What is A Consumer Debt Relief Program?
Unsecured debt continues to rise exponentially, according to a NerdWallet study on consumer debt. In credit card debt alone, balances carried over month to month were estimated to be $43.96 billion as of September 2019. That’s nearly a 10% increase in the last year, and over 34% increase in the previous five years. That considerable increase in debt has also left many consumers feeling as if they’re drowning in bills. They are not sure how they’re going to get over the mountain of debt they awake to each day. The average household owes nearly $7,000 in credit card debt alone. This may make you feel like financial freedom is never going to be yours, but that’s not true. There may be a consumer debt relief program that can put you back on the right track to breaking the chains of debt.
What Is A Consumer Debt Relief Program?
A consumer debt relief program may help alleviate the burden of consumer debt and it may lower your monthly payments, giving you some breathing room. These programs are as unique as your specific debt situation and that is why it’s essential to seek help from an accredited and certified debt relief company. A debt specialist will be able to offer the best solutions available for you as you work to get out from under the heavy weight of consumer debt.
Some options debt specialists may offer are debt settlement and credit counseling/debt management programs. Typically these programs are provided by both nonprofits and for-profit businesses. They are often considered viable alternatives to bankruptcies when debt obligation becomes too burdensome.
What Is Debt Settlement?
Debt settlement is a consumer debt relief program option that aims to reduce the overall balances of your consumer debt. A debt settlement program is also known as debt arbitration or debt negotiation. With debt settlement, a team of debt specialists and negotiators work to reduce total amounts owed to creditors rather than reducing just the interest rates. Debt settlement is often the most affordable debt relief option for consumers, as debt can often be settled for about half of what a consumer may owe.
When debt negotiators work with creditors, they often come to an agreed amount to pay that is a portion of your original outstanding debt. They also work on various repayment options (including lump sum or multiple payments) to pay the reduced amount back.
Approximately 30 million Americans have at least one consumer account that is in collections due to non-payment. If you’ve fallen behind because of financial hardship or your consumer accounts are already in collections, debt settlement is a consumer debt relief program that can work for you. Debt settlement offers a viable solution to help you get your life back and take the weight of debt collection off your chest.
Who Can You Trust With Debt Relief Programs?
The problem many consumers face is that not all consumer debt relief programs are created equally. When looking to an outside party for help with your debt, you want to make sure you seek advice from accredited and certified businesses like UmbrellaDEBT Relief.
UmbrellaDEBT Relief offers consumers debt relief programs for unsecured debts. You have choices when it comes to getting out of debt. The experienced staff at UmbrellaDEBT have helped thousands of consumers all over the United States find options for debt relief that are customized for them. Our experience with debt negotiation and debt settlement has meant a new financial start for our clients, and it can mean the same for you.
UmbrellaDEBT will look at your specific financial situation and equip you with proven ways of reducing unsecured debts like credit cards so you can get back into the financial shape you’ve always dreamed you’d be in. If you’re considering bankruptcy because you’re overwhelmed with the burden of debt, instead, contact a debt specialist at UmbrellaDEBT to discuss alternatives.
You don’t have to fear your creditors any longer. Partner with UmbrellaDEBT to say goodbye to consumer debt and hello to financial freedom.