If you think you are ready to take the leap and make an Impact Debt Relief program one of your own feel free to give us a call at 866-996-1148 or visit us at http://www.impactdebtrelief.com/ to go over your impact debt relief and debt settlement options.
There are three major debt relief programs available to consumers to help them reduce their credit card debt. The first and most popular debt relief option is debt settlement. Debt settlement is the legal process of settling/negotiating down your credit card balances to 50% or less than what you currently owe on them. This is the most popular option because it offers immediate debt relief for the consumer because it will typically lower your current minimum monthly credit card payments by up to 50%. And to top it off your only paying back half of your current balance which allows you to get out a debt within a 12-48 month time frame. Debt relief does have a slight impact on your credit score but it is definitely worth it.
The second major debt relief option available for consumers is a debt management program. When you enroll into a debt management program the company whom you choose to hire will contact your creditors and attempt to get an interest rate reduction on your credit cards. The average interest rate in a debt management program will range from 6-13% APR. The interest rate is also fixed for the life of the program so you don’t have to worry about your monthly payments increasing. A Debt management program typically takes 5-7 years just depending on your amount of credit card debt and the interest rates impact debt relief will be able to negotiate for you. The major downfall of a debt management program is that it does not typically lower your current monthly minimum payment which is why this is the #2 debt relief option.
The final #3 option for consumers whom are looking for debt relief assistance is debt consolidation. The term debt consolidation is the most widely recognized term yet most consumers do not actually know what it consists of. Debt consolidation in simple form is a bank giving you a loan to pay off your current unsecured debt. This loan is fixed and usually carries around a 7-10% interest rate. This is a great debt relief option for a consumer whom has equity in their house along with a great credit score. But in today’s economy it is almost impossible to get a debt consolidation loan due to the fact that no banks are really willing to take on another banks unsecured debt.
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