 Your Options
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There a lot options out there such as Debt Consolidation, Consolidation Loans, Bankruptcy and Debt Settlement. They all are different however all have a common goal. Listed below they are broken down so one can see the benefits and downfalls of each of them. Please take a couple of minutes and read them so you can make a decision that best suits your individual situation. If you need assistance do not hesitate to call us at 888.Trust05 (888.878.7805) to speak with a Qualified Debt Consultant.
Debt Consolidation Loan
You have to first qualify, and must have ownership of the property, home or land. It will also make it more difficult for to use the equity in your property. Missing payments would cause you to loose ownership of your property. Usually pay back on this loan is generally 15-25 years, and this depends on the ability to pay back the loan. You will be responsible to pay back the loan in full. You are taking an unsecured debt and securing it with your most valuable asset.
Credit Card Consolidation / Debt Management Program
These companies are usually funded by the credit card companies themselves to collect on your debt. Fifty percent of clients that enter this program never complete paying off their debt. They do not reduce the total debt you owe. You end up paying your total plus interest. The balance will generally take about 5-10 years to pay down. People want to see immediate monthly cash relief with their debt. Most cases, it is more than your monthly minimums. It is seen by lending institutions as a Chapter 13 bankruptcy and will stay on your credit report up to 7 years.
Bankruptcy
There is two types of offered to the consumer and both have severe negative impact on your credit rating, for 7-10 years. All form of loans asks the question, "Have you ever claimed bankruptcy?" This question can automatically deny you a loan. Bankruptcy laws have changed as of October, 2005. The new laws make it more difficult for the consumer to file Chapter 7 bankruptcy. This means that the only option is to file Chapter 13 which means the court system is in charge of your finances. In other words, you lose control of your life.
Do Nothing
In hope that your situation will improve. Most cases your interest rates generally average over 18% and your creditors have the right to raise your interest at any time. Making the minimum payment you will not put a dent in the principle debt. 85% of your payment goes straight to your interest rates. It will take anywhere from 20-40 years before you become debt free. When you decide to take control of your life A.R. Trust Services is here to assist you.
Debt Settlement & Debt Negotiation Programs
An alternate to debt consolidation and bankruptcy. Debt settlement is a proven process of negotiating your debt for a reduced amount. Debt settlement is the preferred choice for those consumers with high unsecured debt and are looking for a solution to handle their debt in a timely fashion. A.R. Trust Services offers the most efficient approach to negotiating your unsecured debt for a reduced amount. Our reduction strategies are a cost-effective means to becoming debt free - average time frame is only 2-3 years(2) usually with a lower monthly amount from what is required by your creditors.
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