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Finding Debt Relief
How to Find Debt ReliefAuthor: Lender411
Credit counseling is a great debt relief program that provides a solid financial education to consumers who might have never actually taken the time to put together a budget. In some cases credit counselors will work with consumers who – for the first time – come face to face with their actual indebtedness. Usually this is an eye opening experience and in some cases reveals that there is a lot of trouble brewing, all of which needs to be addressed quickly.
Debt management is a service offered by some credit counselors. This will result in the credit card accounts being closed, and the consumer paying a lump sum payment to the debt manager. Although the actual balance due is not usually reduced, the creditors do agree to not add any more interest to the principal balance, and the consumer then pays off the balance due in about five years.
As a consumer and debtor, it is crucial that you educate yourself on each and every option open to you, and then pick the one that makes the most sense for your particular situation. Discussing the various options with a credit counselor is almost always the best first step about finding out not only where you stand financially, but also where you should go from here to reach the goal of financial freedom.
About the Author:
Krista Scruggs is an article contributor to debt-settlement411.com. Debt-settlement411.com connects you with service providers that can help you avoid foreclosure. We have several Loan Modification companies within our network, each with their own strengths and specialties. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will match you up with the right company.
Article Source: http://www.articlesbase.com/credit-articles/how-to-find-debt-relief-924453.html