Debt Agreements may reduce your overall debt (and costs!)
Debt can catch you by surprise and what was once a “doable” amount of debt can become something that at best causes stress and at worst seems to be sucking the life out of you. Most people who are looking at a debt agreements because of unmanageable debt didn’t fall into it because they have been irresponsible; they fell into debt because of unforeseen changes in their circumstances such as a loss of employment, reduction in hours, illness or unexpected expenses. While the amount of debt you owe may be manageable, the interest costs can be too much. A debt agreement could reduce your interest costs or reduce the full amount of your debt. This will let you get back in control of your finances and your life.
Why do companies let you do it?
The first thing to understand is why companies who are owed money are open to debt agreements. If you have fallen behind in your payments and are being pursued by their collections department, they are already worried about losing the total amount. Don’t believe the myth that they do better with writing off your entire amount; this is rarely true. Most companies will accept offers for a debt agreement because it lessens their risk of losing the total amount of the money owed to creditors.
The best way to start getting rid of debt
Whether you are seeking debt consolidation, debt agreements or other financial arrangement, you are better off having someone who is experienced help you to create a path out of the debt you are in.
The first thing to do is to get a free savings assessment from Settle Debt. The objective of the assessment is find a way to help you pay your financial obligations, get out of debt and save you money at the same time. Many people make the mistake of trying to do this themselves and contact the companies to set up micro payments, but this could increase your interest burden and therefore the amount of overall debt. A debt specialist looks at the creditors you owe money to, your level of debt and your income and then can identify which course of action is best for you. Depending on your particular circumstances what is best for you might be debt consolidation, or it could be that a debt agreement will get you there sooner. A debt specialist can negotiate debt agreements on your behalf and arrange a payoff schedule. The best thing about this is that you no longer have to deal with your creditors and any harassing phone calls will stop.
What to do once it’s done
Staying out of debt is the next step. It is important for your future financial security to structure financial goals that will help you achieve everything you want in life without running the risk of creating the same debt problem. Staying out of debt doesn’t mean never using credit again. You just have to learn new methods that provide more backups should something unforeseen happen to your income stream again. The best part about working with a debt specialist is that they have more experience with the possibilities and can show you opportunities for staying more financially safe than you dreamed possible.
Contact us to see if debt agreements are a good choice for you. Complete the free savings estimate form to get started or visit this site for a dedicated service for debt agreements.