Debt is a problem that affects millions of Americans each year.
If you’re experiencing a financial hardship, there is no shortage of debt relief options that cost thousands of dollars to implement. In creating this content, our goal is to provide consumers with an affordable, yet comprehensive “do it yourself” alternative.
Do you need to renegotiate the terms of your debt with a creditor for repayment? Does settling balances with creditors, collectors and debt buyers make more sense? You don’t need to spend thousands of dollars hiring companies to help you. The process we outline combined with the content, tools and resources we provide can help you get out of debt quickly and save you thousands of dollars in unnecessary fees.
What Is Your Debt Relief Strategy?
Use this debt repayment calculator to compare the total cost to pay off your debt. Our program is designed to save you money and get out of debt faster than other methods.
These calculators are designed to be informational and educational tools only, actual numbers may vary based on additional fees charged by lenders.
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- Refi (Cash Out Home Refinance): A mortgage refinancing transaction in which equity from a home is used to pay off outstanding debts.
- HELOC (Home Equity Line of Credit): Often referred to by its acronym, HELOCs are a type of secondary financing available to home owners. Unlike Home Equity Loans, HELOC’s are structured as a revolving line of credit with an adjustable rate.
- Consolidation Loan: A loan which combines several smaller, unsecured debts into a single new loan with more favorable terms.
- CCC (Consumer Credit Counseling): A process that provides guidance and support for consumers who have exceeded their financial capacity. The purpose of credit counseling is to provide financial management education and help consumers and creditors avoid bankruptcy. Credit counseling can be initiated by consumers either through the use of an intermediary company or through their own efforts.
- DMP (Debt Management Plan): Also referred to as a DMP, a debt management plan is debt relief strategy in which a debtor and a creditor agree to a renegotiation of the repayment terms for an outstanding debt.
- Debt Settlement: Also referred to as debt negotiation, it is a debt relief strategy in which a delinquent borrower renegotiates the balance of an outstanding debt with the lender, debt collector or debt buyer for pay off.
- DIY (Do It Yourself): Your best option.
Useful Terms You Should Know
- BankruptcyA federal court procedure that allows consumers and businesses discharge unmanageable debt due to insolvency (chapter 7) or reorganize said debt for repayment (chapter 13).
- Consumer Credit CounselingOften referred to as simply “credit counseling”, it is a counseling service that provides personalized guidance and support for consumers with excessive debt. Companies provide budgeting tips, education and other tools. The ultimate goal of consumer credit counseling is to help consumers reduce and eliminate debt while avoiding bankruptcy.
- Debt ConsolidationA debt management strategy which refinances multiple debt obligations into one.
- Debt Management PlanAlso referred to as a DMP, a debt management plan is debt relief strategy in which a debtor and a creditor agree to a renegotiation of the repayment terms for an outstanding debt.
- Debt SettlementA debt relief strategy in which a delinquent borrower renegotiates the balance of an outstanding debt with the lender, debt collector or debt buyer for pay off.
- Home EquityThe difference between the market value of a home and outstanding mortgage balances. If a property is worth $200,000 and all liens and encumbrances equal $150,000, the remaining $50K is equity.
- Home Equity Line of CreditOften referred to by its acronym, HELOCs are a type of secondary financing available to home owners. Unlike Home Equity Loans, HELOC’s are structured as a revolving line of credit with an adjustable rate.
- Home Equity LoanA type of secondary financing extended to homeowners. Unlike a Home Equity Line of Credit, a Home Equity Loan is typically structured as a closed end loan with a fixed rate.
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