Best Ways to Get Debt Relief

Written By Naazma Garcia
Jul 18, 2022


Like millions of other Americans, you may be focusing on eliminating debt and saving more money.

Grappling with a mounting pile of debt is one thing, but seeing no end in sight when trying to meet monthly payment minimums is an entirely different story. 

It can seem impossible to get out of debt when you’re constantly broke and have bad credit.

If this sounds like you, it might be time to explore your debt relief options

What’s Debt Relief?

Debt relief is a catch-all term for different options for reducing debt, whether on your own or through professional help.

Not everyone’s financial situation and financial responsibility is the same, which means there’s no one best option for everyone. Drafting a debt relief plan unique to your situation can help increase your chances of success.

If your debts have become too demanding and you’re feeling stuck, here are 7 simple steps and strategies you can implement today to get debt relief:

Step 1: Stop Borrowing Money

The first step in getting debt relief is to stop borrowing money. 

Reshape your attitude toward money and debt. Avoid the temptation to create more debt by dumping your credit cards or even freezing your credit.

By freezing your credit, you’ll lock your credit reports to new inquiries and make it harder to apply for new credit on impulse. You can resolve to live on a cash basis as you make these changes.

How much is too much debt?

Step 2: Fast-Track Debt Payments

You can accelerate debt payments by:

  • Automating payments 

Savvy savers put their savings on autopilot. If you want to get debt relief, try using similar tools and techniques to automate your debt payments. 

A good strategy is using automatic transfers from your account to your credit card. If you’re paying off multiple debts at once, use automated reminders to keep track of payment deadlines.

A budgeting app or your bank’s app will help you track your progress. 

  • Adopting a debt payoff strategy 

There are many methods of paying off debt, but debt snowball and debt avalanche are two of the most popular ones.

With debt snowball, you begin by paying off your smallest debt while still making the minimum payments on other debts you owe. You then proceed to the next smallest debt, and so on. The idea is to get a sense of momentum that builds with time, like a snowball rolling downhill.

With debt avalanche, you begin by paying off your highest-interest debt while making minimum payments on all other debts. You then proceed to the next highest-interest debt, and so on. The idea is to pay less interest over time by tackling the higher interest rate debts first.

Whichever method works for you, the important thing is the outcome: becoming debt-free.

Step 3: Squeeze More Savings from Your Budget

One sure way to pay off your debts faster is to spend less

Do you know how much money you spend every month? 

If you don’t have a budget or haven’t updated yours in a while, use a budget-tracking app to identify recurring costs that could be avoided. 

Most budgeting apps are either free of charge or charge a small fee after the trial period expires.

By looking for opportunities to cut spending, it will be easier to dedicate more money to getting rid of debt. 

Even small cuts can add up fast. For example, if you can find $150 of spending that you can cut from your typical monthly budget, you would have $1,800 to put toward your debts after one year.

Step 4: Consider Debt Consolidation and Balance Transfers

You can combine multiple debts into one new loan and choose a new repayment term. If you have a savings or checking account with a bank or credit union, then you have a relationship with them and they may be willing to offer a debt consolidation loan.

Debt consolidation (what is debt consolidation?) allows you to independently restructure your debt by taking out a new loan or line of credit. These loans save you money on interest and help you pay off debt faster. But be careful not to incur additional debt while paying off the consolidation loan.

If you have a decent credit score and carry multiple credit card balances with high APRs, applying for a balance transfer credit card is something you may want to consider. Some balance transfer credit cards offer an introductory zero percent APR on the balance transfer amount. 

While it doesn’t eliminate your debt, a balance transfer credit card lets you pay off your debt at a much lower interest rate. 

Step 5: Supplement Your Income

Earning an extra income can help you get debt relief faster. The more money you dedicate toward your debt, the faster you can eliminate it for good.

Instead of engaging in leisure activities during your spare time, devote that time to making extra money. How much you make will depend on a few factors, such as how much free time you have outside of work and your skill set.

Whether you take a part-time job, pick up extra hours at work, sell items you no longer need, or start a lucrative side hustle, there is no shortage of options for making extra money.

When you get a windfall like a tax refund or inheritance, commit the money towards debt payment instead of splurging on yourself.

Step 6: Don’t Give Up: Get Consumer Credit Counseling

Consumer credit counseling agencies are nonprofits that can get you back on the right track if you’re struggling to pay your bills. They can help you take a closer look at your spending and budget and draft a debt management plan to help you tackle debt faster. 

You can find a credit counselor through the Financial Counseling Association of America or the National Foundation for Credit Counseling. 

Step 7: Renegotiate Credit Card Debt

If you’ve fallen behind on credit card payments, request your creditors to renegotiate your debts and take a smaller payoff than the amount you owe (debt settlement).

Creditors may have payment modification programs and proprietary debt relief options you can explore, but you can’t know about them if you don’t reach out and explain your situation.

Attempting debt settlement negotiations by yourself can be daunting, which is why you should hire a debt settlement company like Americor, debt resolution pros.

Click here to apply: https://apply.americor.com/new  

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Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

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