The Best Debt Relief Solution | Huge Savings | Debthunch (2024)

FAQs

What is the highest rated debt relief program? ›

There aren't any free government debt relief programs for credit card or personal loan debt other than bankruptcy. Many types of government debt relief exist in the form of grants and low-interest loans for specific purposes.

Besides these factors, companies also need to have been in business for a certain period of time (to establish a reliable track record). Debthunch is proud to have established their BBB Accreditation and A+ rating with the Better Business Bureau.

You have the potential to save money on interest expenses. It may allow you to get out of debt faster. If a credit counselor administers your DMP, it will simplify your finances because you'll have just one debt payment to make each month.

Freedom Debt Relief has been helping people get out of debt since 2002, and has resolved more than $18 billion of debt. Specializing in credit card debt, Freedom Debt Relief can help clients get started without fees up front and offers free credit card debt relief consultations.

Founded in 2009, National Debt Relief has assisted consumers with unsecured debts for 15 years. They work with customers with at least $7,500 in unsecured debt, such as credit cards, personal loans, medical bills, business debts and private student loans.

The government does not offer free money or grants to people for personal needs.

How Will Freedom Debt Relief Affect My Credit? Debt relief can negatively impact credit scores. That's because creditors typically won't negotiate with you or a third party until you miss payments. Payment history heavily influences credit scores, however, so late or missed payments can cause your score to drop.

The bottom line. While credit card debt forgiveness can offer a path out of overwhelming debt, it's not without its drawbacks. The impact on your credit score can be significant, potentially affecting your ability to obtain credit, secure favorable interest rates or even rent a home in the near future.

Debt consolidation as solution is offered at 0% interest and $0 down because instead of interest costs fees are charged as a percentage of the debt enrolled into the debt resolution option. However, fees are only paid to the company after your debt has been paid off and resolved with your creditors.

What is the best debt consolidation company? ›

It makes getting out of debt easier — and sometimes cheaper. That said, debt consolidation isn't a magic bullet. It can temporarily ding your credit scores or bring even more damage if you're not disciplined with your debt repayment.

Pros of debt settlement programs include speeding up the repayment process, reducing the total amount owed, and avoiding lawsuits. Cons involve a negative impact on credit score, accumulation of late fees and interest charges, and results that can't be guaranteed.

When it comes to credit card debt relief, it's important to dispel a common misconception: There are no government-sponsored programs specifically designed to eliminate credit card debt. So, you should be wary of any offers claiming to represent such government initiatives, as they may be misleading or fraudulent.

Depending on your personal situation and whether you have already missed payments to your creditors, debt settlement programs may have a negative impact on your credit score. Due to it being a separately regulated service, we do not provide credit repair services or offer advice on ways to improve your credit.

The better option for you depends on your financial situation. If you can make your minimum payments each month, but don't see a way out of debt anytime soon, debt consolidation will likely be fitting. If you're struggling to make your minimum payments, debt settlement may be your better option.

A debt relief order (DRO) is one way to deal with your debts if you: owe £50,000 or less. don't own your own home. don't have other assets or things of value.