Credit and Debt Counseling Provides Peace of Mind

Jul 23

Debt comes in many forms. Sometimes, good people find themselves overwhelmed with both their monthly household bills and their credit card debt. They try to shift money between bills every month, but eventually, everything falls behind. Credit and debt counseling helps people reduce and eliminate their debt and teaches them how to manage their finances, so they can avoid being overwhelmed in the future.

Debt Consolidation

A debt consolidation service helps the client consolidate all their unsecured debts into one convenient monthly payment. The debt consolidator will negotiate with creditors to reduce interest rates and payments and, when possible, waive late fees. Then, the client sends the monthly payment to the debt consolidator who distributes the payment to all their creditors. Working through a debt consolidation program can save debtors thousands of dollars, and debt can be paid off in a matter of a few years.

Credit Counseling

Getting out of debt is the first step; learning how to manage your credit is the second. Credit Guard credit counseling services provide clients with financial management advice related to money management, credit management and other money matters to help them with their future budgeting. Without credit counseling, some debtors quickly find themselves with the same overwhelming debt they just cleared up.

Services

Credit and debt counseling services include:

  • A free, no-obligation consultation
  • Professional proposal to creditors with reduced payments and interest arrangements
  • One monthly payment
  • Experienced credit counseling
  • Emotional and financial relief

Peace of Mind

The best part about credit and debt counseling is the peace of mind. When payment arrangements are in place, creditors will call the debt consolidator instead of the debtor. Clients will experience reduced stress at having to make only one payment to one company, instead of trying to keep track of multiple payments to different addresses. Knowing that the debt will be paid off in less time than it would be if only the minimum monthly payment was made contributes to that peace of mind.

Who Qualifies?

Anyone with debt problems who wants to eliminate their debt and learn how to avoid debt problems in the future can receive credit counseling services. Credit and debt counseling primarily helps people with unsecured debt, such as credit card debt, collection accounts, medical bills and certain student loans. However, credit counselors are also able to help people manage secured debt like mortgages and auto loans. There is no maximum income level requirement to receive credit counseling services since the payments being made reflect what the client can pay.

If you are looking for help managing your overwhelming debt or want to avoid having financial issues in the future, contact a credit and debt counseling service. They can help you reduce or eliminate your debt and provide you with the tools to avoid overwhelming debt in the future.

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Mounting Debt Threatens a Comfortable Retirement

Jul 15

protect your retirement even with debt

According to recent statistics, mounting debt levels are painting a worrisome picture for a comfortable senior retirement. Over the past two decades, the median debt of the average 70-year old has increased by over 100 percent. Increasingly, over a quarter of 70-year olds still have mortgage debt. This figure represents an increase of more than 110 percent in the past 20 years. Also, taking out a reverse mortgage is on the increase for those who have paid off their mortgages in order to meet today’s living expenses and bills.

There are a number of factors increasing debt levels of senior citizens. Executive branch leaders and federal lawmakers have initiated laws to slow the growth of social security benefits and Medicare due to the financial cliff. These enactments lessen the purchasing power of seniors and cause them to be more dependent on credit. Some cannot even afford the co-payments of Medicare and use their credit for medical expenses. Many senior citizens also use their retirement accounts to pay for mounting credit bills. Others have to rely on either their children or grandchildren to make ends meet. Unless many seniors and baby boomers act now, their retirement years will reflect a lower standard of living.

Credit and Debt Counseling Agencies

Often, getting out of debt can be an uphill battle without the help of a professional like Credit Guard. If you’re a senior and struggling with your financial obligations, non-profit credit and debt counseling agencies can help you with debt relief. Don’t worry about the costs of these services; most charge very low fees or no fees at all. With assistance with these types of agencies, you’ll get a certified financial counselor who will evaluate your financial circumstances and help you craft a household budget to help you pay the bills on time and to reduce your debt. These agencies also offer debt-fighting tools, such as workshops on money management and classes on credit management.

If necessary, your financial counselor may suggest enrolling in a debt consolidation plan. With a debt consolidation plan, your unsecured debts like medical bills can be consolidated into one lump sum. This way, you’ll only have one monthly to make. Your financial counselor will also work with your creditors to eliminate any late fees and get lower interest rates. You make one monthly payment to the agency, and your payment is divided amongst your creditors. Over time, you’ll be able to pay off your debts and have more money for a comfortable retirement.

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How to Completely Eliminate Credit Card Debt

Jul 08

Contrary to popular belief, it is entirely possible to reduce all of the credit card debt you owe to nothing. Before we continue, it is important to note that this type of debt is the most common among citizens and people often spend their entire lives trying to pay them back. One of the main reasons why credit card debt is accumulating in the first place is because of outstanding APR-rates.

For example, some cards have interest rates that can exceed 30%. Fortunately, there are ways to get back on your feet and pay off the debt that you already have. Let’s take a look at some solid advice that you can begin to implement right way in order to completely eliminate credit card debt from your life.

Make More than Your Minimum Payments

The reason we listed this tip first is because paying more than your minimum payment is the quickest way to pay off a credit card. By only making the lowest monthly payment that you can, you’ll only succeed at wasting a lot of time as well as end up paying far more than you should. For example, if your minimum monthly payment for your credit card id $40 then you should pay $75 or $100 every month. This will quickly cut down the amount of credit card debt that you have.

Acquire Low Interest Credit Cards

In order to avoid credit card debt from becoming a problem in the first place, you should try to acquire credit cards with low interest rates. That way, even if you miss a payment, you can easily catch up the following months. It is often those individuals with high interest credit cards that end up accumulating the most amount of credit card debt.

Why does it Work?

One of the main reasons why these techniques work so well is because paying a minimum balance is mathematically the worst way to go about paying off your credit card debt. By paying off just a little bit more, you can quickly cut down on the amount of money that you owe and regain your foothold on your financial situation. As for the second tip, acquire low interest cards will make your payments far easier to work with.

Conclusion

As you can see, credit card debt is something that you can eliminate from your life. However, do realize that it takes persistence, patience, and the willingness to follow the advice given in this article.

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