Debt Consolidation: Staten Island Residents Have Options Available

Sadly, Staten Island is sometimes called “the forgotten borough”, which isn’t fair because Staten Island is a cool place. There’s a number of beautiful parks, historical homes, the Staten Island Zoo, museums and more. But when you or your community aren’t getting needs satisfied, it can be easy to fall behind. And one area you can fall behind on is your debt and personal finances.

If you live in Staten Island and need some direction regarding debt relief, call  800-910-0065  today. The call is free.

Debt Consolidation: Staten Island Residents Have Options

For those Staten Island residents with $10,000 or more in debt, debt consolidation might be a viable option. Debt consolidation is a popular form of debt relief that covers several outstanding debts with a single new loan. Not only does it satisfy your creditors in the short-term, it also makes it easier to pay off your debts in the mid-term. You might even find a better interest rate, thus saving you money in the long run.

While debt consolidation is perfect for every Staten Island debtor, it can be a solid solution for those who need it.

Credit Counseling: Guidance When You Need It

Sometimes your personal finances are a bit out of whack without being completely unruly. If this describes your situation, you might be interested in credit counseling.

Credit counseling is guidance when you need it. A credit counselor can advise you on managing debts, help you build a budget that works for you, assist you in finding your credit report or free educational resources, and may even recommend a debt management plan to payoff what you owe. It’s a smart resource that has helped many people get their finances back on track.

Debt Management: When You Need Some Assistance Paying Off Your Debts

If a credit counselor notices that your debt is growing, he or she might recommend a “DMP” – short for debt management program. As the name implies, a debt management program assists debtors in paying off unsecured debt (including overdue credit card balances). If you have a few thousand dollars in debt and are struggling to pay it off, a DMP can help you manage monthly payments to satisfy creditors.

credit counseling vs debt settlement

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

Debt Settlement: Working with Your Creditors

Freedom Debt Relief is a respected debt relief company that has helped thousands of its customers to regain their financial freedom; and the organization is especially good at debt settlement. What is debt settlement?

When your debt far exceeds your ability to pay it off, creditors will sometimes “forgive” a portion of the debt. The debtor accepts this pardon and agrees to pay off the remainder of what is owed. Freedom Debt Relief is the go-between or negotiator for this exchange.

Note that the IRS categorizes forgiven debt as a form of income, which means you’ll be responsible for the taxes owe on your settled debt.

Bankruptcy: The Nuclear Option

When it comes to debt relief solutions, bankruptcy is considered “the nuclear option.” While it can wipe the slate clean on outstanding credit card debts, personal loans, unpaid medical bills and more – but it also has an adverse effect on one’s credit score. This detriment can last for year, thereby making it tough to get loans in the future, buy a home or open new lines of credit.

Of course, that’s not to say that bankruptcy is wrong for everybody. There are people in debt who need this resource. But still, it’s wise to explore other options before going nuclear with bankruptcy.

Here are the two most common forms of bankruptcy utilized by Staten Island residents:

  • Chapter 7: Also known as liquidation bankruptcy, Chapter 7 converts assets into money so outstanding debts can be paid off quickly. So, while it may satisfy creditors, you risk losing your home, car or other assets in the process.
  • Chapter 13: Conversely, Chapter 13 bankruptcy may allow you to keep your assets in exchange for continued payments to creditors.

Finding the Best Options for You

Not sure which of the above options is best fit to remedy your debt situation? That’s okay. Certified debt experts are available to answer your questions seven days a week at  800-910-0065 . Call today to get a free, no-risk debt relief consultation today!