Unsecured Debt Relief Programs

Posted by Golden Financial Services on October 18th, 2017

Eligible Accounts Include:

• Credit cards
• Repossessions
• Private student loans
• Unsecured bank loans
• Medical bills
• Utility and phone bills that were sold to a third party collection agency

 Consumer Credit Counseling to Resolve Unsecured Credit Cards:

A consumer credit counseling program is specifically for unsecured credit card debt, no other types of unsecured debts qualify.

A consumer credit counseling company will consolidate all your payments into one monthly payment.

This is not a loan.

The company negotiates with all your creditors for a lower interest rate. Most credit card companies will work with a non-profit consumer credit counseling company.

Interest rates on credit cards can be reduced from over 20% down to 8%-12% (average).

You then make one monthly payment to the company, and they disperse the funds to each credit card company but at the reduced interest rate.

To find out what your monthly payment could be on a consumer credit counseling program, use this debt calculator to get a quick quote.

On average, a person will have all their credit card balances “paid in full” within 5-years on a consumer credit counseling program, versus, 7-10 years when paying minimum payments on their own. Consumer credit counseling can be an excellent way to get out of debt faster than if you continue paying minimum payments on your own due to interest rates getting reduced.