Debt Resolution For reputation Card Debt Relief! Can it Help?

Secured Credit Card - Debt Resolution For reputation Card Debt Relief! Can it Help?

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First I would like to say thank you for reading what I have to say on what may be a very foremost decision for you or your family. I have been working in the prestige card debt relief manufactures for over a decade now and have quite a large knowledge base as to how the manufactures works. If you are serious about seeing a solution to what could be a very bad and detrimental debt qoute then you may find the facts in this report to be very helpful.

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How is Debt Resolution For reputation Card Debt Relief! Can it Help?

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Secured Credit Card.

This report is going to be rather lengthy, I want to state that right up front; I am going to address the most favorite prestige card debt relief programs on the market today. I feel it is critical to address both the inevitable and negative aspects of each option. In addition I would like to go over someone else option a lot of people do not know about. This is debt resolution, a process very similar to debt community with the end results of recovery money and time; however the negative aspects of debt community will be greatly diminished with debt resolution.

The first option is the most base and this is to do literally nothing. Which surprisingly is the exact thing most people do and may be what you have been doing up until now, before realizing you must take activity to rule the situation. Most people in debt and this could be along with yourself are running on what is called the "credit treadmill". The prestige treadmill is a ruthless and endless cycle of monthly minimum payments and high interest.

This is possibly one of the worst places to be financially. If you just pay your monthly minimum even if your interest rate is gently low, you will be stuck in debt for over 38 years! during the policy of the decades it takes to pay off this debt you will pay back over five times the traditional balance in interest alone! If your Apr (interest rate) happens to be where millions of other people find theirs, up in the high twenties if not thirties, it will take much, much longer to get out of debt. And plainly you will be losing A Lot more money.

I don't literally feel I need to address the first option anymore. There are no inevitable aspects to being stuck in debt and doing nothing about it but paying minimum payments.

Once people are made fully aware of the situation they are in, and have come out of denial to the fact that they do literally have a qoute with prestige card debt the first option many people look into is debt consolidation.

There are two ways about which debt consolidation can be achieved. There are debt consolidation loans, and then there is consumer prestige counseling.

Let me first expound the option of getting a debt consolidation loan. A debt consolidation loan is a loan taken out to pay off the balances on your prestige cards. The advantage from doing this is that there will be only one monthly cost made on the loan. Thus taking away the ill of juggling complicated payments to the varied creditors. The second advantage is that the loan may come at a lower interest rate.

This is however in my belief the riskiest of all the prestige card debt relief options. Why? Because in the vast majority of cases the only inherent way to derive a debt consolidation loan is by using your home for security; essentially taking out a second mortgage to pay off your prestige card debts! What you will be doing is transforming your low risk unsecured prestige card debt into a high risk loan secured by your Home!

The sad fact is that over 80% of people who end up in this situation and use the equity in their home to pay off their prestige card debts find themselves within the same situation in less than five years.

The old cliché "no pain no gain" applies greatly to this method of debt relief. It is just too easy to use the money in your home, pay off your balances and get on with life. The qoute is first you are not out of debt and second nobody ever does the right thing and cuts up their prestige cards. It's just too easy to get back into more prestige card debt; you will have your exiguous plastic cards with zero balances approximately begging you to fee on them again.

Later in the future when you enter round two against prestige card debt you will have not one but two secured financial obligations tied to your home that must take priority over your prestige card bills. You also may have other secured financial obligations such as a car loans that must take priority over the new prestige card bills as well. Except this time there will be no more equity in your home to get someone else loan. What happens to many people is they either must file bankruptcy, or risk foreclosure.

I cannot even begin to tell you how many times I have seen this happen over my years of working in this manufactures and it's very sad. This is why I said in my belief a debt consolidation loan is the riskiest and the worst option to use when trying to get out of debt.

This brings me to the next option which is very often confused with debt consolidation because it is quite similar. consumer prestige counseling shares many of the same benefits as a debt consolidation loan but without taking the risk of losing your home. A prestige counseling group will look to get your interest rates lowered, and they will have you make one monthly cost to them which they will disperse to the creditors for you; thus giving you the convenience of one monthly payment.

A reputable prestige counseling service may very well be the best option for some debtors. however many of these programs will not be feasible. With a prestige counseling agenda you are still paying back 100% of what you owe plus interest and there are service fees involved. Lots of people comprehend they will not be able to manage the payments on this type of a program, in some cases the payments may be even more than what you are putting out towards the monthly minimums.

Unfortunately consumer prestige counseling programs have a very high failure rate, over 70%! The imagine being if you miss more than one cost on this type of a agenda the creditors will kick you out of the program, thus revoking the benefits of one monthly cost and a low interest rate.

The reality is that for a lot of people prestige counseling programs will just cost too much money. The agenda will take between 5-7 years; can you certify that over that time period you will not have any financial difficulties that will cause you to miss payments? Especially, if it is quite hard to allocation the agenda in the first place.

Thankfully for those of us who don't want to or can't manage prestige counseling there are other options available. Bringing us to debt settlement, this process has been helping millions of people get out of debt during this terrible recession. The benefits of debt community are dissimilar from any of the above options. With debt community you may find yourself recovery up to half of what you currently owe, and by that I mean the actual balance owed, this has nothing to do with interest rates. In addition you can realistically expect to get out of debt in three years or less; this is a far cry from over three decades running on the prestige treadmill.

Saving a lot of time and money while getting out of debt may sound great, and while these are very nice benefits debt community also comes with its respective drawbacks.

The problems related with debt community are due to the fact that you must fall behind on your debts in order for the creditors to be willing to negotiate a settlement. There are no creditors in the world that will negotiate on current debt and why would they? If you are current and are paying them their monthly minimum payments with high interest why in the world would they negotiate, they have your literally where they want you; running on the prestige treadmill.

Naturally if you are current with your payments this will have an adverse affect on your prestige score. And sadly a lot of people will allow that imagine alone to keep them from debt settlement, thus keeping them stuck on that treadmill. For those who are already behind then this is somewhat of a moot point, the damage done to the prestige has already taken place.

Another negative result of falling behind is dealing with collections calls, some debt community clubs claim they can get the calls stopped, but many lie about that because by law no debt community enterprise can stop calls.

When falling behind there is the opening that the creditors can issue a lawsuit. Now from my touch in this manufactures I can confidently tell you this is not the mainstay for the creditors. It plainly costs them too much money and time to bring everyone who falls behind to court, with no certify of collecting any money. However, lawsuits are still a possibility and I feel that it is critical for people to understand this before using debt settlement.

So with debt community the benefits are clearly the best, but they do come with their own negatives mentioned above.

This now brings us to someone else method of prestige card debt relief. Like debt settlement, it is designed for people who have come to be heavily indebted and need to save money in order to get out of debt quickly. This process is known as debt resolution.

Debt resolution is very similar in structure to debt settlement, debt resolution is basically debt community handled straight through the hands of a law firm. Agreeing to new law suits, a law firm does not offer the client any more protection under the law from the negative aspects of the debt community process than a debt community enterprise can. In fact you will achieve the same end results of recovery time and money like debt settlement, however many law firms will fee you upfront legal fees and retainers, on top of their community fees.

According to the Illinois Attorney General, there is no distinction in the process between debt resolution and your acceptable debt community enterprise so there is no imagine they should be violating the new rulings that state that a enterprise offering debt community should not fee any of its fees before a community has been negotiated. Quite simply, you are not given any more protection or services for the extra money you are paying them

Another big Misconception is that there is that resolution has an advantage over your typical community enterprise in how a law suit can be addressed. What these law firms do not tell you is that they will not recount you in court and many will not even assist you with answering the summons. You hired them to plainly negotiate your debt and that's it. What most debt community clubs will do is touch that creditor and exertion to work out a community with them so that they will drop the law suit. This does not want an attorney to accomplish.

Using debt resolution straight through a law firm does not give you more protection. Whatever can legally touch and negotiate a community even after a law suit has been issued; thus keeping the client from ever going to court and from possibly getting a judgment. The reality is the collectors know when they are suing that they will not recoup the whole debt and are very keen on settling. It is much easier for them to deal with a reputable enterprise that complies with the regulations, where they know they will be getting money back. This is a Huge advantage of going with a enterprise that does not fee its fees in advance.

I hope after reading this report you feel more enlightened to how the prestige card debt relief manufactures works and feel more educated to the varied options available to you. If you would like to see if debt resolution would be the most ideal model of prestige card debt relief for your situation then I request you to result the link below and fill out an application requesting more information. I welcome the opening to report your current financial situation and see if this process will be the strict path for you.

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