Debt Consolidation Services - Indiana
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Debt Relief – How It Works
Over the years one of the most common questions we get from people who come to our site is "How does it work?"
This video explains how the free debt relief savings estimate works, how debt relief programs work and if there is any cost.

Debt Consolidation Services

A lot of people struggling with credit card debts are looking for relief and may have considered using professional debt consolidation services. If you are in need of debt relief, you can breathe easier because many, including those who live in Indiana, are also faced with their own debt crisis and looking for relief. The good news is, there are a variety of debt relief options available - including debt consolidation, debt settlement, or even bankruptcy, that can help reduce debts, even unsecured debts (like medical bills or department store charges).

Debt consolidation typically involves combining, or "consolidating," your high-interest credit card debts into a single, more manageable, and more affordable monthly payment made to a credit counseling agency. On the other hand, debt settlement is a process where you hope to settle or negotiate with creditors for substantially less than your actual debt amount. Both of these options are popular alternatives to bankruptcy - which has a more damaging and longer lasting effect on personal credit.

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What is Debt Consolidation?

The term "debt consolidation" (or a debt management plan or DMP) has come to represent different types of debt relief options available. However, what debt consolidation typically involves is "consolidating," or combining, your multiple high-interest credit card debts into one, more structured, and more affordable monthly payment made to a credit counseling agency. This agency typically provides debt consolidation services that include disbursing those funds to creditors.

When you enroll in a debt management plan, a credit counselor will assess your financial situation, your debts, and your overall ability to pay those debts. After the credit counselor has a clear picture of your finances, he or she will typically develop a strategy that can help you reduce your debt amount, and submit proposals to your creditors asking for reduced interest rates, or the waiving of late fees and other penalties. Creditors that agree to the proposals generally become part of the debt management plan.

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With debt consolidation, the goal is to provide a single, more affordable, and more structured repayment plan for you. Many reputable debt consolidation services or companies can typically provide you with a "realistic" due date (or the time funds are drawn out of your account), and take into consideration, for instance, the day of the month that you get paid.

The objective of debt relief with debt consolidation is to help you direct more of your payment into paying off the principal of your debts versus just the interest, and help reduce your debts sooner than if you continued to make the monthly minimum payment on your credit card bills at higher interest rates.

How Debt Settlement Works

For many consumers struggling with credit card debts, debt settlement is also a popular debt relief option. If you are considering this option, it is wise to understand how it is fundamentally different from debt consolidation through a credit counseling agency. Unlike debt consolidation where consumers pay the entire amount of their debts at, hopefully, lower interest rates - in debt settlement, consumers are hoping to settle or negotiate for LESS than what they actually owe.

However, like other debt relief options, there are potential risks with debt settlement. Consumers who enroll in debt settlement programs are typically advised to stop payments on their credit card bills to accumulate funds over a certain period of time and use those funds to make a reasonable settlement offer.

In many cases, creditors will threaten consumers who default on the terms of their credit card agreement. In addition, consumers who default on the terms of their credit card agreement will typically see a decline in their credit scores.

But in spite of the risks, debt settlement remains a popular alternative to bankruptcy, which, for many consumers, is the option of last resort. In addition, bankruptcy can have a more negative and longer lasting impact to personal credit.

The bottom line is, when exploring your debt relief options such as debt consolidation services, debt settlement or even bankruptcy, make sure you understand the money you can potentially save, how long it will likely take to realize those savings, and the potential impact to your credit rating.

See your debt relief options. Request a free debt relief analysis and savings estimate - in minutes.

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Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's a debt program to lower your payments and get you out of debt much faster than you ever imagined.
Who we're helping right now...
$30,000 debt relief savings estimate
– Armada, MI

Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, debt relief plans can reduce interest rates, lower monthly payments, and help you get out of debt faster.
Who we're helping right now...
$30,000 debt relief savings estimate
– Armada, MI

A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.
Who we're helping right now...
$10,000 debt relief savings estimate
– Newark, CA

Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is, debt relief can help you save money each month and take control of credit card debts.
Who we're helping right now...
$90,000 debt relief savings estimate
– Champlin, MN

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are credit card debt hardship programs that can help you.
Who we're helping right now...
$35,000 debt relief savings estimate
– Porter, TX

Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are debt hardship assistance programs to help you get back on track.
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$20,000 debt relief savings estimate
– Miami, FL

Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is, credit card companies may be willing to reduce your interest rates, waive late fees or even settle debts for much less than you owe.
Who we're helping right now...
$50,000 debt relief savings estimate
– Sound Beach, NY