So, you are buried in credit card bills. The late fees are piling up. The double-digit interest rates are making it nearly impossible for you to pay down the balance. And you are ready to do something about it? Congratulations! This is an empowering place to be. We Solve Debt is here for you and wants you to know about all your options for getting out of credit card debt. Click on an option below to skip to that section and read more!
Credit counseling provides consumers with guidance on consumer credit, money management, debt management, and budgeting.
You can begin working to reduce your credit card balances in several ways on your own.
Not always the best option, the main advantage of bankruptcy is the fact that many of your debts will be written off.
If you have several high-interest credit cards and the interest rates and fees are getting too high, you can look for a consolidation loan.
Debt Resolution is the process of having an expert Debt Negotiator work with your creditors to reduce the amount you owe, getting you out of debt in a shorter amount of time.
Continue paying the minimum monthly payments on each balance, extending your financial burden and roadmap.
Debt Resolution firms negotiate with creditors on your behalf to get them to forgive, settle or take an offer for less than you owe.
✓One Low Monthly Program Deposit
✓ Quicker Timeline for Completion
✓ Significant Cash Savings Long-Term
X Negative Impact on Credit
X Results Vary for Program Length
X Enrolled Credit Accounts are Closed
Debt Consolidation is just what the name sounds like. It is the process of combining all of your outstanding credit card debts into one or “consolidating” your debts into one single debt. It’s a loan with the goal of better terms than your existing debt.
Pros
✓ Flexible Terms
✓ No Credit Impact
✓ One Fixed Monthly Payment
✓ Pays Existing Debts
Cons
X Results Vary Over Life of the Loan
X No Reduction on Principal Balance
X Need Good Credit
X Debt-to-Income Ratio to Qualify
You can begin working to reduce your credit card balances in several ways on your own. This method generally starts with cutting up your credit cards.
✓ No Credit Impact
✓ No Fees
✓ Optimized Payments
Cons
X No Reduction of Interest Rates
X Timeframe Can Be Lengthy
X No Reduction of Principal
The biggest advantage of bankruptcy is the fact that many of your debts will be written off and discharged. Your debts are legally waived. The downside is that bankruptcy can remain on your credit report for 10 years.
Pros
✓ Process Takes 3-6 Months
✓ Debts Could Be Forgiven (Chapter 7)
✓ Creditors Cannot Collect on Debts
Cons
X Difficulty to Qualify for Chapter 7
X Cannot Qualify for a Mortgage
X Significant, Lasting Damage to Credit
Credit counseling is a debt management tool that can help you manage your money and create a plan to pay off your debt. Credit counselors work with you to create a strategy to manage your credit and pay off your debt.
Pros
✓ One Monthly Payment
✓ No Collection Calls
✓ Lower Interest Rates
Cons
X Credit Card Accounts Closed
X Principal Debt Not Reduced
X Lenders May View You As Credit Risk
(Typical Results Shown)
20,000
Total Debt Enrolled
Total Cost - $28,705
20,000
Total Debt Enrolled
Debt Resolution Service
Total Cost - $15,591
Make Minimum Payments Only
20,000
Total Debt Enrolled
Total Cost - $50,586
✔ Free Debt Relief Quote In Minutes
✔ Be Debt Free in 24-48 Months
✔ No Upfront Cost or Fees
Leave stress behind & Get ahead of your debt