Because there is no general industry consensus as to what the best options are, we have narrowed down your options.Many of these options work hand in hand or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt that you owe them.While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.
Here’s more on choosing a service to meet your needs, along with detail on how we arrived at our ranking of 10 systems.
Sometimes you reach a point where debt becomes overwhelming.
Late payments, medical bills and personal emergencies can all add to a mounting amount of debt.
If you are struggling to manage your debt but unsure of what steps to take, you can look into solutions offered by loan consolidation companies. Many of these paths negatively affect your credit score, require long-term dedication and obligate you to still pay off the majority of what you owe.
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The top performers in our review are National Debt Relief, the Gold Award winner; New Era Debt Solutions, the Silver Award winner; and Accredited Debt Relief, the Bronze Award winner.
While you're building up your funds, the company or lawyer you've selected negotiate with your creditors in an attempt to lessen the total amount of debt that you owe.
For more information on the best debt consolidation loans and credit management options, have a look at our articles on debt consolidation.
When you start pursuing debt management options, you may get many mixed messages from those in the debt relief industry.