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Debt is something many Americans are unfortunately very family with. The Federal Reserve Bank of New York reported that America’s total credit card debt has topped $1 trillion for the first time.
If you are one of those Americans who find yourself drowning in credit card debt then debt relief programs may be for you. These programs are designed to help you manage your unsecured credit card debt and find a way out.
Read on to learn why debt relief could be the option you’ve been searching for.
1. Reduce the Amount Owed
The biggest advantage of debt relief programs is that the company will work to reduce the total amount you owe. Debt relief companies employ financial professionals whose job it is to negotiate with creditors for debt settlement. They have been able to lower the principal balance, reduce the interest rates, settle on a lower monthly payment, and even eliminate late fees. These reductions can help you pay off your debt faster and cost you less money.
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2. Get Out of Debt Faster
Credit card debt relief programs are designed to help you become debt-free sooner rather than later. They typically consolidate your debts into one manageable payment so that you can pay off your debts more efficiently. TurboDebt promises to get you out of debt in 24 to 48 months and Debt Busters says 12 months is possible. Shaving months or even years off your debt will save you money and get you out of financial stress faster.
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3. Boost Credit
While it may seem counterintuitive, enrolling in a credit card debt relief program can actually improve your credit score. When you consistently make on-time payments as part of the program, your payment history improves, sending your score up. Additionally, as your debt decreases, your credit utilization ratio (the amount of credit you’re using compared to your available credit) decreases, positively impacting your credit score.
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4. Lower Monthly Payments
Are high monthly credit card payments causing financial stress? Credit card debt relief programs can significantly lower your monthly payments. They do this by reducing the total debt amount and negotiating more favorable terms with your creditors. Lower monthly payments can give you financial breathing room to cover your essential expenses and make it easier to stay on track with debt payments.
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5. Avoid Bankruptcy
Bankruptcy should be a last resort for anyone facing overwhelming debt. Credit card debt relief programs provide an alternative to bankruptcy, allowing you to regain control of your finances without the long-term negative consequences that bankruptcy brings. Bankruptcy can stay on your credit report for up to ten years, making it challenging to secure loans or credit in the future. Credit card debt relief allows you to settle your debts without resorting to this extreme measure.
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Final Thoughts
Credit card debt relief programs offer a range of benefits that can significantly improve your financial situation and quality of life. If you find that you need help paying your debt then reach out to the professionals. It is their job to reduce your debt and make it manageable so that you too can live a debt-free life.
