If credit card debt has taken over your life, you need a break. Debt relief is a financial solution that makes it easier for you to mitigate your debt burden. This can surely come in handy now as inflation makes everything exorbitantly more expensive. 

What is credit card debt relief? 

Debt relief—also known as debt settlement and debt negotiation—refers to having an expert negotiate with creditors on your behalf. The goal is to convince them to accept less than you owe in exchange for settling the debt to a $0 balance. 

If you choose to go this route, you will set up affordable monthly payments to pay off what you owe. These funds aren’t released without your approval. You could see your accounts resolved in as little as 24-48 months and take back control of your life.

Who is A Candidate For Debt Relief?

You may want to consider debt relief if any of these apply to you:

• You harbor zero hope of paying off your cards or other unsecured debt in a few years, even if you slash spending to the bone
• Your unsecured debt load comes to at least half your gross income
• You’re barely keeping up with your balances and minimum payments

How Does Debt Relief Work?

During your free consultation, a debt coach will go over your situation to see whether you’re a good debt relief candidate. If you aren’t, other solutions will be suggested that better fit your financial situation.

If you do qualify, a determination will be made regarding how much you can affordably pay each month. If your situation changes, the agreement can be revised to raise or lower your payment amounts. 

What types of debt is acceptable?

This varies among debt relief companies, but most cover a broad range of unsecured debt. In addition to credit card debt, it can help with balances from personal loans, medical bills, lines of credit and repossessions. 

How much can my debt be reduced?

It depends on the company, but your credit card balances may be slashed in half, and sometimes by as much as 70 percent. You usually need at least $10,000 in unsecured debt to qualify for a debt relief program. 

How long does the process take?

You can get your life back in as little as 24 to 48 months. That is much faster than you would by making minimum payments, which could take decades.

With debt relief, the goal is to get you through the program as quickly as possible so that you can relax and enjoy life. 

How much does debt relief cost?

As per federal law, debt relief companies are prohibited from charging a fee until your debts are settled. Following successful negotiations, the amount you’ll pay depends on the company. Generally, you can expect to owe between 15% and 25% of all enrolled debt. Even when you add in the fees, you can pay significantly less than the initial amount. National Debt Relief clients, on average, pay 30% less than their original amount – even when fees are added.

How can I avoid scams?

It’s a good question, since the industry does have more than its share of bad actors. Make sure the companies you’re checking out are accredited with the International Association of Professional Debt Arbitrators and have positive reviews on Trustpilot or other reputable platforms. There should be no shortage of favorable testimonials. As far as negative reviews go, seeing the same complaints repeatedly should raise a red flag. One more thing to look for is the rating from the Better Business bureau. Anything lower than an “A” should be  cause for concern.

Will Debt Relief Affect My Credit Score?

The process of debt relief can lower your credit score – temporarily. However, once you’ve gone through the program, you can begin rebuilding it. And frankly, if credit card debt relief is your most favorable option, your credit score has probably already suffered.  

Ultimately, credit card debt relief is a proven way for you to pay off your debt and start anew, while avoiding bankruptcy. It’s not for everyone, so look closely at your situation, and make the call that’s right for you. 

National Debt Relief can help you pay off your debt in as little as 24-48 months for much less than you owe. Can you imagine how good it would feel if you paid off your debt and took back control of your life?

Marco