Seeking Outside Debt Help -
A Primer

When times get tough, and it becomes more and more difficult to deal with your creditors, it never hurts to seek outside help to alleviate your debt problems. In this case, many people consider either consumer credit counseling agencies, or companies like Bankruptcy Relief Network, which settles debts directly with creditors. The difference is basic, but an important one to understand.

Credit Counseling vs. Debt Settlement - The Differences

It is important to note that consumer credit counseling agencies (often known as CCCs) do not actually decrease your level of debt. What credit counselors do, basically, is help you create a budget, restructure your debt payments and often arrange lower interest rates on your debt. While this is helpful, if you are having difficulties paying the minimum payments on your debt because of medical or job loss reasons, it can be absolutely ineffective. In essence, if your debt level is far too much for you to shoulder on your current income, you may want to consider a more aggressive alternative.

Debt Settlement Programs

Debt settlement programs, like the one provided by Bankruptcy Relief Network, are for people whose debt has become a burden that they are unable to handle. For many people, this has occurred as the result of a job loss or a medical emergency. Often, it can be the result of income loss during a period in which "lifestyle" spending is too high.

This process is different from credit counseling because debts are literally negotiated with creditors. With successful debt settlement each creditor agrees to accept a smaller balance than that currently owed. This generally means that late fees are waived, penalties dropped and interest rates frozen at zero. Under a debt settlement program, you deposit an agreed-upon payment on a monthly basis, and pay until all of your debts are settled with your creditors.

Contact us here to find out more about our program.

Bankruptcy Relief Network
501 W Broadway Plaza A
San Diego, CA
(619) 599-0316

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