What are the best credit card debt relief options for 2014?
1. Consolidation Loan - Get a bank loan with a low interest rate. With the loan you can pay off all of your other debt, and then you are left with only one low interest loan to pay back. Good for your credit and great for saving money. The problem is that when people have high debt, they are unlikely to qualify for this type of loan.
2. Consumer Credit Counseling - This type of program will lower your interest rates and leave you with only one consolidated monthly payment. This can show up as a third party notation on your credit report, but your credit score will not be negatively affected with this type of program because of the fact that you will remain current on your accounts while on the program. A person can become debt free in 4.5 to 5 years with this type of program.
3. Debt Restructuring Program with FCDPA Protection - This type of program could allow a person to get out of debt in the fastest time-frame when compared to other programs, but it will lower their credit score while on the program. The reason why it lowers your credit score is because you must fall behind on your accounts for this type of hardship program to work effectively. You should have an attorney included on the program so that when Fair Debt Collection Practices Act Violations occur, your attorney will be there to provide you with the necessary defense and this could even lead to certain accounts being invalidated and then dismissed. When a debt is invalidated and dismissed, there will be no negative marks left for that account.
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