Anyone drowning under piles of medical bills, credit card statements or notices of delinquency know just how stressful it can be to find the right kind of help for debt relief. With so many options like debt consolidation, debt negotiation and bankruptcy on the table, how do you know which is right for you?
Making Sense Of It All
First, debt consolidation isn’t always what it seems. Many people find the offer to roll all of their debt obligations into one payment attractive. What they don’t know is that these loans typically carry higher than average interest rates, often include steep penalties for defaulting and are likely to cost you more in the long run. Further, many of the debts rolled into a consolidation loan could be easily reduced or eliminated through other means.
Debt negotiation is one avenue that is often overlooked by many people. The reason is that dealing with creditors and arguing about ways to lower payments, reduce principal amounts owed or remove penalties can be tedious work. Most people would rather not put in the effort towards negotiating down their debts, often continuing to live under the pressure of financial hardship. The truth is that debt negotiation should be the first stop in your path of debt relief. Creditors don’t advertise the fact that the opportunity to negotiate their debts is your right. Therefore, they may act unwilling to work with you.
This is where the power of research and representation come in handy. Did you know that a bankruptcy attorney can actually help you with debt negotiation even outside of filing for bankruptcy? It’s true. There are a select few of Dayton bankruptcy attorneys that are accredited as debt arbitrators, meaning they are specially trained in the art of negotiating with creditors. There is no need to fight for debt relief alone. Consult with an attorney about your situation to find out how they can help.