Are you struggling with debt, finding it hard to pay your bills, or dealing with relentless calls from collectors? If so, you’ll be interested to know about the many debt relief choices for low-income Americans.
Are you struggling to pay your credit card bills? Are you behind on loan payments? Are you dreading getting one more call from a creditor or collector?
If you’ve been stressed about debt and are looking for relief, check out the choices to find the program that is best for you.
In response to the recent economic impact of COVID-19, many state, local, and federal governments have updated policies to help consumers manage financial strain. These policies include guidance that can guide decisions regarding paying government-issued loans, taxes, and more.
The following is a list of resources to help you find additional relief from debt.
This site offers links to help you find charity assistance programs, debt counseling, health care options, as well as local and state resources.
You can search on this site for specific resources including government assistance programs, cash assistance, community action agencies, help for senior citizens, church assistance, and more.
In addition, this site makes it easy to search for programs by state. Based on various requirements, these may help you find debt relief as well as emergency and long-term financial assistance programs.
Need Help Paying Bills also maintains a list of non-profit credit counseling agencies across the country. Some of the agencies charge a fee while others may offer assistance with debt reduction for free to qualified individuals.
Their comprehensive list of resources can get you started in the right direction.
The FTC provides consumer information regarding coping with high debt. The resources cover issues such as self-help with realistic budgeting; debt relief services’ debt consolidation; and bankruptcy.
This site also contains advice to help consumers steer clear of frauds and scams.
Most financial experts will tell you that it is possible to learn to manage your money, make a budget, and get control of your finances.
It might not seem possible, but with the help of credit counseling and options, you can work to find a solution and gain relief from a high debt load. If you haven’t checked into counseling, you may want to talk with an experienced and certified credit counselor who will explain the long-term options for debt relief.
The choices for long-term debt relief are fourfold.
First, debt management. This is a formal program that reduces multiple credit cards into a single monthly payment. After talking with a counselor, you will work with a single agency that distributes the monthly payments to credit card companies, in agreed-upon amounts.
This may not appeal to some people, but it can be a powerful way to gain control of your budget, and reduce the stress of multiple credit card payments.
Second, debt consolidation loan. To go with this option, you need a good credit score to qualify. If your score is accepted, you would take out a single loan and pay off creditors. The loan should be at a lower interest rate than the multiple cards or loans.
Third, debt settlement. This option is a program where consumers attempt to settle the debt for less than is owed. Consumers make monthly payments into an escrow account and then make lump-sum payments to credit card companies. There may be a lot of negotiations, as credit card companies do not have to accept what the consumer offers.
Fourth, bankruptcy. This is an extreme choice, however, it can give you a fresh start if your bankruptcy claim is accepted. You will be starting without debt or credit, so be sure to discuss this carefully before choosing this option.
This site offers resources on credit counseling services, debt collection, and personal bankruptcy. It is essential to learn about common debt problems before making a decision.
Use these resources as they can help you solve your money problems. Counselors are familiar with the options available. They can discuss your financial circumstances and help you in designing a strategic customized plan of action. Further, they can assist you with starting a budget, and finding educational support in money management.
Active military members may also find additional resources such as qualifying for reduced interest rates on mortgages and credit card debts. Some programs can offer protection from eviction and delay court proceedings including bankruptcy, divorce, and foreclosures.
One of the largest and longest-serving networks of non-profit financial counselors is the National Foundation for Credit Counseling. Their mission is to help all Americans gain control over their finances.
If you’re struggling with how to pay your debt, their counselors may be able to help you pay off your debt faster, provide advice to improve your financial health, and possibly lower interest rates regardless of your credit score. Counselors can also assist with creating an action plan, budgeting, and conquering debt with more manageable payments.
You can fill in an online form to get the ball rolling, or call 1-844-359-3790.
As the COVID-19 crisis continues to impact individuals and businesses, reach out to your financial institution and credit card provider. Check out options such as lowered monthly payments, relief from late fees, and temporarily lower interest rates.
Consumers may find that many banks and credit card issuers are working with consumers to help them cope with the financial hardship resulting from the COVID-19 pandemic. Mortgage and Personal Loan lenders, and Student Loan issuers also may have similar programs.
As you review the list for finding debt relief, consider contacting Auto Lenders, Auto Insurance, and providers of Government programs to reduce your financial stress.
If you are facing financial hardship, you may find specific programs that can provide relief. At the same time, take a close look at managing the money you have. reach out for assistance with budgeting, repayment flexibility, and bill payment options.
If you have a loan or credit card from another company, reach out to discuss options directly. They may be offering a form of relief such as lower rates or a forbearance period.
