Debt Relief: What are my Options?
Debt can be exhausting. No matter how hard you try, it seems like you never make any progress. If this is your situation, and you are feeling overwhelmed by debt, there is a way to break free from your financial burden with debt relief options. There are tools you can use to change the terms or even the amount of what you owe, so you can get back on your feet quickly.
Options for finding relief from debt can include changing the interest rate on your loans, making a new payment schedule to lower payments, or talking your creditors into accepting less than the full amount you owe. These options can help you jumpstart your financial future into a brighter one, but you may need the help of a professional to make them successful.
When Should You Seek Professional Debt Relief Help?
If you are facing the possibility of never being able to repay an unsecured debt such as your credit cards, personal loans, or medical bills within five years, you should contact a financial service to help you find relief. Another sign you may need help with is when the total of your unpaid debts is half or more than your gross income.
How a Debt Management Plan Finds Your Debt Relief
A debt management plan will allow you to pay your debt in full. Often you are able to pay the debt at a reduced interest rate, or if fees had been attached, they can be removed or waived. A certified team member will analyze your debt and show you how to save money and gain peace of mind.
A tailored plan will be created depending on your financial debt and what is needed to accelerate that plan to get you on a path of becoming debt-free. With the experience of our specialists at Jumpstart Financial, we have gained in-depth knowledge and understand the legal processes related to debt. We will help you execute your plan immediately, so you have the relief from the debt you need.
A debt management plan will not affect your credit score. Closing certain accounts may affect your score, but you can apply for credit after your debt is settled.
What Not to do When Overwhelmed by Debt
Debt can add up quickly and take you by surprise. One day you are feeling your financial future is going great, and suddenly a medical emergency happens, or you lose employment or any other number of financial crises happens, and you find yourself over your head in debt. There are some things you should not do if you find yourself in one of these situations:
- Don’t make payments late on your secured loans so you can make a payment on an unsecured loan
- Don’t use your home’s equity to borrow money
- Don’t take money from your retirement account
- Don’t make your decision on which payments to make by how pressing the creditors are being
Where to Learn More About Debt Relief Options
Jumpstart Financial helps members become debt-free and achieve financial freedom. We build our relationships with our clients based on trust, which means we are transparent and help you succeed by developing a realistic debt elimination plan. Talk to one of our specialists and find the help you need to repair your damaged credit, and build a plan that leads to financial success.