Your Options

If the thought of being having zero debt excites you, than you are ready to begin! But, the first question for the average consumer is “What are my options?”.

Well for one, to always pay more than your minimum payment on every debt you have is a good rule of thumb. However, these days there are many different financial products available to just about anyone, no matter if you have $500k in debt or $5k in debt. Paying off credit cards in full each month is better; but if times have gotten tough and you can no longer do this you still have options that are better than making minimum payments.

Here are five options for people in a serious financial predicament. In order of their benefits to you they are:

You can use the “compare your options” link to get an estimate of the time it will take and how much money it will cost to handle your debt using one of these options.

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Not everyone is qualified for the services offered, and services are not available in all states. Your individual situation will determine: 1) which service (if any) you should choose; 2) whether you will successfully complete that service; 3) whether any creditor will file a lawsuit to collect a debt from you; and 4) when any settlement agreement will be reached. Read and understand all contract terms before signing. We will not assume your debts, make monthly payments to your creditors, or repair your credit. There may be adverse tax consequences resulting from debt forgiveness; please consult a tax professional—we do not provide tax advice. We are not a law firm and do not provide legal advice. Testimonials are from actual clients and to protect our clients’ privacy all photos are representative. All estimates provided are based on past results; creditors may change their rules or policies at any time, therefore we cannot provide any guarantees of future results or expectations of performance.

* Credit card rates are calculated at a 26% default interest rate with a monthly payment rate of 3% of the balance. Chart assumes no additional debt is accrued when making Minimum Monthly Payments, which will decrease monthly payments as principal is paid down. Credit Counseling figures are based upon a 60-month term at 10% interest and a $40 monthly fee, and assumes no payments are missed. Debt Settlement Company estimate is based upon setting aside funds in a special purpose account for 48 months, with a successful settlement of all accounts at 52% of the enrolled balance. Debt Settlement Company estimate includes a 10% service fee and a $70 monthly fee. All estimates are based upon successful completion of the program with no missed payments.

* Credit card rates are calculated at a 26% default interest rate with a monthly payment rate of 3% of the balance. Chart assumes no additional debt is accrued when making Minimum Monthly Payments, which will decrease monthly payments as principal is paid down. Credit Counseling figures are based upon a 60-month term at 10% interest and a $40 monthly fee, and assumes no payments are missed. Debt Settlement Company estimate is based upon setting aside funds in a special purpose account for 48 months, with a successful settlement of all accounts at 52% of the enrolled balance. Debt Settlement Company estimate includes a 10% service fee and a $70 monthly fee. All estimates are based upon successful completion of the program with no missed payments.

* Credit card rates are calculated at a 26% default interest rate with a monthly payment rate of 3% of the balance. Chart assumes no additional debt is accrued when making Minimum Monthly Payments, which will decrease monthly payments as principal is paid down. Credit Counseling figures are based upon a 60-month term at 10% interest and a $40 monthly fee, and assumes no payments are missed. Debt Settlement Company estimate is based upon setting aside funds in a special purpose account for 48 months, with a successful settlement of all accounts at 52% of the enrolled balance. Debt Settlement Company estimate includes a 10% service fee and a $70 monthly fee. All estimates are based upon successful completion of the program with no missed payments.

* Credit card rates are calculated at a 26% default interest rate with a monthly payment rate of 3% of the balance. Chart assumes no additional debt is accrued when making Minimum Monthly Payments, which will decrease monthly payments as principal is paid down. Credit Counseling figures are based upon a 60-month term at 10% interest and a $40 monthly fee, and assumes no payments are missed. Debt Settlement Company estimate is based upon setting aside funds in a special purpose account for 48 months, with a successful settlement of all accounts at 52% of the enrolled balance. Debt Settlement Company estimate includes a 10% service fee and a $70 monthly fee. All estimates are based upon successful completion of the program with no missed payments.