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.
What are the Types of Debt Solutions?
If you’re struggling to make payments on your debts and loans, it may seem like there’s no way out. If this describes your situation, you’re not alone, and there are many different types of debt solutions to choose from that can help you navigate your financial future with ease. Understanding what options are available to you will help you make the best decisions for yourself and your family in the long run. Let’s explore some of the common options available to those with debt problems and learn how they work and whether or not they may be right for you.
One way to try to settle your debt is to negotiate with your creditors. You can do this yourself or hire a professional debt negotiator. The goal is to get your creditors to agree to accept less than what you owe. You may be able to make lower monthly payments for an extended period. A company may even buy back some of your debts from creditors at a discounted price, which means you would have some debt forgiven and have more money available each month to pay other bills and actually catch up.
One way to reduce debt is to work with an experienced debt reduction agency. They will work with you to create a budget and negotiate with your creditors to lower your interest rates, cut the amount in half and consolidate everything into one monthly payment. You’ll also receive coaching on how to avoid future overspending and get out of debt for good – especially for the long run. Debt reduction and relief programs can be offered in person, online, or by phone. Sometimes it’s best to try them all until you find one that fits your needs. It’s essential to do some research before deciding which program is right for you, as each program has its pros and cons.
If you have multiple streams of debt, paying each of them off individually can seem like an impossible task. The good news is that debt consolidation can help you get rid of your multiple loans and make it easier to pay them off, one at a time.
Essentially, debt consolidation is the process of taking out a new loan to pay off multiple debts. This can be a good way to save money on interest, simplify your monthly payments, or both.
Remember, when you consolidate debt, you work with a debt relief agency to pay off your existing debts. The agency allows you to use the money that would normally be used to pay off your other debts, and streamline it into one payment. It’s important to understand that debt consolidation is not a cure-all, and it’s not always right for everyone. Be sure to consider all your options before making a decision and speak to a trusted debt consolidation specialist.
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.