Debt Settlement in Nebraska
Strategies for Relieving Debt in Nebraska
Below are some of the most commonly used forms of debt relief available to Nebraska consumers.
1. Make Minimum Monthly Payments
With a minimum payment, most of the funds tend to go toward paying interest rather than reducing the principal balance of the debt. It might feel like at least some progress is being toward paying off the debt, but choosing this route can cost you more in time & money than nearly any other form of debt relief.
2. Debt Management or Credit Counseling Programs
Credit counseling or debt management programs involve working with a debt relief agency to organize your repayment plan & get back on the right track financially. These types of programs are often offered for free, so be wary of any company trying to charge for credit counseling.
Typically, a single monthly payment is made to the counseling agency, and in turn, the agency distributes the funds to your creditors, ideally while negotiating lower interest rates in the process. With this form of debt relief, 100% of the debt plus any accrued interest still has to be repaid. On top of this, debt management programs can take between 3 to 5 years to complete.
3. Debt Consolidation Loans
Debt consolidation is a form of debt relief that involves taking out an additional loan to pay off the rest of your unsecured debts. The benefit of consolidation is that the loan is paired with a low interest-rate which helps you save substantial amounts on the interest payments over time. In theory, this leaves you with a single monthly payment that is less than the total sum that was being paid for all of your other unsecured debts and can help you pay off the debt quicker by reducing the total being paid out in interest.
The disadvantage with consolidation is that these types of loans and credit cards have steep credit requirements, and if the loan is not repaid within the promotional window, then the interest-rate can bounce back to a high percentage.
4. Debt Settlement or Debt Negotiation in Nebraska.
Debt settlement differs from the first two options in that the actual balance of owed debt is negotiated downward. Because the balance can be reduced by up to 50% in addition to lowering interest rates, debt settlement can be a quicker & less expensive route back to financial freedom than either consolidation or counseling.
5. Declaring Bankruptcy
Bankruptcy may be inevitable for those who continuously find themselves buried in debt. A formal declaration of bankruptcy removes the responsibility of repaying some or all of the unsecured debt and the creditor collection is brought to a halt, but significant damage is done to one’s ability to borrow for years afterward.
Figure Out Where Your Finances Stand
Do you have a legitimate financial hardship condition?
Most Nebraska consumers find themselves in debt trouble because of a sudden loss of income, medical/healthcare bills, or going through a divorce or separation. Each of these legitimate financial hardships can happen to any household through no fault of their own, and any one of these situations can create a serious strain on the household budget.
If you are over your head in debt because of a hardship circumstance and would prefer to work out a repayment deal with creditors rather than filing for bankruptcy, then Nebraska Debt Settlement could provide an honest path back to financial freedom.
Are you committed to getting out from under your debt?
Debt Settlement is not a “free lunch” system for Nebraskans who simply don’t want to pay their bills – It is an aggressive approach to relieving debt that can present the occasional challenge. Your ability to stay the course in the program is often the most important factor in success. For those willing to see it through to completion, a debt settlement program offers the potentially fastest and least expensive debt relief option in Nebraska.
Is most of your debt from credit cards?
Debt settlement can negotiate the balance of most types of unsecured debts down including personal lines of credit, financing contracts, signature loans, department store cards, repossession deficiencies, miscellaneous bills, and more. But most often, the largest discounts through settlement are obtained with credit card debts; so, if the majority of your debt load is from credit card accounts, you can expect a good level of discount from a settlement program.
Learn About Nebraska Debt Settlement
How Does Debt Settlement Work in Nebraska?
Debt Settlement is a process of negotiating with creditors to arrange repayment for less than the balance owed (principal) on unsecured personal debts. This is different from Debt Consolidation and Credit Counseling which can reduce the interest rate but do not affect the total balance owed. By negotiating down the balance owed, Debt Settlement provides a much faster method of handling your debt in Nebraska.
Most credit institutions are willing to accept a reduced payment on the balance owed as this is a better outcome for their bottom line than losing the entire balance in a bankruptcy proceeding.
You can include the following types of debt in a New Era Debt Settlement Program:
- Credit cards
- Defaulted student loans from private lenders
- Department store cards
- Old repossessions
- Signature loans
- Other unsecured debts
- Personal lines of credit
- Old judgments
The following types of debt do not qualify:
- Credit Union debts
- Car loans
- Home mortgages
- Federal student loans
- Other secured debts
- Hospital / Medical bills
Nebraska Debt Settlement Services by City
- Omaha Debt Settlement
- Lincoln Debt Settlement
- Bellevue Debt Settlement
- Grand Island Debt Settlement
- Kearney Debt Settlement
- Fremont Debt Settlement
- Hastings Debt Settlement
- Norfolk Debt Settlement
- North Platte Debt Settlement
- Columbus Debt Settlement
This is not an exhaustive list. Be sure to check with your Nebraska debt counselor for more information.
Can I Trust New Era?
Before enrolling in a settlement program, it is always a good idea to check with the Better Business Bureau (BBB) to get an idea of the company’s average customer rating and view their complaint history with other consumers from Nebraska. Asking these 14 important questions can also help you pick apart the good settlement firms from the bad ones right away.
New Era Debt Solutions has an A+ rating with the Better Business Bureau and has been helping Nebraska consumers become debt-free since 1999. We’ve settled over $275,000,000 in debt and worked with thousands seeking freedom from their debt all around the country. But don’t just take our word for it, check out our Testimonials page to see what past our past clients have had to say.
What Makes New Era Different?
No Fees Upfront. per an FTC ruling effective October 27, 2010, a Debt Settlement company cannot legally charge you fees if or until they’ve settled your debt. This is the only ethical way to do business.
- No “add-on” fees. Some debt settlement companies try to get around the law by charging “add-on” fees for administration, signing, or consultation purposes. These are just excuses to get money from you. Good guy debt settlement companies, such as New Era, charge only a settlement fee, which is not paid until the debt is settled.
- All-in-one service. Some “debt settlement” companies are only sales groups that sell or pass their leads off to a different company to handle the settlement negotiations. This means your financial data is being passed between multiple parties and the salesperson may have no control over how well the debt is settled in the end. At New Era, we handle your program from start to finish with an in-house team of debt experts.
- Years of industry experience. Many new debt settlement companies headed by prior mortgage industry professionals began to pop up with the crash of the sub-prime mortgage industry in the 2000s. These newer settlement companies lack the type of experience and the relationships with creditors that lead to your best settlement deals. Always look for a settlement company that’s been around long enough to amass a solid record of successful settlements. For example, New Era has been settling debts for over two decades, and during our time in the industry, we’ve cleared more than $275,000,000 in debt from our clients’ names.
Get the Most Out of Your Debt Relief Efforts
New Era negotiators are experts at getting you some awesome settlement deals in Nebraska, but the offers don’t last forever. The most successful debt settlement clients are typically those who are ready and willing to respond immediately.
See how much time & money you can save with a free debt analysis from New Era Debt Solutions. Contact us today to get started.