Some debts can be too stressful and overwhelming to handle by simply having a better budget or by asking for a loan to pay off the dues. When the stress of debt becomes immense and out of control, consider these three ways to help with debt relief in Marietta, GA.
Try to Negotiate
Speaking with individual creditors and explaining your financial situation may help persuade the creditor to allow a lower interest rate. Because interest rates can be so high for some credit card companies, simply decreasing the interest rate can provide a world of relief. When interest rates are reduced, the amount owed does not accumulate as quickly as it would with a higher interest rate. To be considered for lower interest rates, there must be proof that past bills were usually paid on time and that there is a good credit rating associated with the account. Creditors usually will not allow for lower interest rates if a customer habitually does not pay his or her bill or if a credit rating is not up to par.
Balance Transfers
A balance transfer involves taking higher interest credit card debts and moving those debts to a lower interest credit card. This allows for one payment a month and much less interest accumulating each month. However, when looking to do a balance transfer for debt relief in Marietta, GA, make sure the fine print on the contract is read very carefully. In some cases, doing a balance transfer will mean high balance transfer fees of $400.00 or more. A person who has a good credit score is a great candidate for a balance transfer.
Debt Settlement
Once all the other options have been tried with no luck, it may be time to consider debt settlement. Debt settlement is simply an agreement between the creditor and the consumer that allows for the debt to be settled for less than what is actually owed. Once the agreement is settled, the consumer will then pay back the agreed upon amount in monthly instalments or in one lump sum. While debt settlement does impact credit scores negatively, it is a much better alternative than filing for bankruptcy.
Consider these three tips if you’re currently under debt relief strain and stress. To discuss other options, schedule a free consultation with the bankruptcy law firm at website.
