Debt Relief Programs – A Case Study

Although some would have you believe otherwise, the fact remains, debt relief options and the companies associated with providing these services are more often than not, highly successful in helping individuals become debt free.

The Debt Relief Industry

There are of course bad actors like in any industry, but from a statistical perspective debt relief programs are typically more successful than Chapter 13. Bankruptcy and debt management programs and many other options in helping consumers successfully pay down debt. In 2006, the FTC reported that a Ch. 13 has a 33% success rate, credit counseling has a 21% success rate, while the success rate for debt relief programs ranges from 35% to 60% with an average success rate of 45-50%. The industry has seen substantial changes since then and has been heading in a positive direction, with higher levels of compliance and less companies looking to game the system with loopholes to charge upfront fees, so on and so forth.

Debt Relief Programs

Debt repayment programs have achieved an overwhelming reaction from a great many individuals across the United States looking to achieve financial freedom. Compared to other similar financial offerings, debt settlement is typically the safest and most impactful option. Despite what might be expected, typical financial products like consolidation loan options were unable to achieve favorable outcomes for many consumers. Since these products tend to offer short term solutions in which an individual is borrowing to payback what they already borrowed, they often fall short in fixing the “root cause of the problem”. Moreover, many individuals which attempt to facillate their own debt counseling plans or DYI financial solutions were initially unsuccessful in achieving financial freedom of their own accord. Numerous studies have shown that the best debt reliefplan for individuals struggling to pay off excessive credit card debt and experiencing financial hardship is to receive assistance from a debt relief company. Moreover, a considerable amount of these debt help companies charge their customers no up-front fees, so clients can feel assured that the will not pay for relief programs that do not help them become debt free. For this reason, it is undoubtedly to the benefit of the consumer to attempt a debt settlement plan, knowing that if it doesn’t work out they are under no obligation to remain in the program and are not obliged to pay anything for the service unless it proves successful. This is why in the long term, it is much easier for consumers to go with a company a contingent fee structure, to help resolve their finances.

Finding the Right Company

Discovering a debt relief plan that offers the best guidance in regards to risk assessment and that also provides personal finance solutions is no easy task. However, in this case utilizing the internet and client reviews will probably be the best choice for determining which is the best organization to go with. Review and testimonial platforms are the greatest resource for helping you make the most informed decision possible regarding which establishment to give your trust. Accordingly, as you compare your options and finally decide whether a debt help program is beneficial for your situation, you can get quotes from each organization and compare the offers for each debt relief company, respectively. Many of the institutions that provide debt relief services provide free consultations, so getting a valid comparison of each offering should not be too difficult. Moreover, there are a multitude of online resources which can help guide you in choosing the best debt relief options. The following guide should help answer any debt related questions and help you in deciding which remedy is best for your situation. Your best bet might be finding a local business that has industry expertise that you can meet face to face with a representative regarding potential solutions. If you do have the option to meet them in-person about your issues make sure to take advantage of it! These obligation arrangement administrations don't generally charge anything for a free consultation and you begin to better under your financial constraints in this manner. Nonetheless, when you become confident that a settlement may turn out well for you, your mediators will create a monthly payment plan for you to help you resolve your financial qualms. Moreover, you don't have to stress as the better portion of these companies offer budgeting assistance that is contingent upon your success in their program, meaning that they will not charge fees from the financial service provided until you are provided with savings.

When you are struggling to pay down your debt it is important to not get emotional and remain prudent in your journey to achieving financial freedom. You must remain patient and understand that as long as you do extensive research regarding which program you want to enroll in you will eventually emerge out of your situation with better finances. Make use of free consultations and use comparisons to differentiate each organization from the next, outlining all benefits and downsides of each particular option. These systems justly qualify and recognize the best performing repayment organizations. The financial services industry offers an abundance of alternatives to consumers overburdened by credit card debt, so whatever your decision, do not hesitate to explore all solutions available to you.

Regardless of what others claim, options for debt relief can be an extremely helpful tool to help you get out of debt and take back control over high interest credit card debt. If you are struggling with credit card minimum payments, the best course of action for you to take is typically one that will help you get out of your situation as quickly as possible and help you save money each month. Odds are, whatever you are currently doing is not working, especially if you are only making minimum payments. So, use your intuition and avoid listening to organizations that are clearly biased and would prefer you remain trapped in a never-ending and vicious high interest repayment cycle. Fear of change can be an extremely trifling attribute for anyone, but if what you are doing currently is not working, continuing on the same path will inevitably lead to more disappointment.

With all this being said, debt repayment plans are broadly accessible in a majority of the states across the US. Many debt restructuring organizations offer varying benefits associated with their debt relief program. The key thing to determine is which debt relief companies have your best interest in mind and are a reliable source for helping you achieve your financial goals. If you take the time to carefully review and research them, you will undeniably be able to find the best recourse for debt relief available to you. Once you decide, you can move forward and start looking towards a future that involves you not having to worry about your past obligations.