There are various programs available and while in general each consumer has a different case, debt consolidation programs do work.
The programs could take up to three to four years to pay off your debt. In comparison it could take up to twenty to thirty years to pay minimum payments to a credit card company or to a company your debt is owed. Another key item in determining if a debt consolidation program will work for you is the affordability of the monthly payment. For example, the monthly minimum payment billed by the credit card company or the company debt is owned to could be raised at any moment, putting pressure on family incomes. If enrolled in a debt consolidation program, the monthly payment could be lowered and kept at the same amount every month. Therefore, this would be a great payment savings when compared to the other available programs.
Managing debt can be stressful. It’s even more stressful and overwhelming to think about how you’re going to pay off your debt. Whether it’s credit card debt, loan debt, medical debt or any other debt, it can feel like an impossible path to financial freedom.
With more than 78%† of working American’s living pay check to pay check there is no better time to explore your debt relief options. So, before you consider filing for bankruptcy or defaulting on your debts take the time to understand debt relief options.