Summary of Financial Debt SolutionsOption One Pay off credit cards by paying double the minimum payment. Paying double the minimum payment can be a financial debt solution in itself. The reason why is because when paying minimum payments only consumers can be paying on credit card debt for the rest of their life. Sometimes it’s not feasible for consumers to pay double on their minimum payments due to their income, job loss, unemployment, salary decrease; other unexpected expenses may have come up and for many other possible reasons. Paying double the minimum payment can also help with a consumers credit score. Option Two Debt management or debt consolidation can be a viable financial debt solution. Of course there are pitfalls with debt management, like with all financial debt solution programs. Debt management is a good plan for someone that is just looking to get a lower interest rate and pay off their credit cards in a faster time-frame, than if they were to continue paying minimum payments on their own. Debt management does put a third party notation on a consumer’s credit report and the plans can last on average from 4-5 years. Therefore a debt counselor at a non-profit consumer credit counseling company or one of the best debt settlement companies will fully analyze a consumer’s financial situation, budget, job situation and many other factors. Option Three Debt settlement or debt negotiation is the preferred financial debt solution by many consumers due to it being the fastest way to pay off their debt, while saving the most amount of money. When choosing a Debt Settlement Company it’s important to choose a company that is a debt settlement BBB A Rated Company, which has been in business for at least 5 years and has 0 unresolved complaints. The best debt settlement companies will have over a 5 year track record in the financial debt solutions industry. A company that has over a 5 year track record will likely have more experience and leverage with the creditors, than a company that has been in business for only 2 or 3 years. 2 or 3 years in business is not enough time for a debt settlement company or any financial debt solution company to establish a proven track record due to consumer plans lasting for at least 2 to 3 years. How many graduated clients can a company have that has been in business for only 2 years? Debt settlement can be the most challenging financial debt solution for consumers, but the most challenging program is what will produce the greatest rewards, saving consumers the most money and time over any other financial debt solution.
- Beware of companies that quote consumers a 70%-80% reduction on a debt settlement program.
- Fees are included with debt settlement.
- These results are just estimates and can vary. See examples of settlement letters.Financial Debt Solutions are only a step away at Golden Financial Services. The first step to resolving your unsecured debt issues is to read and get educated. Debt Enrollment Specialists at Golden Financial Services can assist you with taking the next step and starting on the financial debt solution that is right for you.