How To Choose a Debt Relief Company

Choosing the right debt relief company could be one of the most important financial decisions you make. Take a step toward becoming debt free, find the debt felief company fit for your type and amount of debt.

Read More

Written By: James Lambridis, Founder/CEO DebtMD

When you finally decide it’s time to get out of debt and get your financial life back in order, you may feel overwhelmed and not know where to start. According to the National Financial Capability Study, 63% of millennials are stressed about their finances. Living with debt is highly stressful especially when you don’t know how to dig yourself out of a deepening financial hole. Instead of tackling debt on your own, get professional help from a debt relief organization. Just like you would see a doctor when you are sick, you should seek professional advice from a debt relief company when you are in drowning in debt.

No matter how much you learn about managing your debt unless you do it for a living you won’t be able to keep up with the ever-changing rules and regulations.

Tip! If you are curious about how much debt you have, try this debt analyzer tool before you start searching for a solution provider.

What can a debt relief company do for you?

Choosing the right debt relief company could be one of the most important financial decisions you make. A debt relief company can:

  • Assist you with setting up a debt management plan.
  • Help you determine which debt solution, such as debt consolidation, debt settlement, or credit counseling, is best suited to achieve your financial goals.
  • Explain the potential risks and benefits of different programs.

When reconciling your debt, you need an objective opinion. We’re sure you have heard it before doctors won’t operate on family members and lawyers shouldn’t represent themselves. They are too close to the patients or clients and need to stay level-headed. We’ve seen first-hand that those who struggle with debt achieved the best results with professional debt relief companies than handling it on their own.

Before signing on the dotted line with a company, ask about their qualifications, experience, track record, debt relief approach, applicable fees, credentials, and references.

Which questions should you ask before making any decisions?

Before you make any commitment to a debt relief program, you should have the answers to the following five questions:

  1. How does the recommended debt relief plan help you reach your specific financial freedom objectives?
  2. How safe is the recommended program?
  3. What could happen to your credit rating in the best or worst circumstances?
  4. Is there a tax consequence when you agree to a debt relief program?
  5. Are there taxes to be paid on any forgiven debt?

Choosing a good debt relief company– one who specializes in your current needs – no different from finding a supportive doctor or lawyer. At DebtMD, we offer access to the best debt relief companies to fit your specific needs. Each company is required to meet our stringent criteria. Let a debt relief provider lift the heavy burden of debt off your shoulders. Start your search here once you are ready to be debt-free

Related Blogs

Financial Pulse Check: Your Essential Guide to Financial Wellness

Subscribe to our newsletter today to receive expert advice, actionable tips, and the latest news to help you navigate the complex world of personal finance. Our newsletter is designed to help you keep your financial health in check.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.