Overwhelmed by money stress? How to get debt relief fast

Getting debt relief is as close as a phone call away.

Debt. Most of us have it, and none of us like it. It can cause stress in our lives and relationships and impact nearly everything we do, from qualifying for an apartment to affecting our credit rating, as well as our health.

High-interest credit card payments are almost insurmountable. Have you ever looked at the box on your credit card statement that says how long it will take to pay off the debt if you only make the minimum payments—or do you purposely avoid looking there, like most of us who only make minimum payments?

And once you miss a payment, your credit report takes a hit, and the debt collection phone calls will not stop.

What if your job is unexpectedly affected by something like another pandemic? Can you keep up the juggling act, or will all the balls you have in the air come tumbling down?

You might feel like chipping away at your credit card bills every month is the only approach, and maybe you are managing to keep your head above water, but there are other options.

Trying to decrease your high-interest rate balances on your own will lead to years of overpayments and more years of stress, anxiety, frustration, and denial of applications.

Is that really what you want?

Debt relief help is possible, and you need to enlist the services of experts to get on the path to financial freedom.

Yes, you will need to divulge your financial details to the company representative, but they are not judgmental, and it’s their job to help you.

How debt relief/management/consumer credit counseling works

First, debt management is not the same as debt settlement. I plan to write a post on that later.

In my opinion, debt management is good for anyone. Debt settlement is not right for everyone.

Debt management, which is sometimes called consumer credit counseling, credit counseling service, or debt relief, is a program designed to help you pay your debts back.

With debt management, you will still be paying everything you owe in full and will pay interest.

Under this type of program, all unsecured debts—debts like credit card debt that are not backed by a property—are merged into one account at the debt management company.

You only have to make one payment a month instead of juggling different amounts owed to different creditors on different days of every month.

Your monthly deposits will be disbursed by the debt resolution program to pay all of the debts covered by the program.

While some companies offer diverse services, debt settlement programs do not offer a debt settlement loan or a debt consolidation loan. You will not be getting credit repair services. Those are different.

Credit repair can help you improve your credit score and qualify for lower interest rates.

It certainly is worth investigating how to improve your credit score if it is preventing you from getting an apartment or loan. I plan to write an entire post on credit repair soon.

And I discuss debt consolidation loans briefly below.

Credit card companies used to give large concessions in the form of very low interest rates, but that is less apt to happen currently. However, I have used a debt relief program before, and they were able to negotiate lower rates with the bigger companies.

You’ll be surprised at the compassionate and competent assistance you’ll receive from the debt counselor. And the stress relief will be as great as the debt relief.

Here is a list and review of qualified debt relief companies. These companies will mange your debt and ease your money stress almost immediately.

Find the best one for your financial situation and get started today.

Consultations are free. There’s no reason to put it off.

Benefits of debt management

• A dedicated credit counselor will interact with your creditors on your behalf.
• Your new monthly payment will probably be lower than the total you pay now.
• They might be able to negotiate better rates on your high-interest debt.
• You make a single monthly payment to the debt relief organization, and they pay the creditors for you.
• Faster, easier, and more convenient than making several unsecured debt payments every month.
• The debt specialist will develop a debt relief plan customized to your needs. You will be able to see exactly how long it will take to become debt-free if you stick with the program.
• No more late fees from missed payments.
• Your time to become debt-free will be much shorter than making minimum payments.
• Harassing debt collector phone calls from the creditors associated with the consolidated payment will stop.

Disadvantages of debt management/consolidation

• The credit cards enrolled in the program will be canceled or the account restricted. 
• You probably will pay the full amount you owe to the financial institution.
• While you will not have consequences from using debt settlement services per se, your credit score may be lowered because your outstanding balances will be your new credit limits. Ultimately, your score will improve if you stick with the program.
• Loans like car loans will probably not be covered.

Debt management/consolidation companies

Below are what I believe are the best debt relief companies and why. Read each one carefully because individual program terms vary.

But no matter what your needs are, call or use the online forms of one of the companies below. You won’t believe how much credit card debt relief can brighten your life.

Greenpath

Greenpath is my personal favorite. I have worked with them. It’s easy to track your progress and the status of your accounts through the client portal.

Pros:

• Easy and free consultation
• Dedicated counselors will interact with your creditors on your behalf
• Licensed or registered in all 50 states and DC
• Customer service is available 6 days a week
• Counselors are also available by email
• The documents you need to give the company can be easily passed through your client portal

Cons:

• They do not offer debt settlement
• One-time set-up fee that ranges from $0 to $50
• A monthly fee that ranges from $0 to $75 
• It seems that they do not work with businesses

Read the Greenpath client stories here.

CuraDebt Debt Counseling

CuraDebt provides debt relief for credit cards, medical bills, personal loans, private student loans, and other unsecured debt, both for individuals and small businesses.

The options for clearing unsecured debt include debt consolidation, debt settlement, debt negation, and other debt relief programs.

Pros:

• An easy and free debt consultation will provide you with a free savings estimate that includes the following:
  • How much you could save
  • How many months it will take to resolve your debt
  • The benefits over other debt-relief options
  • Your new low monthly payment
• CuraDebt also works with small businesses.
• Customer service is available 6 days a week.
• Counselors are also available by email.
• No upfront fees
• Has over 900 5-star client reviews on CustomerLobby.com
• High professional ratings and associations

Read the testimonials of satisfied customers here.

Cons:

• CuraDebt does not operate in all US states. The following states are excluded: CT, HI, ID, KS, LA, ME, MT, NH, NV, OR, SC, TN, UT, VT, WV, and WY.
• You must have more than $10,000 in unsecured debt.

American Consumer Credit Counseling

ACCC will work with your creditors to try to reduce your interest rates and re-age your accounts (essentially, bringing delinquent accounts current).

Pros:

• Nonprofit company and a Registered Charitable Organization in 29 States
• A+ BBB rating
• Offers debt management, debt counseling, bankruptcy counseling, housing services, student loan services, debt settlement, and debt consolidation.
• Certificate of Authority to act in all 50 states as issued by the Secretary of State, including the District of Columbia. Of the 50 States, 32 require licenses. ACCC is licensed in all 32 of these states.

Cons:

• There is a one-time fee of $39 for enrollment into the debt management program.
• There is also a monthly maintenance fee of $7 per account, with a minimum of $7 and a maximum of $70. 
• Either fee may be waived or reduced depending on your state’s regulations or financial hardship.
• It seems that they don’t offer debt management for small businesses.

Other ways to consolidate debt

Depending upon your credit score, you might be able to obtain a loan that would allow you to pay off all of your high-interest-rate debt.

If you are not a financially disciplined person or stink at money management, this may not be good for you because your credit cards and other loans will still be open, active, and useable. It may be just too easy to run the balance on those cards up again.

However, paying all those off will likely improve your credit score. But, if you are late on your payments and your score isn’t great, companies may be reluctant to give you a loan.

You don’t have to use the money to pay off credit card debt, you can use it for home improvement, in vitro fertilization, student loan refinancing, and many other things!

The rate you pay and how much money will be lent will depend on your credit score, so if you have less than good credit. So, might not get the lowest APR or amounts noted below.

The companies I recommend for a consolidation loan are:

Best for good to excellent credit

SoFi

Features:

• Loans from $5,000 to $100, 000
• Rates start at 5.74% APR
• Minimum credit score 680.
• Voted the best personal loan of 2022
• No origination or pre-payment fees
• Same-day funding
• Unemployment protection
• U.S.-based customer support 7 days a week
• Once you have an account, they will pay you to refer others to SoFi
• Online pre-qualification option, which the site says will not affect your credit score

Best for good to fair credit

Best Egg

• Loans from $2000 to $50,000
• APR starts at 4.99%
• Minimum credit score 600
• Check your rate without hurting your credit score

Best for fair credit and co-signed and joint loans

Upgrade

Features

• Loans from $1000 to $50,000
• APR starts at 5.95%
• Minimum credit score 560

Best for bad credit and fast funding

Upstart

Features

• Loans from $1000 to $50,000
• 3 to 5-year terms
• APR starts at 3.09%
• No minimum credit score is needed to apply
• Check your rate without affecting your credit score

Take action to manage your debt today. End the constant worrying about bill-paying and debt.

Start by calling one of the companies above. Get the fresh start and stress relief you deserve and need.