Debt Reduction Programs For Consumers

These days, millions of regular consumers are searching high and low for meaningful debt reduction programs. With the economy sputtering along and basic staples like food, fuel and clothing becoming more expensive by the month, it’s no longer possible for most folks to spend more than they earn. The days of easy credit are over.

If you’re one of the countless folks who ran up credit card bills and accumulated other types of debt in an effort to keep up with your household’s rising expenses, don’t spend too much time thinking about what you could have done differently.

It’s not your fault that you’re struggling with debt. Your debt problems aren’t unique. Countless other Americans are struggling with similar financial issues.

Most of these folks are looking for a powerful means of debt reduction that might finally turn the tide on their ballooning obligations. With plenty of debt relief options available to average consumers, there’s no reason that you shouldn’t join them in their search. Chances are good that you’ll find what you’re looking for without much difficulty.

Of course, there are a few pitfalls that you need to avoid as you seek debt forgiveness. For starters, there are a few less-then-ideal forms of debt relief that appear appealing at first blush.

Debt consolidation loans are chief among these. Among the most popular forms of managed debt relief, debt consolidation lending makes it possible for folks who carry high levels of unsecured debt to reduce and simplify their monthly payments. Unfortunately, the average debt consolidation loan’s powers of debt reduction are limited at best.

When you take out a debt consolidation loan, your lender will pay off your current obligations and streamline your payments into a single, easy-to-understand monthly bill. In some cases, the interest rate on your new loan will be significantly lower than the average rate that you were paying to your old credit card issuers.

So far, this probably sounds pretty nice. However, debt consolidation loans come with three major drawbacks: cost, convenience and longevity.

First, these so-called debt reduction programs might charge a premium for sub-prime borrowers. If your credit is mediocre or poor, a debt consolidation loan might not reduce your effective interest rates by more than a percentage point or two.

Second, debt consolidation lenders require their borrowers to adhere closely to a specific repayment program. If you miss even a single payment on your loan, you could be considered delinquent. Defaulting on a debt consolidation loan can have serious consequences for your credit profile.

Finally, debt consolidation loans may linger in your debt basket for years. Most of these debt reduction vehicles have repayment windows of five years. Some may stretch on for even longer. With the interest on your new loan accruing over the course of a half-decade, any savings that you see from it are liable to be modest.

There’s another means by which savvy borrowers have sought debt forgiveness for years: National Debt Relief’s powerful method of debt settlement.

The debt settlement process is straightforward. Unlike other forms of debt reduction, debt settlement attacks the root cause of ongoing debt problems: interest-generating principal balances. When you sign up for a program of debt settlement, National Debt Relief’s friendly debt consolidation specialists will immediately begin negotiating with your creditors to reduce the size of the principal balances on your debts.

Depending upon your particular debt mix, your savings could be substantial. In the past, National Debt Relief clients have seen their balances reduced by thousands of dollars in just 24 to 48 months.

If you’re looking to achieve similar results, call National Debt Relief or fill out the no-obligation form at the top of your screen. With help from National Debt Relief, your debt reduction efforts might just bear fruit.