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What Is The Cheapest Way to Get Out of Debt?

When the bills start adding up and your financial situation seems to be overwhelming and out of control, finding a solution can seem impossible at first. Luckily, there is plenty of information available from reputable companies and Debt Consultants to help you get out of debt.

At Liberty Debt Relief, we want to make sure that you not understand all the avenues available, including the cost of debt settlement, consolidation, management, and more. Of course, the right and cheapest debt relief path will depend on your particular situation and goals.

Debt Settlement

One of the most popular solutions, debt settlement allows consumers to pay a lower overall amount on the debts they owe. Along with helping people set up more affordable monthly payments, debt settlement negotiations can help people avoid bankruptcy and pay back excessive debt within just a few years. The cost of choosing this debt settlement program depends on what company you decide to work with and how much money you are looking to settle. For many people, this is the most affordable debt relief solution.

The settlement companies who will work with creditors on your behalf require fees to assist in this process. Your Debt Consultant will dedicate a significant amount of time to your case and will often charge either a flat rate or a certain percentage of the amount of money you will save for their services. While the service fee may seem counterproductive, it is just a small cost of debt settlement compared to what you will earn mentally and financially. More importantly, you will only have to pay these fees once your settlement is complete, as long as you use a reputable company like Liberty Debt Relief.

Debt Consolidation

Similar to debt settlement, debt consolidation is another way to achieve financial success quickly and efficiently. Unlike a settlement which eliminates a good portion of your debt, consolidation simply moves the debt to another account. This route does require additional fees depending on whether you choose a debt consolidation loan or a balance transfer.

If you are looking for the cheapest path to debt relief, this is a great option to put at the top of your list. Of course, this depends on your ability to get a loan with a lower interest rate than the ones you already have, as well as your ability to make continued monthly payments. If your credit score is such that a great interest rate is out of reach or if you’re concerned you may not be able to make payments on time, debt settlement is likely a better option for you.

Debt Management Plan

Debt management plans are a combination of getting out of debt and making steps toward financial goals. A Debt Consultant from a reputable company will negotiate with your credit card and other financial companies to get you a lower overall interest rate and consolidate your debts. This particular avenue also provides you with the means to pursue one of the most affordable forms of debt relief available — preventing debt with a sustainable budget and access to endless information.

Your financial advisor will help you understand what makes an effective budget and introduce you to numerous tips and tricks to keeping your debt as minimal as possible over time. Because other plans help you get out of debt in the short term, also enrolling in a debt management plan will keep you from getting back into a similar situation so you do not end up paying even more money for assistance and to your loan companies.

Earn Additional Income

If the thought of paying for an outside expert to help you in your debt relief quest seems a little too out of your league, there is a path that may suffice for those who are not as deeply in debt as others. If you are only a few thousands dollars in debt, for example, it may be worth it to simply earn additional income until you can pay off what you currently owe. Consider getting a part-time job, becoming a freelancer, or even selling some old items — such as clothes, home items, or basement-ridden Christmas presents — to get some extra cash.

If you can earn an extra few hundred dollars every month, you can easily apply those funds to your debt accounts. This will help lower the accrued interest, raise your credit score and ensure that you get out of debt quicker and easier than originally thought possible.

Understanding the Costs of Debt

Though settlement is typically the most affordable debt relief for most people, getting some third party perspective can be extremely useful. Talk to someone at Liberty Debt Relief or another debt expert to better understand what getting out of debt entails and the best and most affordable options for your financial success.

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Why You Should Leave at Least One Line of Credit Open

Depending on how much debt you are in, it can be very tempting to just call it quits and close out every line of credit you have, especially after receiving a debt settlement. After all, the best way to get out of debt is to cut it off at the source, right? Well, not exactly. The source of your debt may not be your credit card or other debit accounts, it could be your budgeting habits and your finance management knowledge.

The best debt relief advice that anyone could give in this kind of situation is to always leave at least one line of credit open. Not having credit is just as bad, if not worse, than just having a low credit score. In fact, if you go from having bad credit to getting rid of your credit altogether, it is very unlikely that lenders will want to work with you in the future. This could make simple investments, like getting a home or car, extremely complicated and nearly impossible to come by.

Increase Your Credit Score

Your credit score is what is ultimately going to decide your financial future, which is why any reliable debt relief professional will tell you to simply keep one account with little to no annual fee and a low percentage rate, and keep it open for as long as possible. Your FICO credit score includes information on all of your financial accounts, whether they are closed or open. If you close every single credit card you own, you will essentially be putting a halt to your credit utilization — how you use the money your lended — and ending the lifetime of your credit history. Lenders want to know that you can be fiscally responsible for long periods of time, not that you can make short-term efforts.

Have an Emergency Fund

While your credit score is crucial to your success financially, it is also better to leave a credit card open because it creates a safety net for you and your family. Even if you are able to get yourself out of a high debt situation, it only takes one home accident or unexpected illness or injury to set you back and put you in more debt. There are thousands of cases of people who suddenly lost their homes or became homeless because of an incident that left them unable to pay their bills. Having a credit card available will make sure that such a case does not happen.

Those who are heading back to school can also make use of an emergency credit card, regardless of their age. Between textbooks, meal plans, schools supplies, class projects, and commuting to and from school, higher education can create a burden with a heavy price tag. Parents who decide to go back to school know this all too well. You can use your credit card to make sure that you can afford to keep up with the academic pace. As long as you pay off your balance as often as possible and avoid late payments, you will be able to stay out of debt and stay in line to graduate.

Better Your Financial Literacy

No debt relief advice would be complete without recommending that you better your financial literacy. At the end of the day, you can follow every rule and take every suggestion, but if you do not understand how to get ahold of your finances on your own, you will always end up in the same position as where you started. By keeping a credit card line open, you can set yourself up with a budget and work on keeping yourself on target every month.

For example, let’s say you have one credit card line and your other bills will include rent, utilities, food, car insurance, gas, and, of course, a ‘fun’ fund for leisure activities. After you calculate your monthly income, write down how much absolutely needs to go towards these things. Then decide which of those things you can pay with your credit card. Whatever you pay with your card throughout the month, pay it off by the statement due date and you will not only build your credit score but develop positive lifelong spending habits.

Trust Yourself and Invest in Your Future

The key to staying out of debt is to trust your ability to do so. By keeping a line of credit open, you are bettering yourself, your financial situation, and your future because having a credit card is the best way to build your credit score and develop healthy spending habits. Liberty Debt Relief can help you narrow down which of your credit cards is the one to keep and help you come up with a plan to better manage your finances today.

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Where to Go for Debt Relief Services

Deciding to get out of debt is easy, but finding the right help can be difficult. There are hundreds of debt relief services available, including banks, credit unions, and private debt settlement companies. By getting a debt consolidation loan, you can streamline the majority or even all of your unsecured debts into a single monthly payment with a significantly lower interest rate than what you are currently paying. These debts can include credit cards, private student loans, personal loans, and more.

As overwhelming as it may all seem, the good news is that experienced financial experts can help you figure out where to get a debt consolidation loan to eliminate them once and for all in no time.

For Borrowers Who Need more Flexible Terms

Finding a loan to consolidate your debt can be hard to do if your credit score has visibly suffered. Lenders typically offer the best rates and loan terms to people who have a good credit score of at least 700, but if you have been struggling with debt, there is a good chance your score is 600 or lower. If that sounds like your situation, consider looking at a credit union for your loan needs.

Credit unions can help people with poor credit get lower interest rates than they would at a private company or bank. While these lenders will rarely beat private companies or banks in the minimum interest rates offered, many offer a low maximum amount of interest of 18 percent, which could save you thousands of dollars in the long run. They also offer more flexible consolidation loan terms and conditions to ensure that you are able to make the monthly payments quickly and easily until the loan, and your debts, are completely paid off.

For Borrowers with Collateral

Banks are usually the go-to for people when they think of getting a loan. Experts from debt relief services will tell you, however, that this particular institution is best suited for people with good credit, available collateral, and who may already have a relationship with a particular bank. If you are able to, it is also recommended you opt for a secured loan from a private company. By offering collateral, which is essentially anything you own of high value, such as a vehicle, home, boat, or property, you are ensuring the bank or lending company that you will make your monthly debt consolidation payments to avoid having those assets liquidated. As long as you are confident that you will pay back the debt according to the terms and conditions, getting a secured debt consolidation loan is the way to go and can get you an even lower interest rate than you would with an unsecured loan.

For Borrowers with a Great Credit History or no Collateral

Just because you have found yourself in debt does not necessarily mean your credit score has tanked. If you have a decent score above 690, the best place where you should go to get a debt consolidation loan is a private company. The company will likely offer you significantly lower interest rates than what you are currently paying and will have great customer service to help establish what terms work best for you. Some companies also offer large loans up to $100,000, significantly lower interest rates than banks, and transfer your loan to your bank account in only 24 hours.

Another great benefit of using a private lending company is that you do not have to offer up collateral to qualify for a personal loan, though, as mentioned above, this can have its benefits. If you are struggling with debt, however, there is a good chance you do not have any collateral to offer, making your only viable option an unsecured loan. While the interest rates may be a little higher, they will likely still be significantly lower than the interest rates you are currently paying for your debts so that you can save money in the long run.

An Option for Nearly Every Borrower, Nearly Every Time

Thousands of people consolidate their debts every year, and while the numerous options available may seem overwhelming at first, it is important to remember that they simply offer a solution for everybody. Whether you have poor credit, great credit, lots of assets or none, there is a bank, credit union, or private company out there where you are able to get a debt consolidation loan with terms that work for you. Liberty Debt Relief services can give you clear, actionable advice. Contact us today!

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Thousands In Debt? Why You Shouldn’t Try To Handle It Alone

There Are Experts to Help with Debt Settlement and More

Like many things in life, debt can be extremely complicated. While some people only have to make a few lifestyle adjustments to make headway on their finances, most have to delve far deeper into their spending and pinpoint various areas to start seeing a change. Being thousands of dollars in debt is a serious problem that affects thousands of people every year. While most like to think that they can get out of that kind of situation easily, the truth is that most people are not properly equipped to go about it alone, and need to know how to get help with debt relief from people who are experienced in the matter.

Handling a difficult financial situation alone can be counterproductive to accomplishing your goals. Getting help with debt settlement is nothing to be ashamed of and is actually a great way to not only relieve your debts within a few years but also develop positive financial habits you can carry with you for a lifetime. There are dozens of reasons to seek out some additional assistance, including:

The Impact of Financial Stress

Studies in recent years have found that 72 percent of people in the U.S. are stressed about money, and it is never worth it to compromise your health so greatly just to handle your finances alone. Most people are not financial experts and are far better off — mentally, emotionally, and financially — finding out how to get help with their debt rather than trying to fix it themselves.

A debt settlement company, such as Liberty Debt Relief, has the means and the know-how to get you to a better financial situation. When you are dealing with stress, depression, or anxiety caused by money, the best way to relieve that tension is by getting help. By allowing an experienced professional to take the reins and get you out of debt, you can focus on improving your mental and emotional well-being so you can accomplish your goals. Two heads are always better than one, and taking on a battle of thousands of dollars in debt is one of the most important times to put those two heads to good use.

Experience Matters

The last thing you want to do when you are struggling to pay off your credit cards and loans is worry about whether you actually know what you are doing. Liberty Debt Relief has decades of experience providing individuals help with debt settlement. We will thoroughly look at every aspect of your situation, including your income, bills, and leisurely expenses, as well as the debts that you owe and the terms and conditions surrounding them.

Once we have all that information, we will create a personalized debt settlement plan that suits you and your lender’s terms. We have spent years getting consumers’ debts significantly reduced, which is how we know exactly what to say to your lenders to get you the financial help and leniency you need with your debt.

If you were to try and settle by yourself, you would not only have to spend hours on end calling your lenders one by one just in the hopes to get ahold of someone who may hear you out, but you would also have to come up with a valid argument that would get your lender to lower total amount of debt you owe and waive any fees you may have accrued thus far. On the other hand, our working relationships with lenders and know-how during negotiations means you have an increased chance of success.

Settlement Goes a Long Way

Choosing to help your financial situation with debt settlement is a giant step in the right direction. If you are thousands of dollars in debt and are already struggling to make the minimum payments every month, it could take you years, sometimes even decades, to completely get out of debt. Most large debts accrue significantly higher interest and sometimes that interest can grow to be even more than the original loan or debt amount, meaning you will likely end up owing double your debt. Being so far in the financial hole only dampens your chance of ever being able to retire, but it will also destroy your credit score and make it nearly impossible to get better loans or credit rates in the future.

A debt settlement program is a perfect solution for how to get help with your debt. The company you choose to work with will negotiate the total debt you owe with your lending company, resulting in many customers having to pay less than half of what they originally owed. There is also a high chance you will have all of your late fees eliminated during the negotiations. Upon both parties agreeing to the new terms and conditions, you will receive a new low monthly payment that will get rid of any chance of you racking up that high interest rate and will let you pay off your debt in just a few short years, usually within five.

Get the Help You Need and Deserve

There is nothing shameful about seeing some assistance when you are thousands of dollars in debt. Thousands of people settle their debts every year with the help of an experienced debt relief expert, and you can be one of the many on their way to financial stability and a stress-free future. Lean on Liberty Debt Relief today to get help with debt settlement and start working toward a brighter future.

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Ways Liberty Debt Relief Can Help You

Debt Relief Services For Your Situation

Millions of families struggle with debt, but that does not have to last forever. Liberty Debt Relief has years of experience in debt settlement negotiation and has affiliates to connect you with only the best financial services around. Our proven results have helped dozens of individuals and families get out of debt, learn lifelong money management skills, improve their credit scores, and eliminate their financially-induced stress. When researching debt relief companies that can provide you with personalized assistance, look no further than Liberty Debt Relief for a path that leads you to a life of financial stability.

Lower the Amount You Owe

Accruing debt is almost always a snowball effect; even if you only start off with a small amount, it is almost too easy to end up owing thousands of dollars to several companies. When you decide to enroll in Liberty Debt Relief’s services, you can put an end to that effect. From day one, you will receive expert support and advice to prevent your debt from getting any larger.

We will work with you to turn those large payments with high interest you make every month into a smaller amount. We will also work with your creditors to potentially cut your unsecured debt from credit cards in half. Furthermore, there is a good chance you will also see any fees waived as well. In most cases, you will be able to pay back all of your debts in two to four years and, throughout that time, you will not have to deal with harassing phone calls, emails, or paper notices from your lenders. Instead of spending the next decade struggling to pay off the thousands you borrowed and the additional thousands in interest, you can spend the next few years looking forward to your retirement, a vacation with your loved ones, or saving up for your child’s college education.

Develop Better Financial Management Skills

Liberty Debt Relief’s support and advice does not end with debt settlement negotiation. We want you to get out of debt and stay out of debt for good. To make sure that happens, we will connect you to experienced and high-ranking affiliates that will help you learn skills you can carry with you for the rest of your life. You will get to learn how to better create, balance, and manage a budget, how making small lifestyle changes — like taking your lunch to work every day — can make a large impact on your financial situation, set short term and long term goals, and even discover investment and savings opportunities. Of course, all of the knowledge you gain throughout this process will be personalized for your situation.

Improve Your Credit Score

A large amount of debt has a significant impact on your credit score. A score of 780 or higher is the optimal grade so you can be more appealing to potential lenders for future loans and qualify for low interest rates and higher credit lines. With a large debt amount, however, it is extremely difficult to earn a score over 700 and, if you are struggling to make payments every month, your credit score can likely dip under 600. That’s why a debt settlement with Liberty Debt relief can help improve your score. Owing less and making payments on time will reflect positively on your credit report.

Debt relief services do more than eliminate those pesky debt calls, lower your interest rates, and create a singly monthly payment; credit repair, for example, can help you catch errors on your credit report that can cause your score to lower and get these removed. Additionally, debt consolidation loans can provide you with more manageable monthly payments so you can pay on time, increasing your credit score. In fact, taking multiple lines of credit and consolidating them into one can also increase your credit score. For credit repair or debt consolidation options, speak to Liberty Debt Relief to learn about our trusted affiliates who specialize in these.

Take the Stress out of Your Mindset and Relationships

Getting in debt is not just a toll on your pockets; it can wreak havoc on your relationship with yourself and with your family. Those suffering from debt are more likely to go through a divorce, develop sleep issues, and suffer from depression. That stress can go even further in affecting your physical health, leaving many to suffer from high blood pressure, chronic stomach issues, heart disease, and continuous headaches. Your health should never suffer because of money, and we want to make sure that it never does.

One of the biggest benefits of debt relief services is the stress relief it provides. By working with people who have dozens of years of experience in debt settlement negotiations, you can take some the worry out of your debt relief process. A good debt relief program is like yoga for your pockets, bringing you financial clarity and motivation when you need it the most. Liberty Debt Relief specializes in debt settlement so you can spend more time with your family and friends and less time avoiding phone calls about paying off your built-up debts.

Take Your First Step Toward Financial Freedom

Life is too short to let debt dictate how you spend your time. By settling your debts, you can bring the life you have always dreamed of into the reality others could only image. Stop spending the next decade worrying over which bills you can pay for month to month and start securing a better financial path for you and your loved ones. Contact Liberty Debt Relief today and find out how we can help you get out of debt for good.

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Read the Signs: Tips On Avoiding Debt Relief Scams

As the saying goes, if something sounds too good to be true, it most likely is. As often as we all hear this phrase, however, sometimes it is too hard to immediately say no to an offer that appears as though it can save weeks, months, or maybe even years of struggle. People who are in mounds of debt are especially susceptible to accepting such offers because of the endless notices, emails, and phone calls that come with debt.

In order to avoid debt relief scams that you will surely come across at one time or another, know the signs that indicate an unsafe debt relief route and steer clear of the false promises. Remember, legitimate credit repair companies will have your back throughout the entire process and are there for your needs and concerns.

They Found You Via Email or a Robo-Call

If a company seemed to have fallen into your lap with the ultimate way to relieve your debt, it is probably a debt relief scam. No safe, reliable debt relief company will have your information to email or call you unless you previously provided that information to them. For example, filling out our form lets us know that you would like to be contacted to get real, trusted advice from a company that is A+ certified by the Better Business Bureau and certified by the American Fair Trade Council.

Any company that unsolicitedly contacts you in any way likely has a system in place that scours online databases for contact information and is just looking for people who will respond back to them. As soon as you respond to their email or phone call, you will begin getting spammed or even harassed with messages asking you to pay them for the services immediately. The rule of thumb here is that, if you did not inquire about a specific company and provide them with your contact information, there is no reason they should be contacting you.

They Charge Fees Prior to Services

Debt relief scammers are looking for one thing and one thing only — money. They want to look for people that are so desperate for assistance that they will overlook the terms and conditions of a service and will pay just about any price for quick and guaranteed help. Debt scammers will tell you that paying for their service is a kind of retainer to ensure that they continue working with you and can commit to your case, or they will say it is simply company policy.

In the U.S., however, paying these fees in advance is illegal, which is why Liberty Debt Relief does not charge you before assisting you. Debt relief and credit repair companies are only allowed to collect their service fees after the service has been rendered, and it is usually a percentage of the debt you owed. There is no way to know what that percentage would be prior to sitting down with you, looking over your financial situation, and working with your lending companies to come up with a total amount of debt you will owe.

They Guarantee Your Lenders Will Forgive All of Your Debt

Just like over-promised situations are too good to be true, so are company guarantees. There is simply no way for a debt relief company to guarantee that they can convince your lenders to forgive all of your debt, especially if you are one of the millions of people who owe several creditors thousands of dollars in unpaid balances.

A trusted organization will tell you upfront that there are no guarantees and they will pick through your finances with a fine-toothed comb to help you come up with a plan of action that will relieve your debt the best way possible. For most people, getting rid of debt does not even include debt forgiveness, but rather includes negotiating with the companies to reduce fees, setting up loan consolidation accounts, or even a combination of various debt relief methods.

They Promise Your Credit will Instantly Improve

Rome was not built in a day, and neither was your credit score. What most debt relief scams don’t want you to know is that even positive financial decisions take time to show up on your credit score. In most debt relief cases, people take part in a debt relief solution that actually causes their credit score to decrease for a certain amount of time. This is usually because, during negotiations with your lending companies, you will be advised to refrain from using your credit cards or making payments toward your outstanding balances. You will often be told to not open any new accounts and you may even have your total debt negotiated toward a lower score, which again makes your credit score go down. The boost in your credit score comes after starting your debt relief journey when you are closer to becoming or completely out of debt and you can focus on maintaining that balance.

There is No Available and Detailed Information on the Company

One of the biggest red flags that come with a debt relief scam is if there is no valid information on the company in contact with you. A legitimate credit repair company will have a published website with plenty of helpful information about their services, how they started, their location, and their contact information, all free to the public. Additionally, they will never ask for your personal information — other than perhaps a name they can call you by — when you have just a general inquiry.

The only time they should request any more information, such as your bank account information, social security number, or even your birthday, is in person or via an official document. If someone claiming to be from a debt relief company contacts you and demands some kind of payment before they will provide any information about themselves or the company, it is most likely a scam, and you should cease contact immediately.

Read the Signs and Remain Cautious

It is always better to be safe than sorry, especially when it involves money. If you need assistance getting out of debt, look for companies, such as Liberty Debt Relief, that are accredited by the Better Business Bureau and who are in good standing with the Federal Trade Commission. If you believe you or someone you know fell for debt relief scams, contact the FTC as soon as possible.

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