communicating on your behalf with your creditors.

They will negotiate a lower interest rate, lower monthly payments with each of your creditors, and a settlement for a lower payoff balance than what was originally owed on your debt. You will be making one flat monthly payment directly payable to the agency each month, instead of a separate payment to each of your creditors. Often, your debt will be paid off within a few short years.

The are a few things you need to be aware of when enlisting the help of a debt consolidation agency. Firstly, you must make your new monthly payment on time every month. It is possible that your creditors may cancel the negotiated payment plan if you are late on your payments again.

Secondly, your credit score will take a hit for the duration that you are on the consolidation plan, although it will recover once you have paid off your debts in full. Thirdly, a modest portion of your monthly payment will be paid toward the agency as a fee for their service, but this is negligible when taken in the context of the debt relief you will be experiencing in the long-term.

Are you looking for instant debt relief? Click here to get for a free consultation: http://www.InstantDebtRelief.info

Add comment December 26th, 2007