Steps to Take for Credit Card Debt Relief and Debt Consolidation

Aug. 20, 2013 - PRLog -- Some debts are too big to handle simply by tightening your belt or exercising better budgeting techniques. When you start to feel like your debt is out of control, it’s time to consider your options to find debt relief. There are a variety of different relief options you can choose, but the goal of each is to help reduce the monthly burden of your debts to make paying back what you owe more manageable.

Get Started With Credit Card Debt Relief:

http://www.nationaldebtreliefprogram.org/

If you’re facing mounting problems with credit card debt, consider all your options carefully—the right debt solution can mean the difference between getting your finances back on track or going to court to file for bankruptcy. Before you choose any debt relief option, consult with a certified credit expert, like a credit counselor, to make sure you make the right decision for your finances.

Debt Relief Option 1: Debt Negotiation

The first avenue to consider if you need relief from the monthly burden of your credit card debt is to negotiate for lower interest rates from your individual creditors. In some cases, simply reducing the interest rate on your credit card account can provide relief. Your debt doesn’t accumulate as quickly and this can often reduce your monthly payments. Since you are negotiating with creditors directly, you are likely to need a strong repayment history and/or a good credit rating to show them you are a good candidate to have your interest rates reduced.

Get Started With Credit Card Debt Consolidation:

http://www.nationaldebtreliefprogram.org

Debt Relief Option 2: Debt Settlement

In some cases, even a debt management program can’t help pay back your debts in-full. If your debt has gotten to the point that there’s no way to pay back everything you owe, it may be time to consider debt settlement options—a standard debt settlement agreement or a more formal consumer proposal. Both options allow you to settle debt for less than the full amount owed. You pay one lump sum payment or agree to a partial repayment schedule.

Creditors typically require proof you have explored all other debt relief options before they will consider allowing you to settle. In some cases, people who think their debts are too big for anything but a partial settlement or bankruptcy may find they can actually take advantage of another debt relief option—particularly with a debt management plan. Even if your credit card debt is $75,000 or more, you still may be able to consolidate your debts to pay them back in-full with debt management.

National Debt Relief Program offers a free debt analysis which can be taken advantage of at their website:

http://nationaldebtreliefprogram.org/ (http://www.nationaldebtreliefprogram.org/)