Getting
started can be overwhelming. The path to
financial freedom can be so complex, it's
hard to know if you're on the right
plan. This simple guide is designed to help
you make decisions that are right for you
? and your financial future. We'll cover
the ways a debt management program may be
able to help you, what you can expect if
you decide a debt management program is
for you, and what other options are available.
What
is a debt management program?
Discover how a debt management program works,
and whether you're eligible to enroll
in one.
What
are the benefits of a debt management program?
A debt management program can help you get
out of debt, and stay out of debt. Find
out how it can change your financial future.
Why
should I consider a debt management program?
Explore the other options that can help
you take control of your debt, and make
an informed decision about what's right
for you.
How
do I choose a debt management program company?
There are plenty of things to consider when
you're trying to find a reputable debt
management service provider. We'll give
you some guidelines here.
What is a debt management
program?
A debt management program is a mutual agreement
between you and CreditAllianceGroup?.
Simply put, you agree to repay your unsecured
debts in full over time, without taking
on any more debt. In return, most creditors
will agree to significantly reduce your
interest charges and waive any late fees.
Even though debt management programs are
often referred to as "debt consolidation,"
there is a difference. While debt management
programs consolidate your monthly payments
into one, easy payment, they are NOT debt
consolidation loans.
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What are the benefits of
a debt management program?
Save Time
A debt management program can help get you
out of debt more quickly than you could
on your own.
Save Money
A debt management program can drastically
reduce the high rates of interest typically
charged by most creditors. They often also
eliminate late fees, so more of your money
goes toward reducing your debt.
Gain Peace of
Mind
Besides putting an end to harassing calls
from collectors, the right provider can
guide you through a difficult time and help
you plan a brighter financial future.
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Why should I consider a debt
management program?
When you're in debt,
it can be difficult to see your way out.
Fortunately, there is plenty of help available
and you have a number of options. Unfortunately,
there is no one solution that is right for
everybody.
CreditAllianceGroup
has helped thousands of people, and many
of them found our debt management program
to be the best solution. Before you decide,
study the pros and cons of the various debt
relief options. They can help you sort through
the options and make the right choice ?
the one that best meets your needs.
|
Debt
Management Program |
|
Pros
-
Potential to save up to 57% on
your monthly payments.
- One
consolidated payment for your
unsecured debts.
Benefits typically begin after
3 timely payments.
|
Cons
- You
may not take on any additional
debt while on the program.
|
|
Debt
Consolidation Loans |
|
Pros
-
Consolidates your debts.
- Will
not negatively impact your credit.
- One
consolidated payment.
|
Cons
-
Requires a significant amount
of home equity.
- Could
put your home and other secured
debt at risk.
|
|
Debt
Settlement |
|
Pros
- Reduces
the total amount you owe to your
creditors.
- May
get you out of debt quicker than
other programs.
|
Cons
- Often
requires a large, lump sum cash
payment.
-
Negatively impacts credit, since
you are not actually repaying
your entire debt.
-
Creditors may continue to harass
you by telephone.
|
|
Bankruptcy |
|
Pros
- Most
debts are eliminated or restructured
under court protection.
- Key
assets can be protected.
-
Relatively quick solution.
|
Cons
- Will
negatively impact your credit
and limit access to credit for
up to 10 years.
- Could
require you to sell or liquidate
unprotected assets.
-
Bankruptcy requires an attorney
and may stay on your credit report
for up to ten years.
|
|
Self-Help
Options |
|
Pros
- Could
save on some fees or costs common
to other debt relief programs.
- May
reduce your total amount of debt
owed.
- Will
not negatively impact your credit
|
Cons
- Not
likely to provide the same benefits
as a creditor-recognized debt
solution.
- Can
be extremely time-consuming.
- Does
not consolidate debt into one
monthly payment.
|
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How do I
choose a debt management program provider?
The provider you choose is the key to succeeding
in becoming debt-free through a debt management
program. Beware of providers who are less
than reputable ? their high fees and unethical
policies can leave you in worse financial
condition than when you started.
CreditAllianceGroup
is a legitimate organization that can help
you pay off your debts and start rebuilding
your credit.
What to consider
when choosing a debt management program
company.
- Solid record
with the Better Business Bureau (BBB)
- In business
long enough to have built a solid reputation
- Prompt monthly
statements
- Educational
resources to help you stay out of debt
- Certified counselors
- Electronic payment
processing
- Existing relationships
with most creditors
- Online enrollment
process
- Offers multiple
options to help you get out of debt
- Support network
to connect with other community members
and find out how they are handling the
day-to-day challenges of being in debt
- Reasonable fee
structure
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