Is your credit card debt slipping out of your control? It's designed to happen that way, you know.
Maybe something unexpected happens, and you get a little behind on your bills and rely on your credit card to get by. Next thing you know, you're stuck paying north of 20% interest on a revolving balance you feel like there's no hope of ever paying off.
Your options can feel less than ideal, too. Declaring bankruptcy? Taking out an expensive loan? No thanks. That's why we like a debt-relief company called Freedom Debt Relief.
Their program negotiates directly with your creditor to help you find a way to get rid of debt much faster and for less money than making your minimum payments â€" and you don't have to declare bankruptcy or take out a loan.
Find the Right Move for You
Here's how it works: You'll start with a free consultation with one of Freedom Debt Relief's experts. They'll review your finances and help figure out your best path to get rid of debt.
With their debt-relief program, you'll first need to show why you're struggling to make your payments. Then you'll stop using your credit cards and open an FDIC-insured account in your name that you'll control. That's where you'll send monthly deposits that'll go toward paying off your debts.
Meanwhile, Freedom's negotiators will talk to each of your creditors to secure a settlement â€" either a lump sum or structured settlement that's less than what you owe. Once you approve the settlement offer from the creditor, you'll pay the settlement out of your savings account. You don't owe anything until your debt has been settled. There's no cost to enroll and no upfront fees to be part of the program. The program could help you get out of debt in as little as 24 to 48 months.
You can cut down a lot of what you owe this way, pay less into your account than you're paying your creditors each month and get rid of debt.
You might be worried about how this will impact your credit: When you choose to stop making your credit card payments to help Freedom Debt Relief better negotiate with your creditors, you might take a temporary hit to your score. But Freedom Debt Relief's studies show that people who use their program come out with similar or higher credit â€" and much less debt.
How This Company Helps Tackle Your Debts
Remember â€" your debt is uniquely yours, and paying it off involves a specific strategy that works for you.
This process is all about setting you up for success. A debt specialist will review your situation and figure out your best path to get rid of debt. They'll talk you through your options and spell out a strategy for reducing your overall debt and maximizing your savings.
In an industry that's beset by scams and ripoffs, Freedom Debt Relief has a very nice A-minus rating from the Better Business Bureau, and since 2002, it's helped more than 800,000 customers resolve more than $15 billion in debt.
It takes just a few minutes to get started. The initial consultation is free. See how much you could save here.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He knows a lot about crippling credit card debt, based solely on his personal experience.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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