Debt Settlement in Wisconsin
Explore Different Options of Debt Relief in Wisconsin
Below are brief descriptions of debt relief methods that are commonly used in Wisconsin. Browse through them to get an idea of which type of debt relief may offer the best solution for your situation.
1. Make Minimum Monthly Payments
Although it might feel like making minimum payments is helping make some progress toward paying off a debt, it is often the worst strategy in terms of the time and money it takes to pay a debt off. If you can pay more than the minimum, this is almost always better as more of the payment goes into reducing the principal debt balance rather than paying down interest.
2. Debt Management or Credit Counseling Program
With a credit counseling program, a debtor works with a debt management firm to manage their repayment plan while trying to secure lower interest rates in the process. With this type of debt relief program, a single payment is often made to the credit counseling agency who then distributes the funds to creditors on the debtor’s behalf. A majority of these programs are free, but the downsides are that they typically take between 3-5 years to complete and the debtor still ends up paying back all of the principal debt and the interest owed.
3. Debt Consolidation Cards or Loans
Debt consolidation involves taking out a large loan with a low interest rate and then using that capital to pay off other unsecured debts that have higher interest rates. In theory, a debt consolidation plan can leave you making a single and lower monthly payment than what was being paid for before, but these types of loans can be hard to qualify for and if they’re not repaid in the promotional time window, then the interest rate returns to a higher one.
4. Debt Settlement or Debt Negotiation in Wisconsin.
Debt settlement in Wisconsin is a process where the principal debt and the interest rates are reduced in negotiation with creditors. Because a settlement program can reduce the principal debt owed in addition to the interest rates, it can generally be the fastest & least expensive option when compared to debt consolidation or debt counseling, but not all creditors are willing to negotiate.
A formal declaration of bankruptcy puts a halt to the collection process initiated by creditors and a debtor is cleared of some or all of their repayment responsibilities depending on which type of bankruptcy is filed. However, bankruptcy does cause significant damage to a consumer’s ability to borrow money for years afterward, so it is often only used as a last-ditch effort when a debtor has no other options.
See if Debt Settlement is Right for You
How Does the Wisconsin Debt Settlement Process Work?
Debt settlement is a form of debt relief that involves negotiating a repayment deal with creditors. During this process of negotiation, a debt expert can work out lower interest rates in addition to reducing the principal debt balance by up to 50%. This is vastly different from Debt Consolidation or Credit Counseling, which only affects the interest rates and does not reduce the total debt balance like settlement can. With a reduced balance of debt and less interest being applied, debt settlement can offer the potentially quickest and least costly option for attaining freedom from unsecured debts.
This process of negotiating debts down is effective because a majority of credit establishments are willing to accept a reduced payment on the balance owed rather than losing out on the entire amount if the debtor decides to file for bankruptcy instead.
New Era negotiation experts have years of experience working with creditors in Wisconsin, but the offers they’re able to secure don’t last forever. The most successful Wisconsin debt settlement clients are those who are willing to respond immediately.
You can include the following types of debt in a New Era Debt Settlement Program:
- Credit cards & department store cards
- Private student loans that have defaulted
- Personal lines of credit
- Signature loans
- Old repossessions & judgments
- Other unsecured debt accounts
The following types of debt do not qualify:
- Student loans from the federal government
- Loans for automotive vehicles
- Mortgage loans
- Debts from credit unions
- Hospital or medical bills
- Other secured debt accounts
Wisconsin Debt Settlement Services by City
- Milwaukee Debt Settlement
- Madison Debt Settlement
- Green Bay Debt Settlement
- Kenosha Debt Settlement
- Racine Debt Settlement
- Appleton Debt Settlement
- Waukesha Debt Settlement
- Oshkosh Debt Settlement
- Eau Claire Debt Settlement
- Janesville Debt Settlement
These lists are not all-encompassing. For more detailed information, contact your Wisconsin debt counselor.
Find the Best Solution for Your Finances
Are your finances burdened by a legitimate hardship condition?
A majority of Wisconsin debtors find themselves in financial trouble due to a sudden loss of income, healthcare costs, or a divorce/separation. Each of these creates a legitimate financial hardship that can happen to nearly anyone at no fault of their own, and each one of these situations creates serious strain on a household budget.
If you’ve found yourself buried in debt that seems like it may be too much to handle and you’d prefer to find an alternative to filing for bankruptcy, then Wisconsin debt settlement could be the form of debt relief you’re looking for.
Are you committed to attaining freedom from your debts?
Debt Settlement is not a “free ride” form of debt relief for people who don’t want to pay their bills. It’s an aggressive approach to that can present an occasional challenge for the debtor. Your level of commitment in sticking with the program, even when there are a few hurdles on the track, is the biggest factor in determining how success the program is. For those who are willing to see it all the way through, debt settlement can get you through your financial difficulties at lightning speed.
Is most of your debt from credit card accounts?
Most forms of unsecured debt can be negotiated through settlement such as department store cards, personal credit lines, financing contracts, signature loans, old repossessions, and many other types of miscellaneous bills. However, the biggest discounts with settlement are often obtained from credit card debts; so, if a good deal of your debt comes from credit card accounts, you can often expect good results from enrolling in a debt settlement program.
How Do I Know I Can Trust New Era?
By asking these 14 important questions, you can pick the good settlement firms from the bad ones right off the bat. It is also always a good idea to check the Better Business Bureau (BBB) to review the company’s overall rating and complaint history in Wisconsin.
New Era Debt Solutions has been helping consumers in Wisconsin clear their debts for over 20 years and has secured an A+ rating with the BBB during our time in the industry. We’ve settled over $250,000,000 in our clients’ debt and have worked with consumers from different states around the country. If you’d like to learn more, visit our Testimonials page to see what other clients have had to say about their experiences with our programs.
Here’s what makes New Era different:
No Upfront Fees. As per an FTC ruling, effective October 27, 2010, debt settlement firms can no longer charge settlement fees until the service has been completed. Not only is this the ethical way to do business, but it’s also the only legal way for debt settlement companies to charge for their services. Those that charge upfront fees are breaking the law.
- No “add-on” fees. To get around the law, some settlement firms try to charge for extraneous fees for things such as administration, signing fees, or consultation. Good guy settlement companies such as New Era charge never charge these types of extra fees. Instead, you only pay a settlement fee which is only charged after the settlement has been completed.
- End-to-end service. Some “debt settlement” agencies you may to with are actually only groups of sales agents who will pass or sell your case off to a third-party company to handle the settlement process itself. This means your financial data is being passed between multiple entities and your sales contact has little interest or control in how your debt is settled in the end. On the other hand, settlement companies such as New Era handle everything in-house.
- Experience. When the sub-prime mortgage industry crashed in the 2000’s, many mortgage professionals jumped ship and started offering debt settlement services instead. Not only do these types of settlement companies not have the experience to land the best deals, they also lack relationships that come from communicating with creditors for years. You should always look for a settlement company that’s been around long enough to have a solid track record of successful settlements. New Era, for example, has been settling debts since 1999 and has knocked more than $250,000,000 off our clients’ debts.
Consumers in Wisconsin can get a FREE analysis of their debt. We will show you how much time and money you can save. Contact New Era Debt Solutions to get started.