Debt Therapy Explained
Struggling with debt can be a lot like walking through a desert alone. You feel as though you are all alone in the world, you are tired of what you are going through and it seems as though there is no end in sight. If you've been wandering through the trouble of debt for what seems like a long time, there may be help waiting for you right here.
What is Debt Therapy?
When people struggle with debt, they do not have to struggle alone. There are services across the nation that offer services to help those struggling with debt in the form of counseling and actual action that they can take on your behalf with your creditors to help alleviate your debt situation. This debt therapy goes by many names - credit counseling, debt counseling, debt management and all essentially do the same thing - evaluate the income and debt situation of their customers, make recommendations, and follow through with an approved action plan in tandem with the customer.
Debt therapy solutions can take many forms and handle all manner of debt issues from the most simple to the most severe. The counselors who work in these companies are specially trained to provide not only their debt management services, but also have the experience and compassion to work with those who may have been struggling with their debt situation for a long time and feel as though there is no hope. The options that debt therapy provides includes:
- Budget Counseling - Sometimes solving financial problems is as simple as learning to live a different lifestyle that is within one's earning potential. In fact, nearly half of all clients who turn to debt therapy services have their problems solved through budget and lifestyle counseling that helps the consumer learn how to control their spending or increase their income appropriately.
- Debt Consolidation - Debt consolidation is a tool used by debt therapists where they help those struggling with credit to find a means of getting a new loan and using it to pay off their other ones. This brings their debt payments under one "roof", usually with lower interest and makes the total debt easier to pay off. Combined with budget counseling, this often gets consumers completely out of debt in less than 4 years.
- Debt Negotiations - A somewhat drastic step - but less so than bankruptcy - debt negotiations occur when a debt therapist goes to the lenders on a customer's behalf and attempts to convince them to lower them to either lower the interest rate or the total due on the loan.
- Bankruptcy Counseling -Under some circumstances, bankruptcy may be the best option for handling finances and if that is the case, after careful evaluation, debt therapists are qualified to offer the counseling that is required by federal law before a bankruptcy can be discharged.
Start Your Debt Therapy Today
Finding the right credit counseling service and avoiding the many scams out there is the first and most important step. DebtTherapyExplained.com provides information and a free, no-obligation opportunity to be matched with one of the many reliable services in our network. Rather than surfing the Internet and taking the risk of falling prey to the wrong company, you can rely on all the legwork that has already been done for you when a vast, national network of credit counseling and management services was brought together here for your convenience.