Helpful Resources

Debt Settlement Programs

Is Debt Settlement Right For Me?

There are so many different types of debt help available it is sometimes hard to know which one will be best for you. Debt settlement, also known as debt arbitration or debt negotiation, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Debt settlement is becoming the most effective solution for many consumers. It is most valuable if you have more debt than can be paid off in two to three years, or if you are experiencing financial hardship that is causing you to fall behind on monthly payments. Depending on the type of debt you have, most cases are settled for approximately fifty cents on the dollar. Creditors often choose to settle debts rather than run the risk of you filing for a declaration of bankruptcy.

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Debt Relief – How to Find Help

What is Debt Relief?

Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt. Whenever debt became too high in the past, home equity loans were used. Equity loans helped the homeowner rid themselves of high interest payments without damaging their credit score. Today, real estate values have declined to the point that the majority of homeowners have mortgages that are higher than their homes are worth.

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Debt Management – Which Plan Is Right For You?

What Is Debt Management?

A debt management plan is a strategy used to help make repayments on unsecured debt, more affordable. This usually requires a third party to negotiate new terms for repayment, including interest rates, fees associated with the account and monthly minimum required payments. There are many types of programs designed to assist consumers with lowering their debt ratios. The guidelines and methods vary from one to another, so take the time to research which one will be best for you. Before you start, put a budget together. List all of the required minimum payments, interest rates, fees and due dates.

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Credit Card Debt – How It Affects Quality Of Life

There are several options for consumers who are serious about reducing their credit card debts. If you have several cards, many experts recommend paying off those with the highest interest rates first. This may require strict budgeting to be able to muster the funds required to pay more than the monthly minimums. This isn’t always possible if the balance carried on the card is high. Tackling the cards with the smallest balances and removing at least one monthly payment helps the consumer to stay motivated by making obvious progress. Once a plan has been devised, the important thing is to stick with it.

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Debt Consolidation – The Pros and Cons

How Does Debt Consolidation Work?

Debt consolidation usually involves taking out a low interest loan at a fixed rate to reduce monthly payments. This often entails rolling many loan amounts into one. An asset is used as collateral for the new consolidated loan. The most commonly used asset is a home. This means that if the consumer defaults on the loan, they agree to allow the house to be sold to collect the remainder of the funds. This method of debt management is usually secured to pay off student loans or credit card debt that carries large interest rates that may increase frequently. There are pros and cons to debt consolidation.

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Bankruptcy – Is It Right For You?

Many people that find themselves in difficult financial circumstances may believe bankruptcy is the best way for them to regain control of their money. Despite the advertisements and websites offering to help consumers through the process, most people do not understand how it works and what the long-term ramifications are. It is not a decision to be made lightly. Since it may affect credit ratings for up to ten years, consumers that are considering it should take the time and do some research.

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Credit Counseling

Credit counseling services are frequently non-profit agencies that help consumers deal with issues related to overwhelming debt. Credit counselors review monthly payment requirements and the money that is available to make the payments. They advise individuals on the best way to manage these finances to help pay off debt faster. This often includes educating the consumer on how to avoid incurring future debts that they cannot pay back. The agencies also negotiate with creditors to set up individual debt management plans.

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Financial Resolutions for 2009

 “Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age.  Homes have been lost; jobs shed; businesses shuttered.”  Those words echoed across the nation, as President Obama delivered his inaugural speech on January 20th, 2009.  Many believe that the worst is yet to come.  In order to survive this rough economic time we must all take control and be aware of our spending habits; we must devise a plan to tackle any current debts; and we must prepare ourselves and save money. 

Buyer be Aware

The days of not balancing your checkbook and not taking into account every penny that goes in and out of your bank accounts are over.  The unemployment rate is now at 7.2% and 2.6 million jobs were lost in 2008, so every single penny counts!  Be aware of what you are spending your money on, make a list and take out things that are not considered “necessities”.   Prioritizing and making sure that your money is not spent on needless things is the key to reducing your monthly expenses and credit card debt. According to bankrate.com, below are the top 10 things that Americans waste money on: 

1) Coffee- Most people spend about $4.00 a visit at Starbucks.  If you’re visiting Starbuck’s every morning that equates to $20.00 per week on coffee.  That’s approximately $80.00 per month and $960.00 a year spent on just coffee.   

2) Cigarettes-According to tobaccofreekids.org, the average price for a pack of cigarettes in the United States is $4.54.  If you smoke a pack a day, you’re a spending $1600 a year on cigarettes. Cutting down on smoking, not only is better for your pocketbook but will also be better for your health!

3) Alcohol-Going out to the bar or club during the weekend can add up.  With, drink prices as high as $10.00; you are spending about $50-$100 a night on alcohol.  The rounds of drinks you buy can add up, not to mention, having to tip your bartender. Doing this every weekend will equate to about $1200 spent each year on alcohol and a hangover you are sure to have the next morning. 

4) Bottled Water-A bottle of Aquafina (20 oz.) can cost you about $1.00. If you’re buying a bottle a day, that’s about $365.00 a year spent on something that you can practically get for FREE.  This is something simple that you can cut back on, why spend the extra cash if you don’t have to. 

5) Manicures-Manicures and pedicures can cost anywhere between $30 and $50.  Going to the nail salon about twice a month will cost you approximately $100. Limit your visit to the nail salons for only special occasions.  Even cutting your visit to one time a month can save you $600 a year.

6) Car Washes-If you just want a standard wash and dry service, a car wash can cost you about $20 a visit.  If you’re washing your car every week that’s about $100.00 a month spent on something you can do yourself at home. 

7) Weekday Lunches out-Most people spend about $9.00 a day to eat lunch during the week.  That comes out to about $2300 spent each year on lunch food.  Take the extra time each night to pack yourself a lunch.  Just spending a little time doing this, can save you a lot of money in the long run.

8) Vending Machine Snacks-Snacks sold at the vending machines usually cost about $.75-$1 and will sometimes require more than one bag to satisfy that craving appetite.  Take the time out to buy snacks at the grocery store and bring it with you to work so that you’re not tempted to visit that machine every day.  Remember, every little bit counts!

9) Interest Charges on Credit Cards-According to indexcreditcards.com the average consumer credit card rate is 14.03%.  Typically, minimum payments are calculated to only pay 1%-3% of your balance.  So, if you have a card that has a balance of $5000 and you are only making the minimum payments of 2% of your balance, it will take you about 22 years to pay off the debt.    So, try to make more than just the minimum payments and get those cards paid off!

10) Unused Membership-Gym memberships can cost about $30 - $40 a month.  If you are not using your gym membership, you are flushing about $480 a year down the toilet.  Check with your gym, and see if they can place you on a “pay per visit” plan, where you can pay each time you come to their gym.  Or, check with the area you live in, some apartment complexes have onsite gyms their residents may use free of charge. 

Tackle Current Debts

There are many Americans that are drowning in credit card debt.  According to the Credit Research Center at Georgetown University, the average credit card debt client looking for help from a counselor had $43,000 in debt.  Of the $43,000, $20,000 was consumer debt and $8,500 was revolving debt.  Paying just the minimum payment every month is not enough to tackle those debts.  But, what type of non-bankruptcy solution, do people have now that equity has been sucked out of their homes and debt consolidation is no longer an option?

Debt Settlement provides a way for consumers to pay down and reduce their debt without having to resort to bankruptcy.  Debtmerica, a debt settlement company, offers a debt reduction program that will reduce debt at an average of 40-60%.  This differs from Credit Counseling programs where only interest rates are reduced.  Debtmerica’s aggressive approach and program will reduce interest rates, reduce debts, and will enable debtors to get out of their financial rut in about 12-36 months.  With this option, consumers are given a second chance without having to go through the grueling process of filing for bankruptcy.

Save Money for a Rainy Day

Credit Card Debt Settlement Program

There are thousands of people across the United States who are drowning in debt. From credit card debt settlement options to filing bankruptcy, they are looking for ways to successfully get out of debt quickly. At Debtmerica Relief, we proudly offer consumers an opportunity to pay the money they owe through our programs.

Besides enrolling in our Debt Resolution Program, there are numerous helpful tips that can help you get out of debt and stay out.

Here are our top tips:

1. Create a realistic monthly budget for expenses, track your money, and stick to it
2. Use direct deposit for paychecks and learn to pay in cash and not on credit cards
3. Pay off balance with the highest interest rate first
4. Be a savvy shopper - look for deals, bargains, shop around, and use coupons

Debt Settlement Services and Options

As mentioned above, Debtmerica Relief offers consumers an exciting opportunity to pay off the money they owe. Our debt resolution services do not include consumer credit counseling, filing for bankruptcy, or a standard debt consolidation loan. Instead, Debtmerica Relief provides a unique opportunity that could cut the money you owe by around 40 - 60 percent. In addition, as one of the most effective and fastest debt resolution services, you could get out of debt in about 12 - 30 months.

At Debtmerica Relief, most of our clients have experienced a profound increase in their financial well being upon graduation. Many have discovered the luxury of buying a home after finishing our program. Our quick and easy solution is a great way to pay off the money you owe without the typical hassle and worry. To learn more about our credit card debt resolution program, settlement options or more, please continue browsing through our website or reading our comprehensive collection of articles. Please contact us today at 1-800-470-8155 for a free, no obligation quote.

Best Debt Consolidation Loans

Get out of debt and stay out. At Debtmerica Relief, our goal is to help you be free from debt. We offer more than what a debt consolidation loan can for bad credit, but instead, we offer consumers an opportunity to reduce the money they owe drastically, which will help them pay debts off more easily and quickly. Many people think the only way to relieve their financial strain is to file for bankruptcy, use a consumer credit counseling program, or utilize a debt consolidation loan. However, our program is designed to reduce the money you owe by around 40-60 percent, which will cut your monthly payments by about half. As one of the top debt reduction programs, our service will ensure that you will get out of debt and stay out.

Debt Consolidation Loan for Bad Credit

A reasonable option to many people is a consolidation loan. However, a debt consolidation loan for bad credit only works financially if you have a good credit rating and considerable equity in your home. If you now are left wondering what to do, we completely understand. This exact situation is why we designed our Debt Reduction Program. This program guarantees a client will save money or we refund a portion of their service fees. We will get our clients paid off in 12-30 months, which is much quicker than most programs (bankruptcy may negatively affect credit 7-10 years; consumer credit counseling may take 6 years or more). Call us today to setup one of our personal debt management consultation with a representative.

Debt Consolidation Counseling

Our debt reduction and management program is the ideal program for those wishing to learn how to properly manage their debt. Debtmerica Relief uses debt management consultation with each client. This means, we personally talk to each of our clients and walk them through their options. By offering this personal, friendly touch, consumers realize that we truly do have one of the top debt management programs available. We will work as your credit card debt reduction company and will guarantee that you will save money or we refund a portion of your service fees. To learn more about our program, please continue browsing through our site.