Exploring Debt Relief Solutions in Illinois

Debt relief solutions

• Credit counseling. It is easy to overlook counseling and label it unimportant, but seeking professional help and guidance in managing your finances is a great way to start. You can avail yourself of workshops and free resources from no-profit credit counseling agencies. These free educational materials can help you create a personalized budget plan and help you map out the road to financial stability. Credit counselors can also help by negotiating with your creditors to get reduced interest rates and waiving fees – thus enabling you to better manage your debts.
• Debt consolidation. Consolidation will simplify your life. It involves taking all your debts and making them into a single repayment process.  By consolidating your debts into a single loan, you get to focus on one repayment per month and it usually has a lower interest rate. If you keep on paying on time, you will slowly start getting positive results in your credit score and see healthier financial habits forming.
• Debt settlement. This may be the way to go if you have a substantial amount of unsecured debts. Hiring a debt settlement company will help you negotiate with your creditors so that they will accept an offer that is lower than what you owe them. This will potentially save you a big amount of money if your creditor agrees to the terms. Debt settlement will hurt your credit score, and there are other tax implications you need to consider. So, talk with your financial advisor before you commit to a settlement.

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