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Overcoming debt can feel like an uphill battle. Interest rates and penalty fees quickly add up, increasing the total amount you owe. This not only takes a toll on your financial health, but on your mental and emotional well-being as well — many who deal with debt also experience feelings of stress, fear, anxiety, shame and guilt.
Fortunately, there are debt relief strategies and programs you can use to reduce your stress and repay your financial obligations faster. Some debt relief options can even help you lower your interest rates and make repayment more manageable, allowing you to experience financial freedom faster.
Linda's attempt to help a struggling friend led to a massive amount of credit card debt. Accredited Debt Relief helped cut her $30,000 debt in half, giving her peace of mind and a brighter outlook on life.
The ultimate goal of debt relief is to free borrowers from their debts as quickly and easily as possible. Each method removes one or several barriers that make it difficult for borrowers to repay what they owe. For example, debt relief can help to change the terms of a borrowing agreement, consolidate multiple debt obligations into one debt or reduce the principal amount owed.
Debt relief takes a variable amount of time depending on which option you choose. For example, debt resolution programs can take as little as 12 to 48 months to complete, while a debt management program through a credit counselor can last for as long as 60 months.
Depending on the type of debt relief you choose, your credit may be affected initially. For example, bankruptcy can greatly impact your credit score and remain on your report for 7-10 years. Debt resolution programs can also affect your credit as well, but many clients see their credit improve as their enrolled debts are settled and paid off.
Fortunately, changes in your credit score after using a debt relief program don’t last forever. Paying down your debt over time and implementing good habits can help you repair your credit score.
You're paying too much interest or are stuck making only minimum payments
One or more of your credit cards are maxed out or your credit utilization is over 40%
You miss payments or you can’t afford both your monthly payments and basic needs
Your debt is worsening your quality of life, physically or mentally
In addition to managing your debt on your own, there are five common debt relief strategies:
Debt Consolidation, which takes multiple debt obligations and combines them into one debt. This reorganization can help eliminate the problems that come with juggling multiple payments, but it does not address your spending habits. Some forms of debt consolidation might be best for those with high credit scores and a clear plan for avoiding new debt in the future.
Debt Settlement, which is a specific type of debt consolidation. It involves redirecting all of your monthly payments to a Dedicated Account while a team of Certified Debt Specialists work with creditors on your behalf to reach new terms and agreements. Once new terms are secured, the funds you have saved will be sent to your creditor as part of a lump-sum offer or payment plan. Debt settlement companies are usually able to work out agreements that are significantly lower than what the borrower owed.
Credit Counseling, which is when you meet with a counselor who offers suggestions on improving your finances. Credit counselors typically analyze your income, debts and financial obligations, give advice and provide budgeting help. Credit counselors can also recommend debt management programs — these are similar to debt settlement programs and can lower your interest rates and fees, but they don’t offer the opportunity to reduce your principal balances.
Bankruptcy, which is a legal process where a debtor’s financial obligations are either placed in a debt repayment plan or discharged. Bankruptcy may be considered a “last resort” by some due to the length of time it can stay in your credit report.
Debt Consolidation Loans, which are new lines of credit, like credit cards or personal loans, that are used to pay off existing debts. Debt consolidation loans allow you to move multiple debts to a single place so that you can focus on one monthly payment. These loans work well for consumers who have fair or good credit, and they can save you money if you’re able to secure a consolidation loan with a lower interest rate than what you’re currently paying.
Debt relief is any strategy or process that helps you reduce or eliminate your debt. Common methods include debt resolution programs, consolidation loans, credit counseling and bankruptcy.
Factors like your overall debt, credit score, life circumstances and income can determine whether or not you’re eligible for a particular debt relief option. For example, if you have $7,500 or more in unsecured debt, a debt settlement program like those offered by Accredited Debt Relief may be your best option.
Some debt relief methods can affect your credit score, but the drop is often temporary. Our clients usually see an improvement in their credit score as their debts are resolved.
The type of debt relief you choose will determine the impact to your credit score. For example, bankruptcy can affect your credit score for 7-10 years.
The best debt relief choice for you will depend on multiple factors, including the total amount you owe, your current income, what type of debt you have and your creditworthiness. You’ll need to examine the pros and cons of all of your debt relief options before deciding which option to pursue.
Our clients are often very satisfied with the lower monthly payment and reduction in total debt that our debt settlement program can offer. If you have $7,500 or more in unsecured debt, Accredited Debt Relief may be able to help.
If you work with a service like Accredited Debt Relief, you can reduce your enrolled debts by up to 50%.
We understand the stress and fear that debt can cause, which is why we want to help improve your finances while saving you money. We’re committed to answering your questions and matching you with customized programs that can help you overcome your debts faster.
At Accredited Debt Relief, we help people in many states discover debt relief programs that fit their needs. Our team has helped resolve more than $500 million in debt for our clients so far, and we’re ready to help you reach your financial goals. Contact us today for a free consultation.
Accredited Debt Relief has helped customers across the country consolidate and resolve their debts. With an A+ BBB rating, we offer customized financial solutions that can help you pay off your debt obligations quicker. Our experienced team can help lower your monthly payments and reduce what you owe overall. To learn more and receive a free, no obligation consultation, contact us today.
Enrolled Debt: $43,922
Final Debt: $21,403
Savings: $22,879*
Enrolled: 2/10/2020
Graduated: 8/31/2021
Enrolled Debt: $21,974
Final Debt: $12,797
Savings: $9,176*
Enrolled: 3/22/2020
Graduated: 10/21/2021
Enrolled Debt: $24,954
Final Debt: $10,634
Savings: $14,320*
Enrolled: 1/1/2020
Graduated: 10/28/2021
* These examples do not include program fees. This is small sample of debt settlements our negotiation team has achieved for our clients. These settlements were obtained for clients who successfully met all of their program terms and received settlement offers. Results may vary, and there are no guarantees that all creditors will agree to settle. These examples are not representative of results in all cases.
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