Debt Relief Solutions

Living debt free is the best way to live your life. Get informed on ALL your options before making any life changing financial decisions.

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How to find the best debt relief option.

Living a debt free lifestyle is one of the smartest decisions you can make. It’s also one of the hardest if you’re already burdened with heavy debt and living paycheck to paycheck. It can seem virtually impossible just to get back to zero.

Fortunately you have several options to get your finances back on track. Not every option will be right for you. Find out which of these actions fits your specific situation to make the best choice to getting your finances back on track and living the life you want to live.

Debt Settlement

Debt settlement can go by different names. Some companies call it Debt Negotiation. Some call it Debt Resolution. But all these terms essentially mean the same thing – getting your overall debt amount lowered significantly by talking with your creditors and debt collectors.

Banks and debt collectors do not have your best interest in mind, which is why most people hire debt settlement companies to interact with them on their behalf so they’re not taken advantage of.

If you have over $10,000 of unsecured debt and can’t keep up with the minimum payments then a settlement program could be your best option. Unsecured debt are debts such as credit cards, medical bills, utility bills and some types of personal loans not tied to an asset. Learn more about if a debt settlement plan is right for you.

Debt Consolidation Loans

A consolidation loan is used to pay off multiple high interest unsecured debts to have only one payment each month at a lower interest rate. Many people get caught in a minimum payment trap each month where they are only paying the interest on their debt and not actually paying any of it off. By getting a loan with a lower interest rate than you are currently paying, you can use the saved money to pay down the debt.

Another reason people opt for a consolidation loan is to protect their credit score. With debt consolidation you pay off your debts in their entirely. Other debt relief options require defaulting, closing accounts and settling for less than you own which can have a negative impact on your credit score. If you are employed and able to make your minimum monthly payments, a debt consolidation loan could be a good option. Learn more about if a debt consolidation loan is right for you.

Credit Counseling/ Debt Management

Credit counseling agencies, sometimes referred to as Debt Management companies, are usually non-profit organizations that work with banks to lower your interest rates. Through a debt management plan you will work to pay back all of your debt owed lowered interest rate.

In order to be accepted into a DMP, you will need to have reliable monthly income and be able to keep up with your current minimum payments. Credit counseling is a good option for those not looking to damage their credit score. Learn more about credit counseling to see if this is the best option for you.

Debt 101

Learn about all the different types of debt and how they apply to you.

Types of Debt

There are almost as many different types of consumer debt as there are ways to get into trouble with debt. For consumers like you, it is important to understand the various types of obligations that can increasingly devour our monthly take home pay.

Obviously, some obligations, such as credit card debt, can be anticipated and managed, other debts like medical bills are likely to take you by surprise. Understanding the types of debt you have translates into knowing the different type of options you have at your disposal.

Consumers and Types of Debt 

As mentioned, there are a myriad of ways to accumulate debt and each type of consumer debt comes with its own solution. Whether you are looking at the need to file for bankruptcy protection, or you believe that a simple debt management plan will help, the types of debt you hold can be the difference in your course of action. Typical consumer debt types can include:

  • Credit card debt
  • Loan Debt – Student loans, auto loans, payday loans, etc.
  • Tax Debt
  • Medical Debt
  • Mortgages Debt

Knowing the Differences Between Types of Debt 

Knowing the differences between types of debts is the beginning of understanding what debt solutions are right for you and your family. Your resource for answers is standing by at Americor Financial, so don’t wait another minute before seizing control of budget and debt problems.

Credit Card Debt

It’s easy to get buried in credit card debt, especially if you’re not aware of how quickly it can happen. Once their regular income becomes stretched, many people naturally turn to their credit cards to bridge the gap left by a financial shortfall. Unfortunately, this debt strategy has only one outcome, and that can lead you scrambling to find help lowering your credit card debt.

Credit Card Debt and You

Owing to the high interest rates charged by credit card companies however, the accumulated payments can quickly dwarf your ability to meet your financial obligations. If you need help paying credit cards off, credit card counseling can be the first step in regaining control over your finances.

Credit Card Debt Options

When looking for help with credit card debt, you want to find a company that is not only well-versed in credit card negotiations, but also reputable and honest. To that end, you will want to keep your eyes open for warning signs that your credit counselor is more interested in collecting fees than lowering your debt. Such signs include but are not limited to:

  • Charges you fees before settling any debts
  • Guarantees they can remove unsecured debt
  • Advocates “new” government programs to remove debt
  • Says they can stop all collection efforts
  • Advises you to stop paying bills

Loan Debt

To buy the big things that we need in life, we sometimes find ourselves taking out loans to help us leverage our wages. As such, it is easy to ignore the threat that ongoing monthly payments on your loan obligations can easily eat up your monthly income. If loan debt is increasingly consuming a larger portion of your available income, you might want to find help with loan debt obligations.

One of the biggest loans that people are having problems with is student loans, which are nearly impossible to discharge like other consumer debts.

Avoiding Student Loan Problems

The key to success is education, and the first thing students need to learn is their responsibility regarding their student loan obligations. While it is easy to go overboard and apply for more loan money than you probably need, make sure you also consider finding a part time job, cutting expenses, or a combination of the two. If you do decide to take out a loan, consider the following:

  • Understand your loan and repayment agreement
  • Manage your borrowing habits
  • Track your loans
  • Keep excellent records
  • Stay in contact with your loan servicer

Tax Debt

When it comes to money and debt collection, perhaps no set of initials inspires a more nervous response than receiving a notice from the I.R.S. Probably due to their early success in nabbing reputed gangster, Al Capone, the agency has cemented its reputation for efficiency in going after tax scofflaws.

If you have run afoul of an IRS audit, or owe back taxes that threaten to ruin you financially, you need to get help with the tax debt before the situation overwhelms your finances. If you find yourself in trouble with tax officials, you have several options available to you to make it right with Uncle Sam.

Tax Relief Solutions

As with all debts, avoiding your creditors is generally a mistake, and that is no truer than when the creditor is the United States government. Reaching out to the I.R.S. provides an opportunity to negotiate with the government to settle your debt obligation. Consider the following:

  • Entering into an installment agreement
  • Entering into a partial payment agreement
  • Potentially settle the debt for less than you owe
  • Filing for bankruptcy

Owing the Internal Revenue Service is never a good idea, so getting help with tax debt is an important first step.

Medical Debt

A sad byproduct of our broken healthcare system is the numbers of people forced to file for bankruptcy protection for medical debt. It is estimated that more than 600,000 Americans are forced to file for protection under the nation’s bankruptcy code each year because of mounting medical bills.

So if you need help with medical debt, you can rest assured that you are not alone in this problem. Medical emergencies can come out of nowhere, and their financial impact can last long past the actual illness, even with insurance. If you need a plan to get out of your healthcare-inspired financial hole, you should work with a debt counseling professional to help gain control over your finances.

Organizing an Avalanche of Medical Debt

Medical bills are as much a physical presence as a looming financial crisis. Indeed, you don’t need to be told that the number of bills only increases as you slip towards default. Organizing this paper trail is the first step before meeting with a credit counselor for help with those mounting medical bills. Some considerations:

  • As bills arrive, place them in a file marked as unpaid.
  • You will want to pair this with insurance documentation as it applies.
  • Match original bills with Explanation of Benefits and file in EOB file
  • Once the insurance company pays the bill, place it in a settled file.

Mortgage Debt

There is no bigger investment in our lives than owning a home. Beyond the financial aspects of the purchase however, your home represents all that is important in your life as the shelter for you and your family. When your home is threatened, the problem is as much visceral as it is financial. Propelled by such urgency, it is easy to feel as if your world is slipping out of your grasp as your mortgage ticks further towards default.

Luckily, you do not necessarily need to lose your home if you act proactively by getting ahead of your mortgage debt. From refinancing old obligations to cutting down on new debts, gaining control of your finances is the beginning of managing your mortgage debt.

Getting Mortgage Debt Under Control

There are a myriad of debt strategies available for homeowners looking to save their home, or failing that, their credit rating. These include:

  • Forbearance—an option if your income has been temporarily disrupted. It allows you to reduce or suspend your mortgage period for a set amount of time. Repayment can come either in the form of small additional payments, or a lump sum payment at the end of the loan.
  • Loan Modification—has the potential to make your payments more manageable.
  • Chapter 13 Bankruptcy—offers a chance to reorganize your debt while keeping your property.

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How to Reduce Debt

See what it takes to become debt free and stay debt free for life.

Debt Reduction

We would all like to get rid of some of that debt that seems to dog our credit reports and interrupt our sleep patterns. Indeed, while lying there awake and stressed in the middle of the night, we have all watched those late night commercials promising to eliminate our outstanding debts. To reduce debt seems like it might be the ideal way to reclaim our lives.

But what is debt reduction? How does it work? Is it the right debt solution for your financial circumstances? Let us look at the main factors that you should consider before beginning a debt reduction strategy.

Take Control of Your Finances with Debt Reduction

Debt reduction help can take many forms, but the best program of debt relief puts you at the center of the action when it comes to cleaning up your debt and credit reports. As such, devising a debt repayment program begins:

  • Taking stock of overall debt
  • Determine how much you can afford to pay
  • Call your creditors
  • Target highest interest bills
  • Map out a payment plan
  • Break the debt cycle

Reduce Debt

When it comes to working out your financial problems, let Americor Financial give you a path to help you reduce debt and keep you motivated.

Debt Reduction Help Is Right at Your Fingertips

When you are ready to look at debt relief strategies such as a debt reduction plan, you will want to call or contact our team here at Americor Financial to see what advantages that approach would have to your debt’s bottom line. With experts standing by to answer your questions regarding an array of potential debt elimination plans designed to get you out of debt. Call us so we can find the debt relief strategy that works for you and your family. Don’t delay contacting us so you can reduce debt and regain your financial freedom.

Finding Your Debt Reduction Plan

Paying off your debt by yourself is an arduous task. Why don’t you allow one of the largest debt relief companies in the United States to assist you in the process? Americor Financial Services has one singular goal: We want to eliminate your debt. In many cases, companies don’t share the same goals as their client. We do.

At Americor, we strive to put you on the right financial path. Wiping away your debt is what we specialize in. Here’s how we can create an individually tailored debt reduction plan for you.

We Provide the Best Debt Reduction Plans in the Country

At Americor, our debt reduction plans are second to none—and we have the proof to back it up. We’re the premier debt relief company in the United States. Here are some specific things we offer:

  • We specialize in communicating with you and your creditors. We won’t allow your debt to hold you hostage.
  • We provide stellar debt reduction tools and resources to ensure that you don’t fall in the same trap again.
  • We inform our clients, using leading industry standards, on how to improve their credit, reduce future debt, and manage their finances. We are concerned with your long term future.

Are You Looking for Credit Card Reduction?

It is easy to get mired in credit card debt whether we indulge in frivolous spending or come to rely on the plastic in our wallets during tough economic times. As card balances continue to grow, high interest rates further compound the problem resulting in bills at the end of the month that threaten to swamp your finances.

If you find yourself in a similar situation, you should look at credit card reduction, by finding a plan that’s designed to lower your overall obligation along with those budget busting interest rates.

Elements of a Credit Card Reduction Plan

As the risk of placing all of your financial eggs in one basket increases, a credit card reduction plan offers a good approach to reducing your debt without simply resorting to bankruptcy. Some programs that might work to your advantage include:

  • Negotiating a lump sum payment to relieve debt
  • Targeting a larger portion of income to paying down cards beyond the “minimum balance due.”
  • Asking about a forbearance program if your cash flow problems are temporary
  • Considering a broader debt management program

Getting financially healthy can take many forms and a credit card reduction plan is an excellent vehicle for paying down expensive credit card balances with high interest rates.

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