Although many people often feel ashamed by their debt and other financial circumstances, these situations are completely normal. In fact, most people in the United States are dealing with some kind of debt. To put it simply: this is a natural part of our economy; although, it is, of course, an unfortunate situation to get through.
Whether you’re struggling to pay off your mortgage, car payments, or even student loans, there are millions of people out there—just like you—going through the same things and are looking for assistance with debt. Although it may not make you feel better right now, these situations are likely not your fault. All you need is a little help from someone who knows what they’re doing.
The debt assistance you qualify for will depend on your credit and the various debts you struggle with. No matter what, though, it is likely that you qualify for some kind of help. You should never consider bankruptcy as your only option until you have checked out all debt assistance possibilities and seeked out help in other forms.
While bankruptcy may help your immediate situations, such a declaration is crippling in the long-term. Filing for bankruptcy will continue to affect you for years, and could potentially affect later opportunities such as finding employment, housing, or loans. Filing for bankruptcy may seem like the only option right now, but it could potentially leave you even worse in the future.
Instead of filing for bankruptcy, there is legitimate assistance with debt programs you should consider. Debt consolidation or settlement and credit counseling are perfectly viable options that won’t leave you stranded and stuck in an unfortunate situation after.
With debt consolidation or settlement, negotiators will speak with your creditors about actually lowering your debt. By the time they’re done, you could be paying off your debt for far less than what you originally owed. Consolidating your debt will also leave you with only a single monthly payment to your new lender, which could greatly cut down the stress of remembering to pay several bills on time.
Of course, for some people, qualifying for debt consolidation or settlement may be difficult. Low credit scores may leave you unable to qualify for a good consolidated loan. In these situations, it may be beneficial to look into credit counseling.
Credit counselors are unable to actually negotiate your loans, so what they do, instead, is attempt to lower your interest rates to make paying off your debts easier. Lower interest rates could potentially save you a large amount of money while you continue to pay off your debt, but you’ll also likely be stuck inside a seven-year window to pay everything off. Your interest may continue to build while you pay everything off, which could make you less eligible for further savings through counseling.
If you find yourself in a position where you’ve considering filing for bankruptcy, stop where you are and reach out to us today for debt assistance. Our programs could get you out of debt without the harsh consequences of bankruptcy filing. If you’d like to learn more about what services we offer, don’t hesitate to contact us today.