Gateway Debt Relief is here to help you settle your debt, but that doesn’t mean we’ll always recommend a debt settlement program as your first choice. What about if you’re still current on your payments or need to keep your high credit score for a future home purchase? Or what if you only have a few thousand dollars worth of credit card debt and don’t want to deal with the hassles of a settlement program? These scenarios are valid reasons why you would like to steer clear of a debt settlement program, and we can’t blame you. Debt settlement is ideal for someone who’s already behind on their bills and facing a situation where their creditors threaten legal action. But why go down that route if you don’t have to?
Our trained agents will evaluate your situation based on your needs. Everyone who contacts us is dealing with their specific financial issues, and we’ll find the best program to resolve your debt quickly. Even if you’re best served with a personal loan, we can point you in the right direction so you can settle your debts rapidly.
So ask yourself, what debt solutions are out there and how can i get rid of my debt in the quickest amount of time? What makes you choose debt consolidation over bankruptcy? Individuals must take it upon themselves to consider the correct type of solution for their specific needs. In addition to the debt settlement program offered by Gateway Debt Relief, a few other options are available if you want to get out of debt quickly.
Here Are A Few Debt Settlement Alternatives
Debt Consolidation: Through debt consolidation, you will use equity in your home or other assets to provide security for your debt. With debt consolidation, you will pay off your unsecured debt through secured (equity) by cashing this in. This simple method consolidates all your debts into one lump sum payment.
Personal Loans: Debt consolidation options may be limited for those with good credit but don’t have a mortgage loan. A personal loan is another option for paying off debt. This solution is much more difficult to obtain if you have poor credit, as most lenders require a FICO score of 700 or better to get approved for a loan that starts at $2,500.
Title Loan: A car title loan is similar to a home equity loan as it offers you a chance to cash out equity from your vehicle. Unlike a home equity loan, a title loan on a car is typically offered for $1,000 to $15,000, and you don’t need good credit to qualify. You risk having your vehicle repossessed if you miss any payments, but auto equity loans are a great way to borrow money when you have poor credit.
Bankruptcy: Personal bankruptcy, whether Chapter 7 or Chapter 13, is a way to get out of debt quickly without paying off or settling your debt. Those with unsecured debt who cannot use a debt consolidation loan or other funding method should consider bankruptcy. With stiffer laws, bankruptcy is a limited option only for those who can show their inability to make payments.
Consumer Credit Counseling: Credit counseling allows you to work with an agency that acts as a middleman between you and your creditor. Sometimes, the agency will lower your interest rates significantly, but you still need to make your monthly payments on time. These funds are then sent to the creditor until the creditor is paid back in full or as per the agreement.
Debt Validation: This option is not as well known as the debt relief options listed above, but it’s become a popular way to get out of debt quickly. With debt validation, you can be debt free in months rather than years, and that’s because the validity of your debt is challenged from the outset. A Debt validation company works with you to confirm debt amounts and ensure the debt is in your name and that your creditors have appropriately communicated with you. Debt validation can be expensive, and it doesn’t work for most people with credit card debt. But if you have debt you don’t think is yours; then it may be a viable option to resolve it with a debt validation service.
Do Nothing: One way to deal with your debt that we don’t always recommend is to do nothing. Continue paying the minimum payments on your credit card. Or, if you’re already behind on your payments, continue trying to avoid your credit phone calls and hope they forget about your situation. At Gateway Debt Relief, we know this is often the most straightforward debt settlement alternative in the short term, but it simply amounts to burying your head in the sand, and you’ll get no closer to becoming debt-free. Your debt will only pile up as the interest payments and late fees add to your debt load.
Debt solutions allow you to find the correct answer to your money problems. Any of these solutions are available to you in specific circumstances. Personal loans and debt consolidation loans are the best way to get rid of debt if you have good credit and are often the correct route to take when available. Consumer credit counseling will limit your credit means for some time. Bankruptcy will tarnish your record for ten years. Solutions should be considered carefully.
Whatever method you choose, we ask that you consider a debt settlement program from Gateway Debt Relief if you’re behind on your credit card debts and can’t qualify for a personal loan. There’s no obligation to get a quote, and many of the people we speak with are surprised they’re not candidates for our program. If you’re not a good fit for our debt relief programs, we’ll tell you and recommend your next step! So call us at 888-560-0132 to see if a debt settlement program is your best option.