Know your debt relief options!

If you’re struggling with large amounts of debt, consider one of these options for getting out of the red and into the black:

• Credit Counseling does not reduce principle balance, only interest and fees. You could still end up paying back 150% – 200% of what you currently owe. This option is best for consumers not completely overwhelmed by debt and who are looking for a way to better manage their finances. It has the least impact on your credit score, but can take years to complete.
• Debt Settlement is more aggressive than credit counseling and involves a third party negotiating with your creditor to reduce the principle amount owed. This is a great option for those looking to avoid bankruptcy at all costs. With more impact on your credit score than credit counseling, it is not as damaging as bankruptcy, with typical completion in 18-36 months.
• Bankruptcy, while scary, is sometimes the only choice a consumer has to get out of debt. Consumers shouldn’t let fear keep them from doing what’s best for their financial situation. Bankruptcy is best for consumers who have exhausted every option and have no other avenue for paying down their debt. It is the most damaging option for your credit score, lasting up to seven years on your credit report.

If you do choose debt settlement, one way to make sure you’re working with an ethical debt settlement company – and not a predatory “bad actor” – is to ensure they’re associated with and accredited by the United States Organizations for Bankruptcy Alternatives (USOBA) or The Association of Settlement Companies (TASC) or the International Association of Professional Debt Arbitrators (IAPDA). These three associations hold their members to higher standards of ethics and transparency, with consumer protection in mind.

Clear Financial Company – Ethical Debt Relief 866-659-7966, www.cearfinancialcompany.com