Debt resolution - Reduce interest rates or balance to repay debt fast

If you're overburdened with multiple bills and finding it hard to cope, take advantage of debt resolution services and get relief from stress. Debt resolution services help you cut down your interest rates or outstanding balance. The purpose is to help you pay your obligations without creditors calling you day and night and threatening to sue you.

The best way to find out whether you should lower your interest rates or ask for a reduction in balance is by going for a free counseling session with a debt relief company. This is when a counselor would analyze your financial situation, do an income/expenditure analysis and help you decide upon the right option to get rid of your bills faster.

What are the options which help you reduce rates?

When you wish to get rid of high interest rates and make your monthly payments affordable, you may take advantage of the following options.

1 Consolidation program:

This debt resolution program is offered by consolidation companies that work with your creditors/collection agencies to cut down your interest rates and reduce your monthly outgoings. The best thing is, it'll help you pay off multiple bills with a single monthly check instead of many. A consolidation program lasts for 4-6 years. Find out more....

2 Debt management:

This is mostly available with credit counseling agencies which negotiate with creditors or collection agencies to lower the interest rates on those accounts which are tough to manage. If you have incurred late payment fees on such accounts, you may be able to reduce/eliminate them with the help of this program. This debt resolution program is suitable for those who have different types of bills such as payday loans, credit cards, store cards, medical bills, utility bills and others. The program usually continues up to 3-4 years. Know more....

3 Self repayment plan:

This is where you try to resolve payment problems on your own. Request your creditors to reduce the interest rates on the bills which you can't pay for. You need to explain why you couldn't keep up with the payments and propose an alternative plan to your creditors. Get more details.....

When you're stressed out with managing a lot of bills, you may choose a debt resolution program depending upon your financial strength and the balance you owe. Before you enroll in such a program, make sure you're working with a reliable company. Look out for accreditations of the company and online records available at the BBB. Check if there are complaints against the debt resolution company. The purpose is to make sure you deal with the company which can help you resolve your payment problems without any hassle.

Last Updated on: Fri, 9 Mar 2018