For Americans facing the possibility of bankruptcy due to high amounts of debt, debt-relief companies can be extremely useful. A reputable debt-relief company will work with you to create a realistic plan of payback that enables you to get out of debt faster and get your finances back on track. Eliminating your debt will not just ease stress -- it'll help you improve your credit score.
Debt Consolidation
A debt-relief company works by consolidating all of your existing unsecured debt and paying off each company that you owe money to. This is done in the form of a loan that you must repay to the debt relief company. This makes repayment a more manageable task, as you only make one monthly payment with one set interest rate to the debt-relief company, as opposed to making multiple payments to many creditors each month.
End of Garnished Wages
If you are currently having your wages garnished, going through a debt-relief company will put an end to having money taken from each of your paychecks. The debt-relief company will pay off the amount, and, in turn, you repay the debt-relief company. This will ensure that you still have money from each check to use towards food and other necessities for your family.
Prevention of Bankruptcy
Filing for bankruptcy will have a negative effect on your credit score. Consolidating your debt through a debt-relief company can prevent you from having to file for either Chapter 7 or Chapter 13 bankruptcy and will allow you to keep your assets while making monthly payments to the company.
Save Money on Paying Off Debt
Because debt-relief companies will consolidate your debt into one payment with one interest rate, these companies can save you a considerable sum of money overall. According to Self Growth, debt settlement companies can save you a minimum of 40 percent through consolidation. as this process will reduce interest rates and eliminate various fees associated with paying each company separately.
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