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A Guide to Debt Settlement/Debt Management Best Companies Practices
There are a vast number of people that are looking for help in managing their debt. They debate over whether or not they need credit repair, should they consolidate debt? What about bankruptcy? Are everywhere. There are ads everywhere on TV, the radio, the internet offering you quick and easy fixes to solve your problems. This is enough to make your head spin and not know where to turn. What company do you trust, who do you ask for help? First, you need to understand that being massively in debt is just plain dumb. Most people that are broke are broke because they are in debt up past their ear lobes. Being in debt makes you a slave, it doesn’t allow you to use your money to help change your family. Some statistics say that 78% of the Baby Boomers have mortgage debt, 59% have credit card debt and over 55% have car payments. It takes discipline and will power to get rid of the debt monster. But it is a possible feat. Understand that there are no quick fixes and debt management at first is not pain free. The fact is that if you go to financial planner what they really want to do is sell you a product such as life insurance or mutual funds. What they need to be doing is counseling you. Debt consolidation is a con made to make you think that you have done something about solving your problem. Borrowing money does not get you out of debt, the debt is still there. As Dave Ramsey has said, “You can’t get out of a hole by digging to the bottom.” Debt management companies are slightly different then debt consolidations. Their idea of managing your debt is that they take one monthly payment and distribute it to your creditors often at a renegotiated lower payment with a lower interest rate. The debt management companies can in fact help you get a better interest rate and lower your monthly payments, but it will cost you. Using these companies is seen much the same as if you would have filed a Chapter 13 bankruptcy. Mortgage underwriters see your credit as trashed. Now that the bubble has been burst on what these companies are telling you, what do you do now? You need debt counseling. Finding a company that is going to teach you to manage your debt is going to be the best company for you to work with. The basic problem for people that are in debt is that person. You need to get control over your bills and your income. There are companies that can help you develop a budget and educate you on how to contact your creditors and work on payment plans so that you can pay off your debts. The bottom line is that your creditors
want the money that is owed to them. If you are up front with
them and call them to make arrangements they will work with you.
Companies that are truly interested in helping you get out of
debt are going to be the companies that
will spend the time to teach you the right way to pay your bills.
They aren’t going to do it for you, and they aren’t
going to try to sell you a product. They are going to teach you
how to manage your money and your budget. 
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