South Bend, Indiana is an interesting place. Situated on the St. Joseph River, the city enjoys a reputation for being the economic and cultural hub of Indiana. Top employers range from the healthcare industry to aerospace technologies; and of course, the University of Notre Dame. It’s also home to a number of delightful attractions including the Potawatomi Zoo, the Basilica of the Sacred Heart, and the three-story Studebaker National Museum of automobiles.
Regrettably, some people can’t enjoy living in South Bend because they are living in debt. And with debt, comes stress and worry.
Discovering the Best Debt Relief Strategy for Your Situation
If you are in a bad financial position, you might feel like you are all alone. But in reality, there are many other people across the national also dealing with debt. Millions of Americans cope with the burden of massive debt, so understand that you are not alone.
But even better to keep in mind is that there are debt relief strategies to ease your situation. Check out the list of debt relief options below. You might just find the fix you’ve been hoping for.
Debt Consolidation for South Bend Residents
Debt consolidation candidates are generally those persons who have more than $10,000 in debt across multiple creditors. If this sounds familiar, you might be happy to know that debt consolidation covers all your debts with a single loan. This makes it easier to pay down your debt; especially if you get a better interest rate on your new loan.
Note that debt consolidation loans can either be secured or unsecured. Secured loans require a form of collateral (such as a car, home or other high-value asset). If you fail to make your payments, you put your assets at risk. Unsecured loans, on the other hand, do not require collateral but often demand high interest rates.
South Bend residents would do well to explore debt consolidation. While it’s not right for everybody, it might be right for you.
Debt Management Programs
Then again, you might not have erratic debt, but you still need a little assistance paying things down. If this is the case, you might want to look into debt management programs (DMPs).
DMPs assist debtors in paying off unsecured debt. Ballooning credit card dues are a prime example of unsecured debt, but it can also include delinquent personal loans, bank overdrafts, business loans, and the ilk. If you need a little direction to help you satisfy creditors chasing down unsecured debt, a DMP might be the way to go.
In many ways, debt settlement is the ultimate compromise. Basically, an organization like Freedom Debt Relief acts as a mediator between creditors and debtors. If an agreement is struck, the creditor will “forgive” some of your debt in an exchange for a promise that you will pay for the rest of the debt. Lenders know that getting some of what is owed is much better than getting none. However, it’s important to note that the IRS considers “forgiven” debts as a form of income, thus you may have to pay taxes on your debt settlement.
If you are facing down sky-high debt with no conceivable way of paying it off, you might be a candidate for Chapter 7 or Chapter 13 bankruptcy. Know that bankruptcy is not a quick fix for your personal finances. Instead it is a last resort for those who need it most.
Chapter 7 bankruptcy resolves outstanding debts by liquidating the debtor’s assets. While this is a viable solution for some, it could mean the loss of your home, car or more. Chapter 13 bankruptcy, on the other hand, requires debtors to continue making payments to lenders; however, you may be able to hold on to assets, including your house.
You shouldn’t haphazardly jump into declaring bankruptcy. But if you need it, the resource is there. Still, it will behoove you to explore your other options before making any final decisions.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Getting Debt Relief in South Bend
If you are struggling with debt in South Bend, call 800-910-0065 to discuss your options with a certified debt consultant today. The call is free.
Are you ready to regain your financial freedom?