You open your mailbox only to find another bill which you put in a pile with the others. The phone rings and it’s yet another creditor harassing you for money you don’t have. You feel like you have nowhere to turn and you’re out of options. If you’re in this nightmare, call the debt settlement attorney at Galler Law serving Roswell and Atlanta, GA.
Our attorney uses years of legal experience to:
• Look over your current financial situation
• Determine if debt settlement is your best option
• Walk you through the debt settlement process
Once we decide debt settlement is the right decision for you, we’ll negotiate with your creditors to get them to reduce the amount you owe. If you’re drowning in debt with no end in sight, get exceptional assistance from Galler Law in Georgia. Call our debt settlement attorney today for a consultation.
The debt settlement professionals at Galler Law understand how difficult it can be to get out of crushing debt. That’s why we work hard to help you get back on track to financial success. When you need help settling your debts, turn to Galler Law serving Roswell and Atlanta, GA.
Today it’s quite common for families – and individuals – to carry $20,000, $30,000, even $50,000 or more of credit card or other unsecured debt. Most of us are optimistic by nature, and since it’s normal to experience financial ups and downs in life, many people just ignore the problem and hope things get better down the road.
Unlike debt consolidation or credit counseling where you pay back the full balance on your debts, debt negotiation requires that you pay back only a portion of the balance. This can make a huge difference in how quickly you pay off your balance.
When you’re drowning in credit card debt or other unsecured debts, and you want to take a more proactive stance to getting debt free, there are basically five debt relief methods to choose from.
Here is a brief description of each of those five debt relief methods.
1. CONTINUE MAKING MINIMUM MONTHLY PAYMENTS.
As long as you are able to make minimum monthly payments you may feel you’re doing the right thing by continuing on that same path. But this just maybe your worst strategy.
2. CREDIT COUNSELING OR DEBT MANAGEMENT.
Credit counseling is a debt management program in which you make a single monthly payment to a credit counseling agency. In turn, that agency distributes the money to your creditors on your behalf, ideally at lower interest rates so you can pay off the debt faster. You still end up paying back 100% of your debt plus interest. These programs are designed to take 3 to 5 years and have very low completion rates.
3. DEBT CONSOLIDATION.
With debt consolidation you take out a larger, low-interest loan and use that money to pay off your higher-interest unsecured loans. This leaves you making a single monthly payment that is – in theory – lower than what you were paying for all of your credit card and other unsecured loans.
4. DEBT SETTLEMENT OR DEBT NEGOTIATION.
Debt settlement differs from the first two options in that the actual principal balance you owe is negotiated downward. Because you end up owing less, debt settlement is generally a faster and less expensive debt relief option than either debt counseling or debt consolidation.
For the individual who cannot meet his or her debt obligations, bankruptcy may be inevitable. A formal declaration of bankruptcy stops the creditor collection process, and the debtor no longer owes some or all of the unsecured debt.