Simple Debt Relief Solutions

Just about everyone will need debt relief at one time or another because they’ll find themselves in a “cash flow squeeze” at least once in their lifetime. And for an unlucky few, what started out as a cash flow problem will mushroom into a full-blown personal financial crisis.

If you’re one of those unlucky few, then Choice Bad Credit Loans wants you to know that you’re not alone. That’s because we’ve been there ourselves and we understand how critical it is that you select a debt relief plan that’s best for your circumstances. Experiencing financial difficulties is tough enough, but trying to sift through all of the different options while dealing with the crushing emotional and financial burdens of overwhelming debt management only adds to your stress and worry.

Our qualified debt relief counselors are here to ease your worries by clearly explaining what your options are including a debt consolidation plan and debt settlement offer in getting the debt help you need. You’ll never have to concern yourself with being forced to accept a payment plan by creditors that’s not optimal for you.

What’s a Debt Consolidation Plan (DCP)?

A debt consolidation plan is a powerful tool that can give you cash flow relief by giving you the ability to consolidate debt from several different high interest loans into a single lower interest loan. Thus, you trade making several payments each month for making a single payment that’s lower than the sum total of the payments that were replaced by the DCP. For example, if you’re making three monthly payments on three loans for $75, $125, and $150 for a total of $350 and you consolidate those payments into a single debt relief payment of $200 per month, you have an extra $150 per month in additional cash flow that you can use to buy groceries or help with the rent.

In addition, if you’re able to secure the DCP then you can usually get a lower interest rate than what you were paying on the loans being consolidated, consequently, you’ll save money in the long run. A debt consolidation plan works especially well with high interest credit card debt. That’s the power of debt consolidation and Choice Bad Credit Loans will help you every step of the way.

What’s a Debt Settlement Offer (DSO)?

A debt settlement offer is when a creditor allows you to pay back a portion of your debt instead of the entire amount. There are two ways a DSO can help you with debt relief, you can either make a lump sum payment that’s drastically lower than the total amount owed, or you can make higher monthly payments for a short period of time to work off a reduced balance of debt.

For example, if you owe a creditor $2,000 and you offer to pay a lump sum of $900 to retire the debt, that’s called a lump sum DSO. If you can’t afford to make a lump sum payment, and your current monthly payments are $250, you may be able to offer the creditor accelerated monthly payments of $500 per month for three months for debt elimination.

Each debt relief option has its own strengths and weaknesses, but both debt settlement solutions require skillful negotiation with the creditor in order to achieve the best outcome for you. Choice Bad Credit Loans will help you get the debt settlement offer that makes the most sense for your circumstances.
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