Increasingly and continuously consumers are falling prey to the lure of easy expenditure. “Spend now pay later” has become a mantra the youth and adults swear by and live by. Are you one of the many million consumers who reveled in the make-believe world of more money at your disposal than you actually had, all thanks to the plastic cards? And now that the heap of bills are piling up you, have realized that pay later is not that later… it is now.
Now that the time for payment is here, are you spending sleepless nights trying to find a solution to your seemingly insurmountable debt pile? Are you spending anxious ridden days trying to figure out on how to get rid of your liabilities and not be faced with enormous fees to be paid to the agencies in return? Then you should look at the option of free debt reduction services.
The ubiquitous credit card has lead to a situation where almost most of their consumers are debt ridden. The consumers who are not fully aware of the credit card functioning with the interest rates and fees applicable; end up with huge dues to be cleared. With the worsening debt situation, organizations and government are increasingly offering free or non-profit debt reduction services.
For free debt reduction you can either do it on your own or seek professional help.
DIY: If you want to Do It Yourself then it is best to surf the Internet for various free software that can be downloaded to calculate and hence manage the debt on your own. You might prefer preparing a simple spreadsheet to manage this information (instead of using a software). After calculating your liabilities, you have to work out your budget such that the debt is also paid off and you manage to run your fixed household expenditures too.
If, however, you feel that you are better off seeking the free debt reduction expertise then keep an eye out for the following so that you are in safe hands and not end up getting duped.
Reputable debt reduction organization: The agency should have a tarnish-free and good reputation. Try to contact their previous consumers. Also check with the creditors — along with the consumers, it is equally important that the creditors are satisfied with the services of organization offering free debt reduction. Creditors giving thumbs up to an organization means that the organization is prompt in its consumers’ payments and does not delay or worse usurp the payments.
Non-profit status: Ensure that the non-profit status exists in truth and is not a camouflage to dupe consumers and evade taxes. A good non-profit debt reduction service provider should provide free financial educational resources whereby the consumers are counseled and educated on the benefits of maintaining a debt-free and healthy financial life.
Truthful and non-deceiving: Ensure that the free debt reduction services promised are in actuality free and not a trap to ensnare the consumers. It shouldn’t happen that later on, once you have enrolled with a non-profit debt reduction service provider, you realize that the free services are in reality coming at a heavy price. Sometimes even at the cost of the agency usurping your first monthly payment towards clearance of loans. To make sure that you are not duped, check with your creditors on the due date if they have received the payment you made. Before enrolling, you should also check with the creditors the amount they have agreed to waive off. Sometimes the agencies, to get consumers, purposely lead them to believe that they have succeeded in getting a huge waiver; and the consumer post enrolling realizes that the interest rate is not what was promised to them.
A credible, free debt reduction service provider is a big help provided the consumer does a thorough research before enrolling with the organization. Once enrolled, the consumer should make the efforts to be constantly updated about the progress through the agency as well as the creditors.