Debt Management Plan - Ohio
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Debt Relief – How It Works
Over the years one of the most common questions we get from people who come to our site is "How does it work?"
This video explains how the free debt relief savings estimate works, how debt relief programs work and if there is any cost.

Debt Management Plan - Ohio

For many residents in Ohio and other states, credit card debt has made such relief programs as a debt management plan a consideration for any number of reasons, including unemployment, medical emergencies, or personal hardships. If you have also amassed a mountain of debt that you are struggling to make payments on, you may be interested in how a debt management plan, or DMP, can help you get debt relief.

Also called debt consolidation, a debt management plan allows you to combine your multiple credit card debts and other unsecured debts into a single, more structured, and more manageable payment plan made to a credit counseling agency. While this is a smart move for many consumers, it is not the only debt relief option available. For some, debt settlement may be another alternative.

Debt Settlement

What debt settlement involves is negotiating, or settling, with credit card companies for significantly less than what is actually owed. In these tough economic times, more and more Americans have made debt consolidation and debt settlement popular alternatives to bankruptcy - which causes a more damaging and longer lasting impact to your personal credit.

If you want to explore how debt relief can help you, request a free debt relief analysis and savings estimate.

Understanding How Debt Management Works

While the circumstances that have led many consumers deeper and deeper into debt certainly vary, one thing is certain - debt won't just magically disappear. If you are also feeling the weight of never-ending credit card debts and are going nowhere with your payments, there is good news. A debt management plan, or debt consolidation, is one of your many options that can provide much-needed debt relief.

Facilitated by credit counselors, debt management typically begins with a thorough review of your outstanding debts and a determination of how much of your income that you can reasonably dedicate to paying off your debts. Credit counselors typically develop a game plan to help you pay off your debts at an accelerated pace. They do so by submitting proposals to your creditors asking for a reduction in interest rates or a waiver of any late fees and other penalties.

The goal is, with a more affordable and structured payment plan, you can ideally direct more of your payment into paying down the principal on your debts versus just the interest.

Is Debt Settlement Your Alternative?

Debt settlement as a form of debt relief is, fundamentally, a different approach than debt consolidation through credit counseling. With credit counseling, you are paying the entire amount of your debts with more lenient payment terms; with settlement, you are hoping to settle, or negotiate, with creditors for substantially less than what you owe. Many credit card companies view debt settlement as a viable alternative to selling off "bad debt" to third-party debt collectors who often pay them as little as 10 cents on the dollar.

For many consumers, debt settlement is a smart financial move, but it also has potential drawbacks: When you enroll in a debt settlement program, for instance, you will be typically advised to stop paying your credit cards and start accumulating funds over a certain period of time that you can later use to make a reasonable settlement offer. In this scenario, when you stop paying credit card companies, you run the risk of being sued for, essentially, defaulting on the terms of your credit card agreements.

In addition, when consumers settle with a credit card company, those that generally had good or excellent credit prior to debt settlement will see a decline in their credit ratings. However, in spite of the risks to their credit score, the impact of debt settlement is still not nearly as severe or long lasting as bankruptcy.

Choosing a Debt Relief Company

If you are ready to take the next step in regaining control of your finances, a reputable debt relief company or agency can certainly help you. As you explore your debt relief options, whether it be debt management or debt settlement for instance, do your due diligence. It is generally recommended that you review a company's Better Business Bureau (BBB) rating to find out the company's track record of customer service.

The bottom line is, if you are overwhelmed with credit card and unsecured debts, you have many debt relief options such as - a debt management plan (also knows as debt consolidation) or event debt settlement. These programs are available and could help you pay down your debts. Compare your debt relief options by getting a free debt relief analysis and savings estimate.

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Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's a debt program to lower your payments and get you out of debt much faster than you ever imagined.
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$30,000 debt relief savings estimate
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Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, debt relief plans can reduce interest rates, lower monthly payments, and help you get out of debt faster.
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$30,000 debt relief savings estimate
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A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.
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Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is, debt relief can help you save money each month and take control of credit card debts.
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$90,000 debt relief savings estimate
– Abilene, TX

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are credit card debt hardship programs that can help you.
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$35,000 debt relief savings estimate
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Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are debt hardship assistance programs to help you get back on track.
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Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is, credit card companies may be willing to reduce your interest rates, waive late fees or even settle debts for much less than you owe.
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