Benefits of Debt Resolution
If you are facing the stress of not being financially able to pay your bills, debt resolution services can provide an effective solution. Debt resolution services help cut down the outstanding balance along with reducing interest rates. The goal is to develop a plan that will work so you can pay your financial obligations without the annoyance of creditors calling you day and night. The best way to find out more about the plans available is to meet with a debt resolution company so that their financial counselors can analyze your financial situation, do an income and expenditure analysis and find the right option that meets you specific needs.
Interest rates and outstanding balances can usually be reduced when you are unable to manage multiple bills on a monthly basis, have a job and can pay less each month and when you’d like to lower your monthly payments. Outstanding balances can typically be reduced due to a job loss, medical treatment or even if you’d just like to avoid paying several creditors individually.
There are many options for debt reduction, including consolidation programs, debt management plans and self-repayment plans. Consolidation programs are debt resolution programs offered by consolidation companies that work directly with collection agencies and creditors to cut down the interest rates and lower monthly expenditures. These plans are very convenient, since you can pay off multiple bills with one check instead of several. Typically, consolidation programs last from three to six years. Most credit counseling companies offer a free consultation to help you determine whether or not their program is a good fit for your specific needs. Once you sign up, a counselor will work directly with all of your creditors.
Debt management plans are also available. Most credit counseling agencies offer debt management plans. These programs are suitable for different types of bills, such as utility bills, credit cards and payday loans. Debt management plans can reduce interest rates, outstanding balances along with eliminating late payments on accounts. These programs typically last from three to four years.
For debt resolution, consumers can also opt for self-repayment plans. With these plans, you’ll basically be working with your creditors directly to reduce interest rates and work out a payment plan that you can afford. It’s a proactive way to handle financial problems, but you will need the outline the reasons you are unable to keep up with the current payments when discussing these matters with your creditors. At Rescue One Financial we're here to help.