How Can National Debt Relief Help Consumers Get Out of Debt?
National Debt Relief has developed a debt consolidation program that aims to help customers pull themselves out of serious credit card debt. With signficant late fees and high interest rates, credit card debt can turn into a vicious cycle that seems to never end. A debt consolidation program can help to reduce the amount of your unsecured debt and can lower your overall interest rate on the remaining amount of debt. You will pay a fee for these services, but you get to avoid having to negotiate with each one of your lenders directly.
One of the immediate benefits that you will experience from using a debt consolidation program, such as the one developed by National Debt Relief, is that you will not be bombarded with constant calls from creditors looking for late or missed payments. These daily distractions can easily keep you from focusing on your need to get a solid plan in place for straightening out your finances.
Why Paying Only the Monthly Minimum is a Trap
When you get your monthly credit card statement, you will see a monthly payment amount indicated. It can be very tempting ot only pay exactly what you are required to, but this is a recipe for disaster over the long run. With a typical annual interest rate of 18 percent for a credit card, making only the minimum payment on a $10,000 balance will cost you $28,000 in interst over 46 years. This is a staggering amount of time to pay off a credit card balance. In addition, carrying credit card debt over many years can result in a serious hit to your credit score, which makes it more difficult to get approved for other loans.
Why Debt Consolidation is Better than Bankruptcy
If you end up filing for bankruptcy, you will have a permanent blemish on your record that could affect your ability to buy a home, get a security clearance or even break into certain professions. Using a debt consolidation service, such as National Debt Relief, can help you secure approval for a consolidation loan that you may not otherwise qualify for. You can avoid all of the uncertainty and stress of going through a personal bankruptcy by using a professional service to negotiate a lower loan balance and consolidated payments.
Even if you have a range of different types of personal debts, such as student loans, credit card debt or medical bills, you can still use the same debt relief service to negotiate with creditors on your behalf. While National Debt Relief does have a good track record in terms of lowering the total debt amount, this service is not free. Be sure to get precise information up front on the amount National Debt Relief will charge to negotiate on your behalf and consolidate your monthly payments.