Debt is a financial killer. What often begins as a way to make payments between gaps in income can quickly become a money pit that gets deeper and wider as interest payments stack up.
Fortunately, there is a way to take a step back and keep this pit from growing any larger. This article will explain how debt resolution can save debtors from financial ruin and help you determine if it’s the right course of action for you.
What is Debt Resolution?
Debt resolution is a method that debtors use to repay their creditors with minimal hassle and without filing for bankruptcy. A skilled negotiator communicates and negotiates on your behalf to make your payments more manageable and to protect you from constant harassment. These negotiations are designed to reduce the principal amount owed.
Debt resolution does not entirely eliminate the debt you owe but puts you on a path toward financial stability while avoiding financial ruin.
Debt Resolution vs. Debt Settlement
Debt resolution and debt settlement are often confused with one another because they are both methods designed to pull individuals out of debt.
However, debt settlement involves negotiating with creditors to reduce what you owe them and is typically only accepted if you have fallen behind on payments and have no way to procure the necessary funds. In other words, your creditors would rather have something than nothing, so they settle. It’s possible to settle your debt without a third party, although it’s not recommended.
For example, if you have fallen behind on payments toward $10,000 of credit card debt and you simply cannot pay, your creditors may settle for $9,000, forgiving the difference and pocketing what they can.
How to Find a Debt Resolution Program
Trust and experience are what make a good debt settlement company. Americor has relieved $2 billion in debt over 30 states. They are fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). With over 400 employees, Americor can tailor the optimal solution to your situation and help you navigate these uncertain financial times.
Determine if you qualify for debt settlement, get a free debt analysis to determine if debt consolidation is viable, and receive credit counseling by talking to a certified debt consultant today.