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Need Debt Help? Free Resources for Reliable Debt Advice

Posted By:  |  April 21, 2014  |  0 Comment(s)

financial advice

If you’re in debt, having accurate and useful information about debt management can mean the difference between financial freedom and bankruptcy. The key to putting a credit repair plan into action is to gain as much knowledge about your rights, your responsibilities and your options as you can. Before you consult with a debt specialist, check out some of these Internet resources that may be able to help you answer some early questions. Debt resolution cannot happen “with a click of a button,” so before you give your credit card information to a website, check out these free resources first.

Government Sites To Get You Started

If you are looking for services that involve debt relief, consolidation, bankruptcy, and more, the best place to start is with a trusted source like the Federal Trade Commission (www.consumer.ftc.gov.). This government site provides detailed steps to take and the basic info that you should know before you talk to a private debt expert. They are also a great resource for gaining accurate knowledge about scams leading to identity theft. For more general advice when it comes to financial issues and advice on budgeting and job searches, visit the United States government site at www.USA.gov. This national site can help you to create a financial plan and budget, and will provide you with valuable tips on saving money. Look for the section under the Topics drop down menu for Family, Home and Community.

Go To The Source: Debt Advice From Credit Bureaus

If you have questions about how your credit score is calculated (and you should) go to one of the three major credit bureaus such as Equifax (www.equifax.com), Experian (www.experian.com), or Transunion (www.transunion.com) to learn about how these credit bureaus work. They also have information on ways to deal with credit card debt and can help dispel some of the myths surrounding credit fixes. Discover how your score is calculated, how your actions affect it and ultimately, what steps you can take to enact a credit repair. Your score is one of the things that a debt consultant can use to immediately assess your situation and prescribe the best course of action for managing your debt.

TV Personalities Are Fairly Reliable

While TV presenters like Suze Orman and the like may try to sell you something (like their books), they still offer helpful, free advice in their forums. The Orman site is full of great advice and resources to explore. Orman provides links to trusted credit bureaus as well as free online credit score companies. One thing that you can trust is that there are others out there in a similar debt situation. You’ll learn about their situations and find answers to their questions on her site. She also links to The Fico Forum site (www.ficoforums.myFico.com), which while not a government site, offers a very large community of people asking the very questions that you may have.

Being part of an online community geared toward debt management can provide you with great advice, so start listening and learning. These great debt resources and financial management websites will help you to establish a debt repayment plan and learn more about how the world of debt works. The next time you have a question about your debts and finances, visit one of these great sites for free advice and answers – the information might save you a major sum.

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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