Coping with debt is something most people deal with eventually, at least at one point in their lives. It can be something that takes years to recover, but that doesn’t mean you have to suffer through everything alone. There are debt repair companies that offer negotiation/mediation services, debt management, settlements, credit counseling, etc. If your debt situation is highly complicated, they might even suggest bankruptcy and help you through the process.
Unfortunately, companies can forgive not every type of debt. Certain debts include lawsuits, mortgages, child support, recent income tax debts, and alimony. However, that doesn’t mean that there isn’t information that could potentially help you in some way. Debt repair companies still offer free consultations, and it never hurts to try and get one to learn more about your situation.
In the meantime, work on doing everything you can on your own to get on top of your debts. Stop using your credit cards right now for shopping. You might be able to work out a strategy of paying off balances with higher interests with credit cards with lower interest, but that is something you should be consulted about by the experts first. Just create a family budget and be very strict with your expenses. Everybody in the household should be on board. Track everyone’s spending patterns and start cutting things out.
Debt Repair Companies That Will Do Some Work for You
Contact your creditors and explain that you are having much trouble. Ask if it’s possible for some leniency and if you can work out a modified payment plan. However, if some of your accounts have already turned out to debt collectors, it’s too late (at least for those accounts). Send a written request to the debt collectors and tell them to stop contacting you. Federal law requires them to do so.
Debt repair companies will also help you deal with debt collectors. At that point, bankruptcy might be up for discussion. But unfortunately, it means that the creditors have given up on you. While default accounts and bankruptcies will stay on your credit reports for years and years, a debt management/counseling company will be able to help you on the road to recovery and minimize damage as much as possible.
No matter how complex your financial situation is, it never hurts to get consultations from debt repair companies like CuraDebt. It can be beneficial. They will answer all of your questions and concerns, and you’ll learn what might be the best step(s) to take.