If you have outstanding debt, you’ve probably looked into entering a debt relief program in hopes of getting one step closer to becoming completely debt-free. However, you may be unsure how such programs work and what kinds of debt they work with. Continue reading to find out how and if debt relief programs actually work.
How Does a Debt Relief Program Work?
The main goal of a debt relief program is to reduce the outstanding amount that you owe your creditors. If you’ve never heard of a debt relief program, it’s just another term that means debt negotiation or debt settlement. In this process, a debt relief company works directly with creditors and negotiates a lower amount to be paid. This is a win-win situation for the creditor and you, as they’ll get their money faster and, in return, you’ll be able to pay off your debt quicker.
What Forms of Debt Can Be Negotiated?
Typically, debt relief doesn’t work with secured debt, which is debt tied to a specific asset. This includes mortgage debt, vehicle loan debt, and federal student loan debt. What can usually be negotiated is unsecured debt. This means credit card debt, medical debt, personal loan debt, and several other forms can be negotiated down using a debt relief program.
Can I Do It on My Own?
If you’ve been reading up on debt negotiation, the thought of “Can I negotiate the debt myself?” has probably crossed your mind. And honestly, it’s certainly not out of the realm of possibility. But while it can certainly be done, debt negotiation is incredibly time consuming and you must have a very good understanding of the whole process to be successful. You also must be a good negotiator and be able to understand industry-specific terms that may be thrown around in your correspondence with creditors. If you aren’t a seasoned pro at settling debt, it’s in your best interest to put your efforts into finding a debt relief company that can do the work for you.
Rely on Debt Relief Professionals
When it comes to negotiating and settling your debt, it’s best to put your trust in experienced debt relief professionals to yield the best results. At Progressive Debt Relief, our financial experts are well equipped to help settle any amount of debt efficiently and discreetly. We have established working relationships with creditors and will work closely with you to develop a plan that you can manage.
As a testament to our services, we offer free consultations and no upfront fees to make sure you’re fully on board to settle your debt for good. To schedule a complimentary consultation, contact us today.
