Credit Card Debt Relief

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Common Issues

Find answers to common debt relief questions from our list of common concerns below:


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Common Issues To Be Aware Of:

Why is it important to compare debt relief companies?

It is very important to compare debt relief companies before picking one. Below are some of the points that you should look for in a debt relief company:

  • The more experienced a debt relief company is the more contacts they have in the debt relief market. This benefits you because they can use their experience and contacts to get you the best deal available.
  • Different Debt Relief companies charge different rates. It is important to pick a company that charges affordable fees without pushing you further into debt.
  • Different companies have different time frames to get you out of debt. It is important to pick a company that can get you out of debt the fastest.
  • Protect your credit. Some debt relief companies focus on reducing your debt but not on protecting your credit. You should pick a debt relief company that not only works to reduce your debt but also focuses on protecting your credit.
  • You should also choose a debt relief company that provides a pressure-free environment and can clearly explain their debt reduction service and procedures to you.

At TheQuoteHub.com, we work with debt relief companies that are pre-screened for the above mentioned points. You can be rest assured that you will be connected with the best debt reduction companies based on your unique financial situation.

What to look for in a debt relief provider?

Whether you're interested in debt management or debt settlement, below is a checklist you can use to compare different debt relief providers. This checklist can be used to compare both debt settlement and debt management companies:

  • Solid record with the Better Business Bureau (BBB)
  • In business long enough to have built a solid reputation
  • Offers multiple options to help you get out of debt
  • Existing relationships with most creditors and collection agencies
  • Professionally trained and certified counselors
  • Reasonable fee structure ask the amount of fees and how they are paid
  • Full disclosure of how settlement or management works and the projected time to complete the program

Compare Our Service to the checklist above.

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Besides bankruptcy, what are my debt relief options?

There are two basic debt relief options:
Debt Management Plan and Debt Settlement Plan.

Debt Management (also known as Consumer Credit Counseling): Debt management involves an agreement between you and a credit counseling agency where by the agency works with your creditors to significantly reduce your interest charges, eliminate future late and over-the-limit fees and bring your account to current status and in return you agree to repay your unsecured debts in full over time, without taking on any more debt.

Debt Settlement (also known as Debt Reduction/Debt Negotiation): On this plan, your Debt Relief professional negotiates with your creditors to reduce your unsecured debt (principal, interest and late fees) in some cases debt can be reduced by up to 70%. This allows you to eliminate your debt quickly.

What is the right debt relief option for me?

Your debt relief options depend upon your unique financial situation. Fill out our short and secure form and we will put you in touch with debt relief professionals who will go through all your debt relief options and patiently answer all your questions.

What types of debts can be eliminated using debt relief?

Most unsecured debt can be eliminated with the help of a debt relief company. Unsecured debts are:

  • Credit Card debt
  • Unsecured Personal loans
  • Lines of credit
  • Oil/gas credit cards
  • Department Store cards
  • Hospital/Medical Bills

The following debts are not considered unsecured:

  • Mortgage loans
  • Debt Consolidation loans (using your home as collateral)
  • Auto loans
  • Student loans

What is the difference between secured and unsecured debt?

Secured debts are debts that are linked to collateral, such as a home or a car. The collateral guarantees payment of the debt or the creditor has a right to take the collateral. Unsecured debts are not linked to collateral. Common types of unsecured debts are credit cards, medical bills, student loans, personal loans or rent.

What is the difference between good debt and bad debt?

Good debt is debt used for the purposes of creating value. A home loan is an example of good debt. A home has the potential of increasing in value. Similarly business loans are another example of good debt.

Bad debt is debt on an item that goes down in value after the item is purchased. For example, when you purchase a car, the value of the car goes down as soon as you drive it off the lot. The debt taken to purchase the car is termed as bad debt. Regardless of which kind of debt you have, we can match you with debt relief programs that are suitable for your financial circumstances.

Can I reduce my debt by transferring my credit card balance to another card with a lower interest rate?

The process of transferring your high interest credit card debt from one card to another with a lower interest rate is a temporary solution which doesn't fix the actual issue. You are merely putting the problem aside a little bit longer. You are still responsible for your overall debt. Learn more about the pitfalls of transferring credit card balances.

In contrast, debt relief reduces your total outstanding debt without having to borrow any more. A debt relief program can have you debt free in no time.

What is better, a debt consolidation loan or debt relief?

A debt consolidation loan is where you borrow money at a lower interest rate to pay off your debts. In essence you borrow money to fix a money-borrowing problem! Also, a debt consolidation loan extends your debt over a long period of time and if extended over a long period you may end up increasing your over-all debt. Debt consolidation usually requires collateral and you are still responsible for paying the debt consolidation loan in full.

In contrast, debt relief reduces your total outstanding debt without having to borrow any more. A debt relief program can have you debt free in no time.

Get your free Debt Relief Consultation.

I'm thinking about declaring bankruptcy, is debt relief a better option?

When thinking about bankruptcy it is important to fully understand the effects of bankruptcy. Bankruptcy may eliminate your debt but it is not a quick fix because it will seriously damage your credit rating for a long time, maybe even forever. Additionally, bankruptcy is a long and painful legal process that may not eliminate all of your debts! Bankruptcy is a permanent decision and should only be considered as a last resort. Read more on the disadvantages of Bankruptcy.

Debt Relief can eliminate your debt quickly while limiting the damage to your credit. With a little bit of work and control you will able to get you credit rating back up. Read more on ways to improve your credit rating.

Get your free Debt Relief Consultation.

What is Credit Counseling and how is it different from debt management?

Credit counseling, as known as debt management, is one form of debt relief, the other being debt settlement. Credit counseling services provide budget counseling and assistance in arranging a payment plan with creditors. This payment plan usually reduces your debt and consolidates all your monthly debt bills into one monthly payment.

Is there an estimated length of time it takes to pay off debt?

No. It all depends on how much you owe, the interest rate attached to your debt, and how much you pay each month. These three factors will determine how long it will take to pay off your debt.

Can I settle my debt on my own?

You may work to settle your debt on your own but you will never save as much money as a professional debt relief company. Also, attempting to do this without solid experience is a very time consuming process. Remember, we put you in touch with experienced, trained and certified professionals whose only job is to help people like you effectively and quickly.

Will a debt relief program affect my credit?

Two factors largely determine your credit rating: your payment history and your amount of debt- your debt-to-income ratio. Any debt relief program will affect your credit score in the beginning. As you begin to pay off the accounts and reach zero balances, you will ultimately lower your debt-to-income ratio and therefore, you will begin to improve that portion of your score. Remember credit is important, but debt is life threatening. Read more on ways to improve your credit rating.

Our goal is to connect you with debt relief professionals who will guide you to reduce and eliminate your debt quickly, so you can start living debt-free.