How to find credit debt relief in three steps

Date Posted: October 10, 2022
By: Maggie Marques

Credit debt relief has been in the mind of most Americans. With the financial crisis that we are facing, debt problems have been eating us up. We are not only facing income loss by the layoff, but businesses are also not doing well, and because of this, credit card spending has been rising.

As we rely more and more on using our credit cards, even when the economy recovers, we will face huge credit card balances with high-interest rates. It is no wonder we are interested in finding credit debt relief to help us get back to having healthy financial management.

Steps to find credit debt relief

  • Credit card balance transfer. When you consolidate credit card debts, you reduce the high-interest rates and go for the much lesser interest charges. Sometimes, you get to eliminate the interest rate and get out of debt faster.
  • Credit counseling. In as little as 30 minutes to an hour, you get to speak to a financial counselor who can help you evaluate your options and find the right solution to your credit woes. The credit counselor will help you understand the differences between debt consolidation, settlement, and bankruptcy. Going for credit counseling will not affect your credit score, and you are under no financial obligation when you get one.
  • Decide on a credit debt relief suitable for you. Once you have decided on the credit debt relief that fits your needs, start working on it ASAP. Doing so will help you minimize additional interest and stop your penalties and fees. You can hire a debt management company or do this on your own. If you want to get through this the easier way, hire somebody to do it for you, as they are experienced and able to help you get out of debt sooner. Hiring a debt management company comes with a fee, though.

Fees will differ according to where you are located but expect it to be within the $40-$79 range, which will be included in your monthly payment. It will be challenging to say how much you can reduce your costs, but it will be in the 30-50% ballpark figure. So start your journey now toward credit debt relief.

 

 

 

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