Debt Reduction Programs

Consumer Credit Counseling Services (CCCS)

Consumer Credit Counseling Services, also known as CCCS companies, are generally known for making, or making an attempt to make monthly payments on your debts to your creditors. CCCS companies can be both for-profit and non-profit, and are often times backed or even funded by credit card companies themselves. The fundamental concept behind these companies is to dispatch proposals to your creditors, asking them to lower your interest rates for a set number of months, and in result lowering your monthly minimum payments to your creditors. Unfortunately, the majority of consumers participating in these programs are not aware that these programs are for those seeking short term relief. The program might sound wonderful on the outside, but a few simple calculations will show you that lowering your monthly payments will only extend the life of your outstanding debt. Instead of eliminating your debt, you would actually be extending it for a longer period of time. It is also important to note that a creditor will not necessarily accept your proposal, putting you back to where you started. Another downside to these programs is that these companies report to the credit bureaus as 3rd party assistance. This mark is highly detrimental to your credit report and may result in being rejected for credit in the future as you will be considered a risk. Florida Debt Settlement by Premier Debt Solvers is not a Consumer Credit Counseling Service.

Debt Consolidation Loan

Debt consolidation is a type of loan that helps you repay your other loan. Debt consolidation also helps you by organizing all of your debt into one single loan and monthly payment. Oftentimes, this loan is also at a lower interest rate than your debt was previously. To be eligible for a debt consolidation load, you normally must have a good credit score and you usually need to have equity in your home. This option is only recommended to those who are able to afford to repay the loan and understand what it means when converting unsecured to secured debt. Simply put, a debt consolidation loan helps you organize your debt and secure a lower or fixed interest rate, but it does not in any way relieve you of your debt burdens. Florida Debt Settlement by Premier Debt Solvers is not a debt consolidation loan. Below are some facts that you should note prior to considering a debt consolidation loan:

• Loan payback can sometimes take as long as ten to twenty years depending on your balance and ability to pay.
• You end up paying the full amount of your credit card balances, including interest and any fees.
• Debt consolidation loans are secured loans, requiring collateral such as a home, which you could lose if you default on it.

Bankruptcy

Bankruptcy should always be a very last resort! In recent years, there have been many changes to bankruptcy laws in the United States. These changes have tightened the requirements and minimums that potential consumers must meet before filing for bankruptcy. One major change that is very important to note, is that consumers must attend Consumer Credit Counseling Services (discussed above) before being able to qualify for bankruptcy. Not only will you be extending your debts through the CCCS programs, filing for bankruptcy will be one of the most negative impacts on your credit report possible. Bankruptcy will remain on your credit for a minimum of seven to ten years as a major infraction. This will directly affect you anytime you apply for credit, mortgage, car loans or even a job. Once bankruptcy is removed from your credit report, it is still present in your background check and can haunt you for the rest of your life. Florida Debt Settlement by Premier Debt Solvers strongly opposes bankruptcy, and is offering a very practical and intelligent approach to debt reduction.

Florida Debt Settlement (Our Method)

• Fill out the Free Consultation form on the right.
• Once we receive your request, one of our certified representatives will contact you at your desired time, and a personalized settlement plan will be put together to accommodate your needs and budget. We will also discuss with you any of the other available options to resolve your debt.
• You will be sent our official enrollment paperwork, with complete disclosure of every aspect of the program giving you the opportunity to look over and make an educated decision about our program.
• If and when you decide to enroll in the program, one of our debt settlement professionals will be assigned to your settlement plan, and will guide you and keep you updated throughout the program.