Veteran journalist/blogger Tom Jackson has worked for newspapers in Washington D.C., Sacramento, Calif., and Tampa, Fla., racking up state and national awards for writing, editing and design along the way. Tom also has been published in assorted sports magazines, and his work has been included in several annual “Best Sports Stories” collections. Most recently, his blogging for various websites on the 2016 election won a pair of top honors from the Florida Press Club. A University of Florida alumnus, St. Louis Cardinals fan and eager-if-haphazard golfer, Tom splits time between Tampa and Cashiers, N.C., with his wife of 40 years, college-age son, and Spencer, a yappy Shetland sheepdog.
You could consolidate your debts by getting a loan from a bank, credit union or some other source of funds. If you own your home and have some equity you could most probably get a home equity loan or homeowner equity line of credit (HELOC) and use the funds to pay off all of your other debts. These are called secured loans because you’re required to secure them by using the equity in your home as collateral. In fact, home equity loans are often called second mortgages. Whichever you choose you should end up with a much lower monthly payment than the sum of the payments you been making.
Some of these debt reductions solutions as well as assistance programs are offered by credit card issuers, private companies, non-profit counselors, banks and other organizations. Banks, medical providers, credit card companies as well as other lenders are more willing than ever to help a household get their finances under control. They would rather be able to collect some of the outstanding debt from the borrower rather than see them file bankruptcy or somehow contest it, in which case the lender gets nothing.
Such a scam, they make you believe they're helping you but in reality they are ripping you off. They are charging you for something you can do on your own. There is nothing special about this company, please don't waste your time and money. Wish someone told me this before I signed up. I never write reviews but I feel so strongly about this that I had to try to stop someone else from making the same mistake and sign up with National Debt Relief.Read More
C.B. I believe what you need is to invest in a financial coach. What you described is not uncommon. Once you find out why you are spending, possibly to fill a void or the ‘I deserve’ mindset, you can stop the unneeded spending. A good coach will also put together a plan to help you get out of debt and reach your financial goals and life goals. If a coach is not something you are willing to look into, please find an accountability partner. Someone who will not accept excuses and will keep you focused. You have the income and the drive to make things happen in your finances… that is HUGE!! Everyone needs a little help now and then. You got this!!!
Finding debt relief means that you identify a solution that minimizes the burden of debt repayment. The goal is to reduce or eliminate interest charges and fees so you can pay off your debt faster. In many cases, you can pay less each month and still get out of debt faster than with traditional payments. Essentially, you find a better way to pay back what you owe that works for your finances.
Debt forgiveness is another potential strategy for anyone ready to admit "I need help with my debt." This involves paying your creditors a lump sum payment that is less than what you owe and ask them to wipe out your debt. While this is sometimes effective, it can also backfire and add even more debt to your totals. While ACCC does not get involved in debt forgiveness plans, we can help you understand the benefits or potential risks this approach may pose.
This year, my husband and I made a few changes… we put ourselves on a strict budget and gave ourselves a cash allowance so we wouldn’t even be tempted to use the debit cards “just to grab lunch,” squirreled our credit cards away so we wouldn’t use them, and went through TONS of stuff that we weren’t using anymore and are planning a neighborhood yard sale for the spring.
I am 37 and have amassed $45,000 in credit card debt (over three cards). I have student loans, a mortgage loan, and an equity line of credit. I have never been late with any payments. However, I am a bit stressed with the high credit card debt. Would it be wise to file for chapter 7 on the credit card debt only while keeping my mortgage, equity line of credit, and student loan payments?

Savings: National Debt Relief claims its clients realize an approximate savings of 30% when including its fees. This savings applies only to clients who stay with the program until all of their debt is settled. While National says the majority of people who enroll in the program complete it, some customers drop out for various reasons, including the inability to save enough money to settle debts.


Everyone I've talked to has been professional and courteous. They have truly helped to alleviate some of the stress of feeling like you are drowning with nowhere to turn. There didn't seem to be any daylight at the end of the debt tunnel until I spoke with the folks at National Debt Relief. Everyone is very helpful and the explanations of the process have been very thorough. I feel confident that with their assistance this program can work and I can get out of debt within a reasonable amount of time and save money in the process.
My daughter has major college loan debt. We have helped pay a couple of loans,but cannot pay them all. She is working three jobs,trying to get her Spcial Ed teaching degree,and is living back home with us. She will be 27 in November and feels like she will never get out of this vicious cycle.She has negotiated some of her loan’s interest rates down,but is now considering bankruptcy.is it true that you can’t file bankruptcy on student loans? This is a nightmare for so many young adults. I think that it is a major part of the economic woes in this country.
Learning how to get out of debt can be time-consuming, but it doesn’t have to be difficult if you do it the right way. It can take a lot of careful budget planning, self-discipline and be making conscious financial sacrifices, but the reward is more than worth it. While being able to pay off all your debts doesn’t usually happen overnight, there are efficient “get out of debt” plans and strategies to make you debt-free. Use the above effective expert tips to get out of debt fast.
Over time, your small balances should disappear one by one, freeing up more dollars to throw at your larger debts and loans. This “snowball effect” allows you to pay down smaller balances first — logging a few “wins” for the psychological effect — while letting you save the largest loans for last. Ultimately, the goal is snowballing all of your extra dollars toward your debts until they’re demolished — and you’re finally debt-free.
Another survey conducted by the Harris Poll on behalf of the American Institute of Certified Public Accountants (AICPA) showed that 56% of Americans with debt admitted that it negatively impacted their lives. Twenty-eight percent of the 1,004 American adults surveyed said their debt caused stress about their everyday financial decisions, and 21% said it caused tension with their partner.
While National Debt Relief claims that people who finish its debt relief program save on average 30% off their original debt, it’s important to consider the interest and fees you’ll accrue during the time you’re enrolled in the program. Furthermore, If you don’t finish the program, or if National Debt Relief is unsuccessful at negotiating the terms, you can end up stuck with a higher balance than you started off with.
Kevin – Let’s look at it this way. You’re paying roughly $3600 a year in interest on that debt. Over five years that’s a little over $18,000. The counseling agency can get that down to 0 (you won’t even find a debt consolidation loan for that rate) and you’ll be debt-free at the end of those five years. The damage to your credit won’t be anywhere near what it would be with debt settlement.
To get out of debt using the ladder method, start by attacking the balance on the account that charges the highest interest rate, McClary says. While you’re ramping up payments on that account, you make minimum payments on the others. When your highest-interest balance is gone, you move down a rung of the ladder and apply all your extra payments to the account with the next highest rate. You repeat the process until all your debt is eliminated.
Afterward, a National Debt Relief specialist will contact you to discuss options and require that you provide proof of your debt balance, income, assets and basic necessity expenses. Any proof that you are struggling with financial hardship needs to be provided during the initial financial review to assess whether a debt settlement program is right for you.

If your finances have taken a turn for the worse and you find yourself drowning in debt, a debt management program may help you keep your head above water. These programs, also known as debt management plans or DMPs, are a form of debt relief in which a counseling agency works with your creditors to reduce your monthly payment to a level more suitable to your current situation.[1] A DMP may be able to help you negotiate lower interest rates, get late fees waived, work out a payment schedule that's acceptable to you and your creditors, and consolidate your monthly payments into one. However, keep in mind that all DMPs charge fees, and some can be excessively expensive or even fraudulent.

Warning: Debt settlement may well leave you deeper in debt than you were when you started. Most debt settlement companies will ask you to stop paying your debts in order to get creditors to negotiate and to collect the funds required for a settlement. This can have a negative effect on your credit score and may result in the creditor or debt collector filing a lawsuit while you are collecting settlement funds. And if you stop making payments on a credit card, late fees and interest will be added to the debt each month. If you exceed your credit limit, additional fees and charges may apply. This can cause your original debt to increase.
Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.
Settling your debts used to be a less than reputable practice but has recently gained prominence. It is basically where you hire a debt relief company to negotiate with the creditors on your behalf. The goal is to get them to agree to settlements where you make lump sum payments for a portion of your debts (this should much less than your total balances). In return the creditor agrees to forgive the rest of the debts.
On the plus side, if you pay off a card balance that’s close to the credit limit, you may improve your “utilization ratio”—the ratio that compares your credit limits with the balances you currently have—provided you leave the card open after paying it off. But simply moving balances from one card to another is unlikely to do a whole lot for your scores.
You'd make the minimum payments on all debts, and pay as much extra as possible toward the $1,000 credit card balance. Once that was paid off, the new "minimum" payment for the card with the $3,000 balance would be $400 (the original $300 minimum plus the $100 minimum you used to make on the card you paid off). Extra cash would also go to repay that card. Finally, once both of those were paid off, you'd focus all your attention on the personal loan. The new "minimum" payment would be $650 ($300 + $250 + $100). 
I’m in this program, can you tell me the dates they gave you that everything would be paid, was your accts pain in full an over with. I’m also needing to know did you get new contracts to sign about your first payment an balances, I’ve got one twice an I feel like if I sign it they’re saying I’m starting all over again, I see my balances going down I’m just confused with this. can you give me any advise, I contacted a lawyer an was told these companies are not legit, I’m just lost at this point not sure what to do lawyers advise was to file bankrupt, don’t want that…..Thanks
The services provided by credit counseling services are nothing consumers can't do by themselves. "You could do it, but it's an involved process," says Kyle Winkfield, partner with financial firm O'Dell, Winkfield, Roseman and Shipp in the District of Columbia. The benefit of using an agency is that they have experience in negotiating debt payments and disputing incorrect information on credit reports. Paying an expert to do these tasks not only saves a person time, but can minimize the stress of having to navigate unfamiliar territory. "If you find a good one, they are worth more than they charge," Winkfield says.
Even outside of the holidays, plenty of seasonal jobs may be available. Springtime brings the need for seasonal greenhouse workers and farm jobs, while summer calls for tour operators and all types of outdoor, temporary workers from lifeguards to landscapers. Fall brings seasonal work for haunted house attractions, pumpkin patches, and fall harvest.
Personal loans. Personal loans are another solution to refinance debt. You can take out a personal loan to repay credit card debt, medical debt, payday loans, or other types of high-interest debt. Many personal lenders do forbid you from using the proceeds of your loan to repay student debt, but otherwise you have almost endless flexibility in what you can use the borrowed money for. 

Once you’ve decided that debt settlement is the right option for you, National Debt Relief asks that you stop paying your creditors (if you can still make payments, you’re not in a financial crisis and the program isn’t right for you) and open a new FDIC-insured account that you will begin depositing money into regularly. The funds collected in this account will only get disbursed once terms of a settlement offer are reached between the creditor and borrower.
What Does National Debt Relief Do? National Debt Relief is a leading debt negotiation company with a BBB A+ rating and thousands of positive client reviews. So what does that mean? We negotiate with your creditors to get a reduction of your outstanding credit card balances. We get your creditors to agree to a lump sum payoff amount and they will forgive the rest of your balance. Debt negotiation is one of the most effective choices available to consumers if you qualify. It’s a great choice if you have more debt than you can pay off in a 2 – 3 year time frame or are experiencing a financial hardship that has you falling behind (or just about to be) on your monthly payments.

The creditors don’t have the time or manpower to negotiate with every one of their customers individually. They work with credit counseling agencies like us to create a set of standard concessions that we may offer to clients when appropriate. The creditors also understand that we provide counseling and education, which makes our clients more likely to succeed in repaying their debts.
Compare debt settlement vs. debt consolidation programs as they have differences between the two. One or the other may be a better option for you and your family, and it depends on your personal financial situation. Get information about the pros and cons of these two approaches. Read tips on which option may be the best option for you and your situation. Compare debt settlement and consolidation.

Debt consolidation loans are a well-known, well-advertised option for consumers who struggle with debt. These credit facilities exist for the express purpose of paying off outstanding unsecured debts and do their job quite well. When you take out a debt consolidation loan, your lender immediately pays off your existing creditors and starts billing you for the balance.
Consumer Credit Counseling Service of Greater Dallas, Inc. - Consult with a specialist for free/low cost, and most importantly, confidential advice. They will help you get out of debt, find resources to pay bills, and offer budgeting advice as well which can lead to long term self-sufficiency. They are also a federal government HUD certified housing agency.
As you read through each item, you'll probably think "This will only save me $5 or $10 a month." If you can cut back on 10 different things and save even $100 a month, that's an extra $100 you can put towards your debt. Not all of these will apply to you and that's ok. Adopt as many as you can, even if it means making a small sacrifice. The more of these you can adopt, the more money you'll have to accomplish your goal.
I filed a chapter 7 after my husband passed away. He had a a lot of debt and so did I. I was paying all my bills before and whatever of his I could. Well let me tell you. The phone calls were coming in one after another. Much of the debt in my husband’s name was written off, about $120,000. The bankruptcy attorney came up with still $125,000 with both our debts. I had to sell 2 properties before I could file so I did that.That helped pay for the bankruptcy and other expenses. I paid $5000 in 2009 taxes with the money from the sales of the properties.
Guy who signed me up was professional BUT dealing with the company afterwards was a complete run-around. Transferred 5 times and not given an honest answer. Had to call back and confirm my exit from the program. Then asked personal questions in a resell attempt. Mailing address given to submit cancellation request to is NOT a valid mailing address. Percentage higher than advertised – 23%. Customer service transfers you immediately somewhere else – couldn’t even finish my sentence. Very shady.
Because we are a non-profit counseling agency, Advantage Credit Counseling Service (CCS) is 100% focused on helping you achieve debt relief. With more than 50 years of experience and the industry’s best Online Credit Counseling system, you can rest assured that not only will our certified counselors understand what you’re going through, they’ll also know how to help you uncover truly personalized solutions to improve your financial future.
However, outside of these types of package services, there is little difference with the actual debt management service provided. If money is already tight and you can’t afford the bills you have now, there’s little reason to add another. You’re usually better off going through a nonprofit agency in order to keep fees low and ensure your plan is affordable.
I believe that YOU get to choose what’s right for your life, because you’re the one who lives it. That includes how to get out of debt. On a related note, I hope that everyone gets out of debt, but I recognize that there are people who don’t want to, and that there are people who think debt it is the greatest tool in the world. That’s ok, because they’re not here.

In my debt relief practice I am coming across more and more consumers who have used National Debt Relief to help them manage their debts and negotiate settlements on their behalf, only to regret the decision to sign up with National Debt Relief at a later date.  With that said National Debt Relief is licensed in the State of Washington and appears to be complying with the Washington Debt Adjusters Act under RCW 18.28 which requires debt adjustors to charge no up front fee’s and limit their fees to 15% of the total debt listed on the signed contract which includes payments for any third party trust accounts used for holding client funds and making disbursements.  If a consumer decides to cancel services with National Debt relief and debts are not settled, any funds in a third party trust account must be refunded.  Consumers should know that attorneys such as Symmes Law Group, PLLC are exempt from the Washington Debt Adjustors Act and do not need to meet its requirements as attorneys are not considered debt adjustors.


Second, there's no guarantee that creditors will accept a partial payment. They may refuse any terms that a bankruptcy alternative proposes, leaving you potentially in worse shape than when you began. Finally, late fees and interest accrue on unpaid balances. That's money you'd have to pay, on top of any exorbitant fees the credit agency itself may be charging. 


I recently became fed up with the credit card debt that I have been carrying for 6 years and have *finally* taken action to eliminate it, such as making a budget (and sticking to it!), trying to negotiate a lower APR rate, selling stuff (au revoir, gitane bicycle) and making additional payments on my credit cards. This article was EXACTLY what I needed to read. It’s affirmation that I’m on the right track (:
This is paramount to mapping out a plan to pay off your debt. There are two approaches that are worth considering.  The first is where you list your debts smallest to largest regardless of the interest rate. This is the method that we used to pay off $52,000 in debt in 18 months and it worked great because it helped us build momentum. When we paid off our first debt it put wind in our sails. Even though we had higher interest debts, this gave us something that was very powerful: the belief that we could get out of debt quickly if we stuck to the plan.
What Does It Cost? First of all, there are no upfront fees and second, we only get paid when your debt is reduced. We only get paid for delivering results. Having said that, the fee varies by debt amount and the state you live, it ranges from 18-25% of the total debt enrolled. You can compare this to the 15-29% average interest charges you pay every year to your credit card companies and see our option can be an affordable option.

You’ll pay a nonprofit credit counseling agency to consolidate your debts into one monthly payment, while also reducing your interest rate, in an effort to pay off your debt faster. This is a good option for consumers in credit card debt who have a steady income to repay the debt within three to five years. Unlike debt settlement, a debt management plan should help improve your credit score.

As for your options, it doesn’t sound like your mortgage lender is interested in working with you. (I have no idea what “new laws” they are talking about but the last time I heard, Congress passes laws and the President can either sign or veto them!) I’d recommend you read my series: Underwater On Your Home? Your Six Options and then get some professional advice. In particular, you may want to look into whether bankruptcy or a short sale can help you.


Everyone I've talked to has been professional and courteous. They have truly helped to alleviate some of the stress of feeling like you are drowning with nowhere to turn. There didn't seem to be any daylight at the end of the debt tunnel until I spoke with the folks at National Debt Relief. Everyone is very helpful and the explanations of the process have been very thorough. I feel confident that with their assistance this program can work and I can get out of debt within a reasonable amount of time and save money in the process.
Once you've got a list of counseling agencies you might do business with, check each one out with your state Attorney General and local consumer protection agency. They can tell you if consumers have filed complaints about any one of them. (If there are no complaints about them, don't consider it a guarantee that they're legitimate.) The United States Trustee Program also keeps a list of credit counseling agencies approved to provide pre-bankruptcy counseling. After you've done your background investigation, you will want to  interview the final "candidates."
Mortgage debt: Banks, credit unions, and online lenders provide secured loans to buy properties, which act as collateral. Mortgage debt is low-interest debt that comes with the ability to deduct interest on mortgages up to $1 million if you purchase your home before December 2018 or up to $750,000 if you purchased your home after the Tax Cuts and Jobs Act passed.  
“Clients who are able to stay with the program and get all their debt settled realize approximate savings of 50% before fees, or 30% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.”
Also, there are many not for profit credit counseling organizations who offer services at local offices, online, and on the phone. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Local financial institutions and consumer protection agencies may also be good sources of information and referrals.
If you want some early small victories, some people recommend the “snowball” method, where you pay minimums on the largest bills while you work at paying them off, smallest to largest. Once the smallest one is paid off, you put the money you had been paying toward the next-smallest and so on. Another way is to pay the highest-interest-rate balance first. Use the one that makes the most sense to you. Read more here: 5 Ways To Get Out of Debt: Which Will Work for You?
Bankruptcy can't solve your problems if you have substantial student loan debt. Student loans aren't dischargeable in bankruptcy except in extreme cases where you can show severe hardship, such as becoming unable to ever work because of total permanent disability. You also can't get rid of mortgage or car loan debt if you hope to keep the assets; you'll need to become current and eventually repay these debts in full to avoid foreclosure or repossession of the vehicle. But for unsecured debt -- which is debt not guaranteed by your assets that you simply promised to repay -- bankruptcy could provide relief. 

This should really only be explored a last resort for debt relief before you file for bankruptcy. If you’ve tried everything else and haven’t had any success, then you can consider a debt settlement plan where you settle your debts for less than the full amount owed. This can cause significant damage to your credit score and results may vary, but it may be your best option if your situation is truly critical.
They start by reviewing your income, expenses and credit score to determine whether how creditworthy you are. Your credit score is the key number in that equation. The higher, the better. Anything above 700 and you should get an affordable interest rate on your loan. Anything below that and you will pay a much higher interest rate or possibly not qualify for a loan at all if your score has dipped below 620.
Consolidate debt using a low interest rate credit card. Discover the 10 best low interest rate credit cards as determined by CardRatings and Consumer Reports. They also tend to have very competitive fees. A low interest rate credit card can greatly reduce the amount you need to pay on your outstanding credit card bills and debt. Find a list of the 10 best credit cards for consolidation.
The federal government allows you to consolidate eligible federal student loan debt from multiple loans into one big loan for convenience. Doing so will not lower your interest rate -- the new rate on the consolidation loan is determined by a weighted average of debt you're consolidating -- but it makes sense if you have many loans from multiple years of school and keeping track of all of them is difficult. 
Home equity loans involve borrowing a fixed amount of money based on the equity in your home. As a simplified example, if your home is worth $100,000 and you owe $50,000 on it, you might be able to borrow between $30,000 and $40,000 in equity. Most home equity loan lenders won't allow you to borrow so much that you owe more than 80% to 90% of the value of the home.

Debt avalanche. The debt avalanche is a twist on the debt snowball. Instead of paying extra on your lowest debt to get that paid off ASAP, you pay extra on the loan with the highest interest rate. When that loan is paid off, pay more on the debt with the next highest rate, and so on until all debt is paid. The big benefit: You save a lot of money by getting rid of high-interest debt first. The downside is, it may take you much longer to pay off your highest-interest debt than your loan with the lowest balance. And it's harder to stay motivated if you don't see debt disappear. 
Consolidate debt using a low interest rate credit card. Discover the 10 best low interest rate credit cards as determined by CardRatings and Consumer Reports. They also tend to have very competitive fees. A low interest rate credit card can greatly reduce the amount you need to pay on your outstanding credit card bills and debt. Find a list of the 10 best credit cards for consolidation.

You should take the time to shop around. FICO says there is little to no impact on your credit score for rate shopping as many providers as you’d like in a single shopping period (which can be between 14-30 days, depending upon the version of FICO). So set aside a day and apply to as many as you feel comfortable with to get a sense of who is ready to give you the best terms.
Always keep in mind when dealing with services like debt relief that many customer view it as a magic pill to solve all their debt problems and make them financially stable, which is not the case. There are no guarantees when it comes to debt relief. These companies try to work with customers to lower their debt burden, but they aren’t going to work miracles.

Learning how to get out of debt can be time-consuming, but it doesn’t have to be difficult if you do it the right way. It can take a lot of careful budget planning, self-discipline and be making conscious financial sacrifices, but the reward is more than worth it. While being able to pay off all your debts doesn’t usually happen overnight, there are efficient “get out of debt” plans and strategies to make you debt-free. Use the above effective expert tips to get out of debt fast.
Experian, one of the three major credit bureau companies in the U.S., said the impact on your score should be minimal if you and the agency making payments for you, are on-time every month. If lenders look at your full credit report while you are in a DMP, they will see that you are repaying the debt at a reduced rate and it may affect their final decision on whether to grant you a loan.
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