June 23, 2011
Debt Services 5 Things They Can Do For You
By: Dan Cavalli
Very few families remain unscathed by this economy. Those that were struggling before the economic downturn did not have a chance at holding things together financially. Even families that were doing quite nicely before are now struggling due to unemployment, underemployment and the rising cost of almost everything.
Everyone is hurting, and there has never been a better time for families to get out from under their debt burden. Debt services are designed to help people turn their lives around and get out from under debt.
They do not help people file bankruptcy or avoid paying debts; they help families adopt a strategy to get out of debt and stay out. Following are 5 things that debt services can do for you:
They can stop harassment from creditors. In some cases, they can even halt lawsuits and wage garnishments. Once you begin a debt counseling program, your counselor will contact your creditors with a plan. Once a plan has been established, your creditors will halt all collection activities. The phone will stop ringing, and you will stop getting notices in the mail.
Debt services can work with your creditors to lower your interest rates and bills. If your counselor secures a lower interest rate for you, your payment amount will decrease naturally. Sometimes, counseling services can get creditors to refinance your account so that your payment can be reduced even further.
Once you establish a plan with a debt service, you will only make one payment a month. Debt services will combine all of your bills together into one payment amount. You will make the payment on the specified date directly to the debt service agency. Once they receive payment, they will distribute the funds to your various creditors.
Your counselor will also sit down with you to establish a realistic budget. They want you to succeed, and they are willing to educate you so that you will succeed. They will teach you successful financial strategies and help you set goals. They will help you keep track of your cash flow and devise strategies with you that will help improve your financial well being.
As a result of everything mentioned above, your counselor will end up helping you improve your financial standing. Your credit score will increase and your credit will be cleaned up provided you follow the program established for you. You will also have more money left over each month which will provide immediate relief for you and your family.
Debt services do not make debt go away they help you deal with it. With the help of a debt agency, you will devise a plan that will help improve your situation immediately. Over the course of time, your plan will ultimately reduce and eliminate your debt burden.Many debt services are also non-profit agencies that charge very little for their services.Author Resource:->
You can use all these strategies to make money and improve your life but it means nothing unless you can earn money without having to work. Get my FREE passive money making secrets at: www.the-richest-man-in-babylon.com Article From New Ezine Articles