Debt Relief Solutions – Reduce, Settle & Eliminate Debt
There are a number of debt solutions available for individuals whose debts have become unmanageable. Unresolved debt can keep you from doing the things you want to do, and it can certainly add a lot of stress to your life. A debt solution can help you balance the books when you’ve found yourself financially overwhelmed. Take a few moments to look at the debt solutions that are available, and then act positively to opt for the right debt relief option for you.
Common Debt Relief Solutions
- The first debt solution that many consider is staying the course. Continue making monthly payments and hope that the principal will be paid off eventually. But when your credit cards are at their maximum and you’re paying the minimum, it is not always possible to get out cleanly, so this is not considered a good choice for those with a large amount of debt. It is usually better to utilize debt solutions services for larger amounts of debt rather than attempting to finish off the debt through monthly payments. However, for those with a small amount of debt, it may be a viable debt solution to use the snowball method to pay off the smallest debts and to use that financial momentum to pay off the larger debts over time.
- Debt Management Programs (DMP’s) are another go-to debt relief solution. DMP’s start with a consultation with a financial advisor who plans out how the debt can be repaid in the least time with as little damage to credit as possible. These types of debt relief solutions are offered in many states for free. The agency helping you will then distribute your money to your creditors, ideally at lower interest rates.
- Debt Consolidation is a form of debt relief where you take out a low-interest loan and use that money to pay off your higher-interest unsecured loans. Then you make monthly payments on the loan with the lower interest, saving you tons in interest payments over time. In many cases though, your credit must be sufficient enough to be able to secure the debt consolidation loan in the first place. Learn more about debt consolidation.
- Debt Settlement is a debt relief solution that reduces your amount of debt owed through negotiation. You may find this to be your fastest and least expensive option as most major financial institutions are willing to settle for less than what they are owed. Learn more about debt settlement.
- Bankruptcy is the last debt solution option that we recommend considering. It is a formal declaration that stops the creditor collection process. You do have to qualify for bankruptcy in a court of law and some bankruptcies still require repayment of the debt, but often with a much-reduced rate of interest & minimum monthly payments. Learn more about avoiding personal bankruptcy.
Debt Solution Process
If you decide to enroll in a debt settlement program with New Era, this is what the process would look like from start to finish:
Get set up with your financial advisors. New Era Debt Solutions sets you up with a rep. and a mediator to who will handle the details of your debt settlement throughout the duration of the program. You’ll also get a welcome package with program details as well as a directory of New Era contacts.
Start saving for the settlement. Early in the debt solutions program, you’ll establish a third-party escrow account for your monthly contributions to the negotiation fund. At this moment, many individuals cease making payments to their creditors.
Maintain New Era in the loophole. While participating in a New Era Debt Solutions program, we ask you to send monthly declarations on your escrow account or arrange for declarations to be sent out straight to its workplaces to monitor your progression.
New Era negotiates a settlement with each creditor. After your escrow account has enough funds to make a settlement payment toward your financial institutions, New Era reaches out to begin the negotiation process.
New Era settles the debts with your financial institutions. We attempt to discuss organized negotiations, or monthly payments of the settled total up to your creditors, rather than settlements that are paid at one time. At this time, you’re also billed our fee for debt settlement services.
If you have any questions or concerns at any point of the debt solution process, you can always contact your New Era rep, negotiator or another contact from our directory. You can also log in to your customer dashboard on our site for quick & easy online support.
Consult with a Debt Solutions Expert at New Era Today
Your best option, among the various debt solutions services, will be the one that fits with your specific circumstances. Whether it is to simply pay down the debt yourself or to use one of the debt solutions offered by New Era, there is no doubt that becoming debt free is one of the most relieving experiences someone can have. We encourage you to contact a finance expert at New Era Debt Solutions and discuss what kind of debt relief options may work for your situation.