Throughout the United States, more and more people are finding it increasingly difficult to meet their financial obligations. Credit card debt is one of the leading causes of this problem. As a result, credit card debt relief is one of the most common forms of debt relief consumers seek. It can be as simple as calling your card company and asking for a reduction in your Annual Percentage Rate (APR), or some extra time to pay your balance. On the other hand, it could be complex as interest rates rise and credit card late fees continue to climb, adding to your debt, at which point you are forced to negotiate with your creditor.  But some consumers are skeptical about the debt relief process, asking questions such as, does debt relief work? and will it work for me? Continue reading “Does Debt Relief Work?”

Debt Management Versus Bankruptcy

Like many credit card holders, you may be carrying high balances on several credit cards and are looking for a way to get some financial relief. You may have tried everything you can to reduce your debt but to no avail, so you may believe that bankruptcy is your only option.  While it is certainly a viable debt relief option that can provide you with a fresh start, bankruptcy should be considered as the solution of last resort because of the lasting impact it will have on your credit report. There are other debt relief options available such as, a debt management plan, which typically allows you to combine all your credit card and unsecured debts into one affordable payment made to a credit counseling agency. In this document, we compare two debt relief options, debt management versus bankruptcy, to examine the benefits and drawbacks of each.

Continue reading “Debt Management versus Bankruptcy”