Did you know debt affects millions of Americans? When you need help eliminating your debt, where can you turn? It is very rare that people have friends and family to lend a helping hand; after all, they are probably in debt, too. There are hundreds of debt relief companies, debt management companies, and debt negotiation companies out there, but how do you know what is best for your particular situation? Here is a list of the top debt settlement companies as of 2015:
When you sign up with National Debt Relief, you do not have to worry about advanced or monthly fees. In fact, you pay nothing until the service settles one of your enrolled debts. You can settle your debt with reductions up to 30%. However, you may feel a bit alone throughout the process, because there is no live chat feature. Essentially, you are on your own if you have questions.
You can settle your debt with up to 50% reduction of what you owe when you sign up with Freedom Debt Relief. Average fees can be as low as 18%. You will feel confident knowing Freedom Debt Relief has a long history of helping people settle debt. However, the service charge is based on your total debt, rather than the settled debt, so this percentage might be extremely high.
After fees, New Era Debt Solutions can offer debt reduction up to 40%. You have the potential to have the highest debt reduction with the lowest fees through this company. However, one downfall is that New Era Debt Solutions is not AFCC accredited.
This debt settlement company belongs to a watchdog organization, which is known for keeping the industry honest. It is unclear how much they will take as a fee for services; this may be frustrating for you.
You can settle between 40 – 50% of your debt with Premier Debt Help, but its fees, which can be up to 20%, are calculated based on your total debt rather than the settled amount. However, the company charges average fees for a huge debt reduction.
Unlike other debt settlement companies, Debtmerica is accredited by the IAPDA and the AFCC. One con of Debtmerica is the fact that it charges an average reduction of only 29%.
This service will reduce your debt by about 30% after fees, and the fees are based on your total debt rather than the settlement amount. However, Superior Debt Relief Services does have a good reputation within the debt settlement companies and offers average reductions and fees.
The settlement fee for Pacific Debt Inc. is one of the lowest in terms of other debt settlement companies. It ranges from 15 – 20%. Further, this company is not accredited by the IAPDA.
This company offers a fee based on the settled amount of debt, opposed to the total debt. This means your fees are much smaller than what other debt settlement companies will offer. However, you must have a minimum of $30,000 worth of debt to qualify to use the services of Trident Debt Solutions. Although you are dealing with an exceptional fee system, you may not be eligible for this service.
If you feel uncomfortable using any of these types of debt settlement companies, there is another solution. You can contact a lawyer. Your attorney will assist you in making the right choice for your particular situation. Each debt account is unique. Maybe you acquired debt because of payday loans, cash advances, medical bills, delinquent utility bills, car payments, or other situations. Your attorney can advise you what to do next. Debt relief, debt settlement, debt negotiation, and bankruptcy are all options depending on how much money you owe.
After you hire an attorney, you will not have to deal with harassing phone calls from creditors, lenders, and collection agencies. Your attorney will take care of everything. Of course, it does cost money to hire a lawyer. However, you will end up paying fees for any debt settlement company you sign with. Your lawyer may be able to offer you a flat rate for services, as opposed to monthly fees.
It is essential you consult with a bankruptcy lawyer who specializes in this type of work, rather than a family lawyer or a criminal attorney. With years of experience, your lawyer will be able to point you in the right direction for debt settlements.