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Getting started can
be overwhelming. The path to financial freedom can be so
complex, it's hard to know if you're on the right plan.
This simple guide is designed to help you make decisions
that are right for you – and your financial future.
We'll cover the ways a debt management program may be
able to help you, what you can expect if you decide a
debt management program is for you, and what other
options are available.
What is a
debt management program?
Discover how a debt management program works, and
whether you're eligible to enroll in one.
What are the
benefits of a debt management program? A debt management
program can help you get out of debt, and stay out of
debt. Find out how it can change your financial future.
Why should I
consider a debt management program?
Explore the other options that can help you take control
of your debt, and make an informed decision about what's
right for you.
How do I choose a
debt management program company?
There are plenty of things to consider when you're
trying to find a reputable debt management service provider.
We'll give you some guidelines here.
What is a
debt management program?
A debt management program is a mutual agreement between
you and CreditAllianceGroup™. Simply
put, you agree to repay your unsecured debts in full
over time, without taking on any more debt. In return,
most creditors will agree to significantly reduce your
interest charges and waive any late fees.
Even though debt management programs are often referred to as "debt
consolidation," there is a difference. While debt
management programs
consolidate your monthly payments into one, easy
payment, they are NOT debt consolidation loans.
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What are the benefits of a debt management program?
Save Time
A debt management program can help get you out of debt
more quickly than you could on your own.
Save Money
A debt management program can drastically reduce the
high rates of interest typically charged by most
creditors. They often also eliminate late fees, so more
of your money goes toward reducing your debt.
Gain Peace of Mind
Besides putting an end to harassing calls from
collectors, the right provider can guide you through a
difficult time and help you plan a brighter financial
future.
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Why should I consider a debt management
program?
When you're in debt, it can be difficult to see your way out. Fortunately, there is plenty of help available and you have a number of options. Unfortunately, there is no one solution that is right for everybody.
CreditAllianceGroup has helped
thousands of people, and many of them found our debt
management program to be the best solution. Before you decide, study the pros and cons of the various debt relief options. They can help you sort through the options and make the right choice — the one that best meets your needs.
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Debt
Management Program |
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Pros
-
Potential to save up to 57% on your
monthly payments.
- One
consolidated payment for your unsecured
debts.
Benefits typically begin after 3 timely
payments.
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Cons
- You may
not take on any additional debt while on
the program.
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Debt
Consolidation Loans |
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Pros
-
Consolidates your debts.
- Will
not negatively impact your credit.
- One
consolidated payment.
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Cons
-
Requires a significant amount of home
equity.
- Could
put your home and other secured debt at
risk.
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Debt
Settlement |
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Pros
- Reduces
the total amount you owe to your
creditors.
- May get
you out of debt quicker than other
programs.
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Cons
- Often
requires a large, lump sum cash payment.
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Negatively impacts credit, since you are
not actually repaying your entire debt.
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Creditors may continue to harass you by
telephone.
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Bankruptcy |
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Pros
- Most
debts are eliminated or restructured
under court protection.
- Key
assets can be protected.
-
Relatively quick solution.
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Cons
- Will
negatively impact your credit and limit
access to credit for up to 10 years.
- Could
require you to sell or liquidate
unprotected assets.
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Bankruptcy requires an attorney and may
stay on your credit report for up to ten
years.
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Self-Help
Options |
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Pros
- Could
save on some fees or costs common to
other debt relief programs.
- May
reduce your total amount of debt owed.
- Will
not negatively impact your credit
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Cons
- Not
likely to provide the same benefits as a
creditor-recognized debt solution.
- Can be
extremely time-consuming.
- Does
not consolidate debt into one monthly
payment.
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How do I choose a debt management program
provider?
The provider you choose is the key to succeeding in
becoming debt-free through a debt management program.
Beware of providers who are less than reputable — their
high fees and unethical policies can leave you in worse
financial condition than when you started.
CreditAllianceGroup
is a legitimate organization that can help you pay off
your debts and start rebuilding your credit.
What to consider when choosing a debt
management program company.
- Solid record with the Better Business Bureau
(BBB)
- In business long enough to have built a
solid reputation
- Prompt monthly statements
- Educational resources to help you stay out
of debt
- Certified counselors
- Electronic payment processing
- Existing relationships with most creditors
- Online enrollment process
- Offers multiple options to help you get out
of debt
- Support network to connect with other
community members and find out how they are
handling the day-to-day challenges of being in
debt
- Reasonable fee structure
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