It is not a pretty time in our economy, folks: job losses, mortgage crisis, serious debt issues. I was reading parts of a book a little while back that made me think… If you are having your own economic crisis and are struggling with debt, you DO have options. I had the privilege of speaking with several friends of mine in an online conference last night and this subject came up. If you are breathing and have a kitchen table, I bet this topic gets some focus time at your place too. I’m not sure how the convo might have went for you, but for us, it was great. We were actively discussing… Not the negative effects it was having… But…. Wait for it… Ways to take control & be empowered, even when the circumstances didn’t appear to given reason for doing so. Because there ARE options. There are laws that may be able to work in your favor. We also acknowledge the part that prayer has in such circumstances, simply because that is something that we felt strongly about it.
With the economy the current buzz word everywhere you turn, the book I had skimmed through, and the great convo we had yesterday evening already on my mind, I came across a debt relief program that may just be the best option for some.
There may be certain avenues you can pursue independently, but if you feel you do need assistance, some of the options you may find are: Credit Counseling, Debt Counseling, Bankruptcy, and Credit Card Monthly Payment. An additional option is Freedom Debt Relief’s Debt Reduction Program.
You may wish to explore the website of Freedom Debt Relief, like I did, and read about the ways they differ from other options. A few examples: Credit Counseling may reduce interest rates & fees, yet you will still owe 100% of principal plus interest. Debt Consolidation transfers who you owe what to, and may reduce the monthly payment, but it does not decrease the overall amount that you owe. Filing for bankruptcy can possibly get you out of some of your debts, but it carries a high price that also has a lasting effect. Making the minimum monthly payment amount to your credit card company(ies) may keep your head floating above water (just for the fact you are not late on payments), but it is usually just interest you are paying, as more interest builds.
The main focus of a Debt Reduction Program differs from these by working to reduce the actual debt you owe, without the typical effects of bankruptcy. Their program is described as “an aggressive approach to becoming debt free.” This program is for those with a serious amount of debt and/or are considering filing for bankruptcy. Their site states that they are typically able to reduce debts by 50%. I have to say I was pretty impressed by the chart of their top settlements. I imagine for the people behind those numbers, that had to be one HUGE relief!
I strongly encourage you to explore all your options & be smart, but remember there ARE options. Find the one that works best for your situation.
1 April 24th, 2009 at 6:27 pm
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2 November 28th, 2009 at 9:49 am
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