Credit Card Debt - Pennsylvania
If you are struggling with credit card debt and in need to reduce your credit card debt at an accelerated rate, there is some good news: There are several debt relief options that are available including credit card debt consolidation, credit counseling or even debt settlement, To find out what debt relief could do for you and see how much you could save, take a moment to answer a few simple question to request your free debt relief analysis and savings estimate at no obligation. Get your free debt relief analysis and savings estimate
Help for Credit Card Debt Options
Often, for residents of Pennsylvania, as well as individuals and families across the country -- you may find that credit card debts are out of control and you are falling months behind on your payments. When this occurs, you may be interested in finding out how much you can potentially save through debt consolidation. Typically facilitated by credit counseling agencies, debt consolidation programs can provide many consumers in Pennsylvania and across the country, with relief from their high-interest credit card debts, as well as unsecured debts (for example, medical bills, utilities, student loans, or department store charges). In some cases, depending on your situation, you may also be able to benefit from a debt settlement program where credit card companies may agree to settle your debt for substantially less than you owe. Again, with debt settlement you are settling debt for less than you owe, with debt consolidation, you are combining or "consolidating" your unsecured debt like credit cards, store cards, medical bills, etc. into one lower, more affordable payment each month. The goal with debt consolidation is to get out of debt or reduce credit cards and other debts at an accelerated pace so you can regain control of your finances.
Ideally, when you consolidate your debts, the goal is to direct more of your credit and other payments into paying the principal of your debts versus just the interest. This can help reduce your debts at an accelerated pace. This goal then is usually achieved by allowing you to make one, consolidated payment to a credit counseling agency, which in turn, distributes those funds to individual creditors.
Find out if you qualify for savings with a free debt relief analysis and savings estimate by answering just a few, simple questions. Start here.
How Does Credit Card Debt Consolidation Work?
For many consumers, rising credit card and unsecured debts are serious problems caused by any number of reasons, including unemployment, medical bills, or personal hardships. If you are also in financial distress, you know that debts often cause emotional and mental stress, and may even cause unwanted tension among many families and individuals.
The good news is, one of the proven ways that you can find debt relief is through a process known as debt consolidation, or a debt management plan (DMP) . The goal of a debt consolidation plan is to "consolidate," or combine, your unsecured debts into a single, more manageable and more structured monthly payment made to a credit counseling agency.
Coordinated by credit counselors, debt consolidation typically begins with a review of your income, outstanding debts, and other assets. This one-on-one consultation generally means taking stock of all your spending, debt amounts, and other expenses, as well as adding up the balances on your credit cards and the rates that you are currently paying.
When credit counselors have a clear picture of your finances, they typically submit proposals to creditors, on your behalf, requesting lower interest rates and waiver of late fees and penalties. Creditors that accept the proposals are added to the debt management plan. Credit counseling agencies, in turn, distribute those funds to creditors that are in the plan.
Can Debt Consolidation Lead to Savings?
For many consumers who have the discipline to watch their budget and stop relying on their credit cards, debt relief via a consolidation plan can likely help them get on a good path towards reducing their debts and potentially lead to savings. Keep in mind, however, that while it is the credit counselor's responsibility to request from your creditors a more lenient repayment plan, it is your responsibility to ensure that you have the funds available in the account set up by the credit counseling agency.
In addition, make sure that you understand how much savings you can potentially get, every month, with a debt management plan. Typically, your savings depend on several factors: the total amount of your debts, the current interest rates, and any late fees or penalties.
The bottom line is, if you are ready to tackle your credit card and unsecured debts, take the next step and find out what debt relief can do for you and your family. For many consumers, debt consolidation can provide not only a more affordable and more structured payment plan, but it may also provide valuable budgeting skills.
If you want to find out more about how debt consolidation can help you, request a free debt relief analysis and savings estimate today.