Debt Strategy

You are drowning in debt and barely making your minimum credit card payments each month?  Your intention is to stop using the card but with the random gas fill up and added interest, your balances are just not going lower!

Options:

• Bankruptcy
• Just Keep Paying
• Judgment
• PriceDebt

Bankruptcy:

If you don't mind the 10 Year scar on your credit and the future credit rejections you will face, sure, bankruptcy is an option.  Here's the problem though; if you have more than $150k equity value in your home, a Chapter 7 BK may need to become a Chapter 13 Filing, which means that in addition to court costs and attorney fees for the bankruptcy, you will end up settling your debt at a certain allocation schedule.  BK could also make it very difficult to buy a home or even rent.  It could affect the outcome of a job that you applied for.  Bankruptcy may be a viable option for some, but we have another idea...

Just Keep Paying:

No!  Unless you are planning on a great job promotion, an inheritance or winning the lottery, this plan is a trap.  Twenty years from now when you own your home, your net worth will be offset by your debt.  At some point you will need to resolve it and in the meantime you are paying the banks interest, late fees and over limit fees for this privilege.  Your intentions may be well, but...

Judgment:

Stop paying, do nothing and eventually, it will catch up with you.  Please read Settle Your Judgment for more information.  Yes, you can always settle after the fact but, there is a better strategy...

PriceDebt:

So you have the moral obligation to pay your bills but at the rate you are going, you are losing sleep, wasting money and do not have the extra funds to take those weekend getaways.  It's unfortunate that you got into this mess, but you are not alone.  It's time to take a proactive approach and really think long term.

Example:

• Current Credit Score: 650 or below
• Even if you haven't missed any payments, your credit score is likely sub 700.
• Your perfect on your mortgage but your credit cards are near limits.
• Once you go over 40% of your credit availability, you are on radar!
• Let's say you Just Keep Paying and on one random month you bring your $10k CC down to $5k because you dedicated your tax return to make a dent on your debt.
• Uh Oh!  The bank reduced your credit limit from $10k to $5k!
• You were hoping to reuse a couple thousand of that limit to fund other purchases.  Perhaps you were excited about the 2% rewards your card offers.
• Is your interest rate higher than 2%?
• What rewards?
• Strategy to bring your credit score back to 650 and above!
• Let's be realistic.  You are not going to have an 800 credit score unless you pay all your bills in full and even then your credit score will only slowly climb above 700.  It will take years to recover...
• To clean a desk you need to empty the drawer, make it messier and then straighten it up.
• Sign up with PriceDebt, stop paying these bills and let us handle it.
• Now, don't go spending all of your extra cash flow each month.  Tuck some under the pillow as you will need this to settle later.
• Let's be brutally honest, this is a very hard decision to make, but it is a necessary one for you.
• Restore your happiness and health!
• Feel no guilt!
• Did you know that when you settle your accounts, the money recovered is going back into the economy?  You can feel good about this!
• You are giving collection agencies, attorneys and PriceDebt a job!
• This is good for the economy.  More money to go around which helps keep costs down.
• Warning
• Try this on your own and do it wrong, you may be sued and could lose your home as a result (abstract lien)!
• Okay, this is drastic, but be forewarned.
• Understand that your credit score will drop initially but in time it will be repaired.  
• Most importantly, you will be debt free!
• Example
• Let's say owe $40k.  If you can afford to pay $550 a month for 36 months, you will pay $20k total.  Hmm, what if that was enough to settle this debt?
• Let's say you keep paying the $550 a month for 36 months directly to your creditors.  Would your balance be $30k+ or $0.00?
• If you don't settle, your balance will be $30k and your credit score will be in the low 600's.
• If you do settle, your balance will be zero and your credit score will be in the mid 600's.
• Decision
• You need to be open minded and rely on us for the best timing.  It's best to approach us immediately but if you are already into it, that is okay too.  We can help resolve all circumstances.
• We recommend that with this process, keep one or two small balance credit cards in addition to department store cards.  However, do not keep the any high balance department store card.  The interest rates are always higher and they are more difficult to settle.

The purpose of this post is to give you an idea of where you could be at a few years from now versus where you are today.  Everything is risky but we do minimize your risk because we do not take any money until your creditor(s) agree to settle.

We can help with business debt, repossessions and just about anything.  We are experts in resolving debt.  We've been negotiating settlements for years and we know how to get you out from under your debt so you can have your life back.  Perhaps you will retire a few years earlier because you made this decision today rather than waiting for the inevitable.  It's your choice.  Don't let the banks scare you.  Have you tried calling them?  You will wait on hold forever and they will put you through a lengthy process.  In some cases they will say congratulations by reverting your interest rate to 0% or knock off 20% of the balance due.  It seems better than where you are at without their hardship relief but know, we will go to bat for you and achieve better results.  Take the leap of faith and call us.  We will support you and get you the deal you deserve!

800.931.6920