It can be frustrating when it seems like, no matter what you do, your credit card balance continues to grow. Having large amounts of debt also contributes to increased stress and feelings of helplessness. From huge student loan debt, to unexpected medical bills, to skyrocketing credit card balances, debt is a common financial issue that many people are facing today. Whatever your financial circumstances, know that you are not alone in battling debt.
At Liberty Debt Relief, there are services available to help with debt settlement that can allow you to experience the peace of mind that comes with debt relief. Debt settlement can be an extremely powerful tool to eventually help you regain control of your money. But how do you know when you need debt relief?
Here are the basics you need to know in order to make an informed decision and determine when you need debt settlement help from Liberty Debt Relief:
How Does Debt Settlement Work?
Debt settlement is the process of coming to terms with your creditors so that you only have to pay a portion of your entire debt. Most debt collectors do not want to accept a lower amount and are typically only willing to accept a settlement when it seems like you may not pay anything at all.
This often becomes an option when you have a significant amount of debt and have already fallen behind or missed some of your monthly payments. Because debt settlement can be a very difficult and tricky process, organizations like Liberty Debt Relief negotiate on your behalf in order to help with debt settlement and to you get the best possible settlement offer.
While negotiations are taking place, you stop making any payments toward your debt. Instead you deposit your monthly payments into a bank account. This money will then be used as leverage during negotiations and to show that you are able to make a lump sum payment.
It is important to note that debt settlement is only an option for certain types of debt, for example, unsecured debt, such as that from medical bills or credit cards. Debt settlement is not an option when it comes to secured debt. Examples of secured debt would be a home mortgage or a car loan.
There Are Some Risks
Negotiations can be an incredibly long and drawn out process and do not all end with a settlement offer. Since you are not making payments toward your debt, your credit score may take a hit. Similarly, you will also begin to receive late fees and penalties on your outstanding debt. Typically, however, Liberty Debt Relief’s experts can get these fines reversed once the agreement is made.
Another important risk to consider if you do reach debt settlement is that any forgiven debt is seen as taxable income by the IRS. Depending on how much debt you have, you may end up having to pay a large amount of income taxes on the debt that was forgiven. Be sure to do your research so that you are aware of any potential consequences before getting help with debt settlement.
When to Know You Need Help
Everyone’s debt situation is different. Knowing exactly when you want to pursue debt relief will depend on your individual comfort level with debt. If you are already feeling overwhelmed, stressed, or like you are drowning in debt, now is the time to call Liberty Debt Relief.
We have certified debt settlement specialists who are experienced in negotiating with lenders and can help with debt settlement, ultimately, coming with up a plan to attack your debt. You do not have to continue to struggle with debt alone.
Experiencing Debt Relief and Building Your Financial Future
Our mission is to help those who need debt relief. Our consultations are free, which allows you to receive a professional opinion on how best to manage your situation. Everyone’s debt is different, which is why we tailor our services and feedback to match your individual needs. This is one of the first steps to getting back on track with your finances and rebuilding your financial future.
If you need help with debt settlement, contact Liberty Debt Relief today to learn more about how we can work with you and your creditors.
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