A
lot of companies have come up in the market with debt relief measures
but it is important to check if it helps solve your debt issues.
* Whether you need them at all? * Which one is legitimate? * Is any debt relief program suitable for you?
If
you are able to make minimum monthly payment or find your interest rate
high and want to negotiate for something low, you can probably do it on
your own. You can call up your credit card company and discuss
regarding low interest rate, most of the creditors would be willing to
make the payments affordable for you. During recession, it is as much a
loss to the creditors as to the debtors. Lenders might fear losing a
customer or being the cause of their bankruptcy, to avoid, they might
offer some lucrative discounts on the APR for few billing cycles to
help make debt payments. So if you are under one of these situations,
it would be worth referring a debt relief option falling behind on
payments:
Further guidelines to help you filter a legitimate program are as following.
*
Consult debt relief network or credit counseling which offers service
free of cost. They are mostly non profit or government organizations,
which study your financial position and help you decide which program
to take for debt help, whether you need them at all or not. Besides
they help you discipline your budget for future credit stability.
*
Debt settlement and debt management options are generally referred when
your debt is more than $10,000 and you have no options to make full
payment. These companies charge you for their programs to get a
reduction up to 50 -70 percent on the principal amount of debt. Avoid
companies which force you to join such plan unless absolutely required.
Make sure their fees do not exceed $10 – $30 per month or 15% of the
forgiven amount you pay to the creditors.
*
Try to extract as much information about these companies on the
Internet and refrain from one that charges up front fat fees without
disclosing any information. Many such companies have already come under
the notice of the Federal trade Commission and blacklisted. Some of the
restart the business under a new name as well
, so beware.
* Make sure the companies are accredited by Better Business Bureau and have IAPDA certified professionals to handle your debt.
Finding
legitimate debt settlement companies is not that difficult but
consumers must know where to look. It would be wise to utilize a debt
relief network that will qualify the companies for you and ensure that
they are legitimate and have proven themselves. To locate the top
performing debt settlement companies in your state check out the
following link:
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