Debt Relief Options
There are many debt relief options and two popular solutions are debt management programs and debt settlement plans. A common misconception is that they are the same thing.
But they are actually two very different types of solutions.
A debt management program, or DMP as it is commonly referred to, is the relief option where you pay back your principal in-full but your interest rates are reduced or even eliminated.
You only have one payment to make each month, instead of several. And your credit score stays intact and may even improve while on the program.
The key to a successful debt management program is that more money goes to eliminating the principal while high interest rate charges end.
In comparison, with a debt settlement program, you don’t pay back everything you owe.
A debt settlement specialist negotiates with your creditors with the goal of getting them to sign off on a settlement offer, where they agree to reduce your principal so you only pay a portion of the original amount.
Once they agree to the debt settlement, the creditor receives their money from what you set aside in a ‘program savings account’.
After you complete a debt settlement program, you will enjoy freedom from debt but it may take a few months to a few years to rebuild your credit rating, depending upon your unique situation.
To find out which option is better for you, fill out our form or better yet, call us now. We’ll match you with the best solution for your situation, for free. We’re A-plus rated by the Better Business Bureau and have helped thousands of people become financially stable.
So, don’t struggle any longer, give us a call. When life happens, we’re here for you.