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Debt Consolidation - Ready To Live A Joyous Debt Free Life?
As the economic crisis continues to force people into dire financial situations, more and more people are struggling to meet their monetary obligations nowadays. The debt continues to pile up as they borrow money to pay off the interest or arrange for the repayments for their previous borrowings, eventually leading them to bankruptcy. This can be a very stressful situation and in order to get out of this vicious circle, debt relief programs can be your best bet.
Companies that have a specialization in these debt relief programs are well-versed in dealing with various types of creditors, like mortgage companies, banks, credit card companies, et al. They can be your great rescuer as they interact with creditors to reduce the amount of money you owe to them (this can sometimes be the reduction of as huge as 70% of the total amount) and can even convince creditors to cut back on the interest rate on your previous borrowings, thereby assisting you in finding your way out of this debt-ridden situation.
Consolidation of the present debts, debt settlement, modification in re-payment schedules and debt negotiation are some of the common solutions that are suggested by debt relief companies. Though all of this sounds too positive at this time, the catch lies in finding the right debt relief company that is truly committed to offering an apt consumer debt solution and not dupe you further, making your situation even worse.
Warning: Do Not Fall In The Trap Of Non-Genuine Debt Management Companies
Given below are a few ways in which non-genuine debt management companies try to trick people:
- They provide an assurance of total payoffs or precise payments in 1-2 years. There are many situations when settlements and policies may change on the behalf of the creditor, like merger of banks or change in interest rates. So, be sure too brush off any such assurances as no one knows what future has in store.
- Affiliations with Chamber of Commerce or Dunn and Bradstreet are usually used by companies to vouch for their credibility. However, the truth is, to know the real credibility of a debt relief company, it should be included in Better Business Bureau (BBB) listing and maintain a good record.
- Some companies charge a flat commission from you according to the amount of your debt. It is better to be wary of such companies as no genuine companies do this. Reputed debt management companies charge a certain percentage of the amount they help you save, as their fee.
- Companies that advice to sign up for loans in order to consolidate your debts are sure to make you repay your complete debt and that too with the same interest rate at which you were paying it earlier, proving to be of no help, instead dupe you off their commission amount.
- Claiming that debt consolidation will not show on the credit report is another tactic used by non-genuine debt relief companies. In the end, this affects you a lot more than the usual debt settlement.
Having known the intricacies of the finance industry since years, our team took the challenge of reviewing several debt management companies that claim to get people out of their credit crunch. Working on it aggressively since the past two years, we present to you with reliable industry names that have the knowledge and resources to offer you necessary assistance in a dire financial situation.
For any of you who are stuck with a personal loan, credit card loan or any debt for a small business, these companies are sure to guide you towards a brighter side. Our recommendations are primary based on the following factors:
- Reputation of the company
- Our interaction with past clients and company staff
- Credentials of the company
- Written guarantee for estimated savings
- Work with most creditors, especially the ones that are not easy to deal with, like Citibank
- Membership with BBB for a minimum of 5 years
- Assistance in maintaining your credit standing
Our Top Recommendations
#1 CuraDebt
Being in the industry since 1996, Curadebt enjoys a high-flown reputation at this time. Its top-notch services in debt settlement, arbitration services and creditor negotiations are highly appreciated by small businesses and individuals alike. Partnership with a huge consumer credit counseling agency in September 2000 contributed a great deal to the growth of the company and added to its spectrum of financial services that are made available to its extensive consumer base of over 10,000 annual clients.
Once committed, Curadebt executives take over calls from your creditors almost immediately. They relieve you of the stress by negotiating the best terms to payback the debt that suits your financial situation. The company is known for its experience in negotiations of both lump sum settlements and payment plans. Having established strong bonding with law firms, collection agencies and creditors, they leverage their good relationships to strike a better deal for you.
Another thing that works in the favor of Curadebt as well as its clients is their extensive customer base that allows them to negotiate better deals of settlement as they bargain for a voluminous amount. For instance, instead of dealing with creditors for your amount of just $10,000 with a credit card company, they group debts of several of its clients and negotiate for huge amount of $500,000 or even more. As a result, they are in a better position to offer you an impressive debt management plan as compared to other companies.
Besides negotiation of debt, debt consolidation, consumer credit counseling and other such financial services are dealt with utmost perfection by the organized staff of Curadebt. You may even check their website to know their success as most personal loans are reduced by as much as 50% in most cases, while some of them going as high as 89%. Now, that is truly incredible!
The company also has an excellent standing with BBB of San Diego since November 2001, thanks to its skilled, knowledgeable and experienced financial counselors that never recoil from fulfilling the duties of their responsible position in the best possible manner. Curadebt maintains a close association with several reputed financial advisors, credit arbitration experts, lawyers as well as lenders to provide you with a law-abiding comprehensive solution for your debt.
Charging a percentage of the money they save you, it lies in their interest to save you maximum funds, so there is nothing you have to worry about with Curadebt. In case, your debt amounts to over $10,000, you need not look any further. Curadebt is sure to provide to put an end to all your debt woes. With such responsible staff, great resources and proven results, Curadebt was bound to earn the topmost ranking from us.
#2 Care One Credit
Careone represents a group of five credit counseling companies that includes known companies like Clarion Credit Management, Debt Management Group and American Financial Solutions. If your debt I $2500 or more, you may approach CareOne Credit and be sure that its member companies will match you with the right company and provide you with the best possible debt-fighting solution.
Each of the member companies of CareOne meets defined professional standards along with the 24*7 access to account information. Making available monthly statements to the customers (wherever necessary) and superior customer service are a few other things that all member companies of CareOne abide by.
Filling an online application form at CareOne’s official website is a very quick and easy task that initiates your first step towards finding a solution to your debt problem. This merely calls for little of your personal information and some details about your outstanding debt. This form does not bind you with CareOne under any obligation and is only for the official purpose of finding the most appropriate credit counselor that can help you in your current situation.
Once you have filled the form, they call you to communicate the financial options available to you according to your current debt and then you may decide if you wish to proceed with the services offered by CareOne or not. Given below are the most common services offered by CareOne that may work to your advantage:
- Debt Payment Plan – Your debt plan is modified to suit your current financial situation and make it easy for you to pay back your debt and become debt-free at the earliest.
- Debt Negotiation – Negotiations are made by the credit counseling agency on your behalf so as to convince creditors for manageable repayment terms, reduce interest rate or to waive off late fees.
- Debt Consolidation – All your debit payments and credit card payments are consolidated into one for you to make one affordable payment instead of making multiple payments.
Combination of these programs can cut your monthly payments up to 57%. CareOne Credit is also a reputed member of BBB Online, so you know that it is your reliable choice in terms of privacy considerations and safe online business dealings. So, if you have a debt ranging from $2500 to $10,000, CreditOne is a great pick. However, for any settlement amount above this range, CareOne is the most viable choice.
Our Top Recommendations
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CareOne Help
- Lower your monthly payments
- Consolidate Debt payments
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