Credit Consolidation
If you feel like you are swimming in a sea of credit card debt, you are
not alone. This fact probably will not make you feel
any better, but the fact that you have lots of company means that there
are a variety of Credit Consolidation strategies and debt
reduction services you can use to get back on solid financial ground.
There is a thriving industry full of companies that do nothing but help
consumers get a handle on their debt problems. These
Credit Consolidation firms run the gamut from non-profit community based
organizations to national chains to huge mega companies
with a branch in every major city. Finding the right company to entrust
with your Credit Consolidation can be difficult and
challenging.
Before turning to an outside company for help, however, there are steps
consumers can take on their own to reduce their debt
load. Of course the easiest strategy is to put extra money toward
retiring your debt. Every extra dollar you put toward your
credit card balance is one more dollar on which you will not owe
interest or penalties.
Of course, finding that extra money can be a challenge. Most people are
lucky to have a few dollars left over between paydays,
and many consumers find themselves out of money before they are out of
month. This is where a good budget program can come in
handy. Budgeting is not a skill that is taught in school, and it is
often not taught at home either. Learning how to make a
budget and stick to it can be the most important aspect of your
financial life.
Try this little exercise and see if you can’t shake loose some extra
money each month. Write down every expense you incur
for at least a week. That’s every expense – every cup of coffee, every
meal, every trip to the grocery store, every trip to
the mall, every tank of gas. Be scrupulous about recording every penny
you spend and what you spend it on. At the end of the
week, add it all up and give it close scrutiny. Ask yourself if every
item was a necessity. Are there places you can cut back
on your daily living expenses? Even a dollar or two a day can add up
quickly – try cutting back for a couple months and
putting that extra money toward your debt.
Of course, this strategy may be only part of the solution for serious
debts. If you owe more than you can afford to pay, try
negotiating directly with your creditors. Consumers are often
pleasantly surprised at how flexible their credit card
companies, banks and other lenders are when renegotiating the terms of
their debt. For instance, your credit card company may
be willing to give you a lower interest rate, waive certain fees, or
even accept a lesser amount than what you owe.
Of course, the bank is not just doing this to be nice to you. It is in
the best interest of your creditors that you be in a
position to repay what you owe. After all, if you are forced into
bankruptcy, the bank will most likely be unable to recover
what they are owed. And as you know, bankruptcy is no panacea for the
consumer either. That black mark will follow you for
at least seven years, and it is no longer so easy to use bankruptcy to
shield yourself from debt.
It can be difficult to reduce debt, but by carefully following a budget
and negotiating with your creditors, you can get a
handle on your debt and your spending. You will need to learn how to
handle debt on your own. There is no course on their
important skill, but the skills you teach yourself can help ensure your
financial future and keep you debt free.
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Credit Consolidation:
American Debt Foundation,
Inc.
Debt settlement is a form of debt relief that can assist you in overcoming
the burden of overwhelming debt in less time and for less money than other
debt relief options.
On average, consumers who complete the American Debt Foundation's debt
settlement program do so in 3 to 5 years and generally pay less than half of
the balance owed.* That amount typically includes any interest charges, late
fees, and the debt settlement company's fees.
American Debt Foundation's debt settlement program is an alternative to
bankruptcy, which exists to assist consumers with significant debt due to
personal or medical hardships.
Too often, consumers join consumer credit counseling services in an attempt
to repay their debt, but soon find that it may have not been their best debt
relief option. Some estimates show over 75% of people who turn to consumer
credit counseling services either quit or are dropped from the program. As a
result, many clients end up filing for bankruptcy. Debt settlement is an
alternative solution for people who legitimately cannot afford to repay
their debts and are looking for an honest way out of a debt-burdened life.
Debt settlement serves an important role in the debt relief industry
because it is not like consumer credit counseling, debt consolidation and
other debt relief options that coach you through repaying your entire debt,
even if you cannot afford to do so. Instead, debt settlement involves
negotiating with your creditors to settle your debt for a reduced amount.
This is why debt settlement is a growing debt relief solution.
Many credit card companies have debt negotiation and settlement departments
for the specific purpose of negotiating with debt settlement companies like
American Debt Foundation. While they prefer that you repay the entire amount
you owe, creditors understand that lending credit is a risk, and sometimes
consumers experience legitimate financial hardships that prevent them from
repaying the full debt.
It is important to us that you understand the debt settlement process or
any other debt relief option you choose before committing to a program. The
following pages explain how and why the debt settlement process works. Keep
in mind that not all debt settlement companies are alike and others may not
have the same process and steps described here.
What is debt settlement?
Debt settlement is when you repay your creditors less than you owe to
satisfy your debt. People with overwhelming debt can enroll with a debt
settlement company who will negotiate with their creditors to settle their
debts for a fraction of what they owe.
In a debt settlement program, you deposit money into a savings account each
month, instead of paying your creditors. Once enough money builds up, the
company negotiates with your creditors to accept a lump sum payment. If the
creditor accepts, this agreement settles the account. Your debt is
considered paid and you can begin saving for the next settlement offer.
What settlement results do your clients typically see?
On average, we settle our clients' debts for about 30-50% of the entire
amount owed.
How long will it take me to get out of debt?
Our program graduates are typically out of debt in 12 to 36 months.
Can American Debt Foundation help with harassing collection calls?
No company can completely stop debt collector calls. However, we ask your
creditors to contact us directly about your accounts. We also offer specific
advice for dealing with unwanted collector calls that come to your home.
Does American Debt Foundation offer any guarantees?
American Debt Foundation is one of the few companies in this industry to
offer a 30 day money back guarantee.
How much is American Debt Foundation's debt settlement program going to
cost me?
Our professional debt consultants will work with you to create a customized
payment plan according to your financial situation. Our fees are a
percentage of the total amount you owe.
Why would my creditors accept less than the full amount I owe?
Your creditors prefer to collect the full amount you owe; however, they
know that if you file bankruptcy, they may receive no payment at all.
Creditors are usually open to debt settlement once they recognize that you
are facing significant financial hardships and are trying to avoid
bankruptcy. Your creditors would rather accept a lump sum payment of 50% of
your debt than risk getting nothing at all.
Can I be sued by my creditors while enrolled in your program?
We do everything in our power to negotiate a mutually agreeable settlement,
but there is the possibility a creditor can take legal action to get you to
pay. This usually happens when creditors think they can recover the full
amount you owe through the courts. We are not a law firm and we recommend
you speak with a licensed attorney in your state for more information.
How will debt settlement affect
my
credit?
Debt settlement can have a negative impact on your credit.
However, debt settlement can also get you out of debt faster than many
other debt relief options so you can begin rebuilding your credit sooner. If
you are already behind on payments, or you might be shortly, your credit is
already impaired - you have too much debt compared to your income. This is
known as a high debt-to-income ratio. To be considered credit-worthy again,
you must drastically reduce or eliminate your debt, thereby reducing your
debt-to-income ratio.
Remember, you can always rebuild your credit and it's much easier to
rebuild your credit without the burden of overwhelming debt or a bankruptcy
mark on your
credit
report.
Once I've enrolled in American Debt Foundation's debt settlement program,
who maintains control of my finances?
You maintain control of your finances. Instead of paying us or your
creditors, you deposit money into a third-party savings account every month.
When enough money accrues and your creditors are ready to settle, the money
from that account goes toward your settlement. Because you ultimately
maintain control of your finances, your commitment is essential to the
success of your program.
What if I need to cancel the program?
You can cancel the program and withdrawal the money in your set-aside
account at any time. We do not have a long term commitment, so you are under
no contractual obligation to stay if you decide the program is not right for
you. You will not be charged any penalty fees, closing fees or any other
hidden charges.
Does everyone qualify for American Debt Foundation's debt settlement
program?
Not everyone qualifies for debt settlement. Debt settlement is an
alternative to bankruptcy for people with overwhelming debt who have endured
personal or financial hardships that prevent them from repaying their
creditors.
What types of debt does American Debt Foundation settle?
There are generally two types of debt: unsecured and secured. Secured debt
is backed by collateral such as a house or a car. American Debt Foundation
cannot settle secured debts because creditors can simply repossess the
assets if you fall behind in payments. Unsecured debt is not backed, or
secured, by collateral and therefore it can be negotiated. Unsecured debts
include credit card debt, medical bills, repossessions, etc.
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Credit
Consolidation
American Debt Foundation,
Inc.
Debt settlement is a form of debt relief that can assist you in overcoming
the burden of overwhelming debt in less time and for less money than other
debt relief options.
On average, consumers who complete the American Debt Foundation's debt
settlement program do so in 3 to 5 years and generally pay less than half of
the balance owed.* That amount typically includes any interest charges, late
fees, and the debt settlement company's fees.
American Debt Foundation's debt settlement program is an alternative to
bankruptcy, which exists to assist consumers with significant debt due to
personal or medical hardships.
Too often, consumers join consumer credit counseling services in an attempt
to repay their debt, but soon find that it may have not been their best debt
relief option. Some estimates show over 75% of people who turn to consumer
credit counseling services either quit or are dropped from the program. As a
result, many clients end up filing for bankruptcy. Debt settlement is an
alternative solution for people who legitimately cannot afford to repay
their debts and are looking for an honest way out of a debt-burdened life.
Debt settlement serves an important role in the debt relief industry
because it is not like consumer credit counseling, debt consolidation and
other debt relief options that coach you through repaying your entire debt,
even if you cannot afford to do so. Instead, debt settlement involves
negotiating with your creditors to settle your debt for a reduced amount.
This is why debt settlement is a growing debt relief solution.
Many credit card companies have debt negotiation and settlement departments
for the specific purpose of negotiating with debt settlement companies like
American Debt Foundation. While they prefer that you repay the entire amount
you owe, creditors understand that lending credit is a risk, and sometimes
consumers experience legitimate financial hardships that prevent them from
repaying the full debt.
It is important to us that you understand the debt settlement process or
any other debt relief option you choose before committing to a program. The
following pages explain how and why the debt settlement process works. Keep
in mind that not all debt settlement companies are alike and others may not
have the same process and steps described here.
What is debt settlement?
Debt settlement is when you repay your creditors less than you owe to
satisfy your debt. People with overwhelming debt can enroll with a debt
settlement company who will negotiate with their creditors to settle their
debts for a fraction of what they owe.
In a debt settlement program, you deposit money into a savings account each
month, instead of paying your creditors. Once enough money builds up, the
company negotiates with your creditors to accept a lump sum payment. If the
creditor accepts, this agreement settles the account. Your debt is
considered paid and you can begin saving for the next settlement offer.
What settlement results do your clients typically see?
On average, we settle our clients' debts for about 30-50% of the entire
amount owed.
How long will it take me to get out of debt?
Our program graduates are typically out of debt in 12 to 36 months.
Can American Debt Foundation help with harassing collection calls?
No company can completely stop debt collector calls. However, we ask your
creditors to contact us directly about your accounts. We also offer specific
advice for dealing with unwanted collector calls that come to your home.
Does American Debt Foundation offer any guarantees?
American Debt Foundation is one of the few companies in this industry to
offer a 30 day money back guarantee.
How much is American Debt Foundation's debt settlement program going to
cost me?
Our professional debt consultants will work with you to create a customized
payment plan according to your financial situation. Our fees are a
percentage of the total amount you owe.
Why would my creditors accept less than the full amount I owe?
Your creditors prefer to collect the full amount you owe; however, they
know that if you file bankruptcy, they may receive no payment at all.
Creditors are usually open to debt settlement once they recognize that you
are facing significant financial hardships and are trying to avoid
bankruptcy. Your creditors would rather accept a lump sum payment of 50% of
your debt than risk getting nothing at all.
Can I be sued by my creditors while enrolled in your program?
We do everything in our power to negotiate a mutually agreeable settlement,
but there is the possibility a creditor can take legal action to get you to
pay. This usually happens when creditors think they can recover the full
amount you owe through the courts. We are not a law firm and we recommend
you speak with a licensed attorney in your state for more information.
How will debt settlement affect
my
credit?
Debt settlement can have a negative impact on your credit.
However, debt settlement can also get you out of debt faster than many
other debt relief options so you can begin rebuilding your credit sooner. If
you are already behind on payments, or you might be shortly, your credit is
already impaired - you have too much debt compared to your income. This is
known as a high debt-to-income ratio. To be considered credit-worthy again,
you must drastically reduce or eliminate your debt, thereby reducing your
debt-to-income ratio.
Remember, you can always rebuild your credit and it's much easier to
rebuild your credit without the burden of overwhelming debt or a bankruptcy
mark on your
credit
report.
Once I've enrolled in American Debt Foundation's debt settlement program,
who maintains control of my finances?
You maintain control of your finances. Instead of paying us or your
creditors, you deposit money into a third-party savings account every month.
When enough money accrues and your creditors are ready to settle, the money
from that account goes toward your settlement. Because you ultimately
maintain control of your finances, your commitment is essential to the
success of your program.
What if I need to cancel the program?
You can cancel the program and withdrawal the money in your set-aside
account at any time. We do not have a long term commitment, so you are under
no contractual obligation to stay if you decide the program is not right for
you. You will not be charged any penalty fees, closing fees or any other
hidden charges.
Does everyone qualify for American Debt Foundation's debt settlement
program?
Not everyone qualifies for debt settlement. Debt settlement is an
alternative to bankruptcy for people with overwhelming debt who have endured
personal or financial hardships that prevent them from repaying their
creditors.
What types of debt does American Debt Foundation settle?
There are generally two types of debt: unsecured and secured. Secured debt
is backed by collateral such as a house or a car. American Debt Foundation
cannot settle secured debts because creditors can simply repossess the
assets if you fall behind in payments. Unsecured debt is not backed, or
secured, by collateral and therefore it can be negotiated. Unsecured debts
include credit card debt, medical bills, repossessions, etc.
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