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Below are brief descriptions of the most common debt relief programs available to consumers. Match My Budget is not offering financial, legal, or other professional advice. See who we are and what we do here. We are trying to put each option available to you in simple terms so you can research and find the right solution to help you with your debts.

Debt Settlement Programs

Debt Settlement Pros:
In debt settlement a professional debt negotiator contacts your creditors directly and negotiates a reduced pay-off of your debts. Debt reductions can be significant especially if there is an easily proved financial hardship. Debt settlement often is a faster program to reduce your debts with the largest savings to the consumer without filing for bankruptcy or taking out a loan.

Debt Settlement Cons:
Debt settlement also called debt negotiation is a hardship program. In a hardship program the consumer must have a financial hardship such as the loss of income due to unemployment, injury, medical issue, divorce or other condition that causes the loss of income. Debt settlement is most effective for unsecured debts such as credit cards, unsecured loans and medical bills that total over $10,000. Debt settlement does not work with secured debts such as auto loans, student loans, home loans or pay day /Cash advance loans. Debt Settlement can have a negative impact on your credit rating.

See if you qualify for a Debt Settlement Program

Credit Counseling Services

Credit Counseling Pros:
Credit counseling services follow strict creditor guidelines, which map out an alternate plan to resolve your debt load. Interest rate reductions, elimination of over the limit and late fees, and the re-aging of some accounts that are behind denote some of the benefits afforded by some credit counseling agencies. Many services can stop creditor calls within 30-90 days if you are behind. Most programs do not impact your actual credit score, although there are some collateral effects noted below. Credit counseling services generally have very strong financial education programs that are part of their service.

Credit Counseling Cons:
Since a large majority of banks offer no real monthly payment reduction, credit counseling services are for those clients who can afford to make a regular monthly payments on their credit cards without using them. If you are in need of reducing your monthly outgoing payments, then credit counseling is probably not for you. In regards to the impact on your credit worthiness; at best, your credit will read that you are using a third party agency to resolve your debt which could impact your ability to get financing. At worst, there will be a stipulation on your credit which disables you from receiving any form of credit for the length of time you are on the program. If this is the case and you attempt to finance a vehicle in several years and are still on the program, you will be denied. Credit counseling can take up to 3-7 years to complete, making it one of the longest debt relief solutions to complete. Finally, credit counseling companies are compensated by the creditors that you owe money to. This puts in question who their service is loyal to, you or the creditor?

Credit Counseling Program Inquiry

Home Foreclosure Prevention Services

If you are dealing with a potential home foreclosure then you need a special type of assistance not offered by traditional debt relief programs. We recommend using iHomesaver to help you try to save your home. iHomesaver has a network of home foreclosure prevention services that cover every state in the country so you can get help from a service that works with the laws specific to your state. iHomesaver also outlines the various Government programs available to homeowners such as the Hope Now, Hope for Homeowners and the Making Home Affordable programs. Contact information and website details for Government programs are listed here: home foreclosure prevention services iHomesaver.com

Debt Consolidation Loans

Debt Consolidation Loan Pros:
Possibly the fastest way to eliminate all types of debt. By using the equity in your home one can secure a loan at a low interest rate and pay off all of their high interest rate debts (credit cards) in a matter of weeks! This stops the creditor calls, helps you become debt free fast and can reduce your monthly expenses significantly.

Debt Consolidation Loan Cons:
If you are in debt and are having a difficult time paying your bills this means your income is not sufficient to meet you debt obligations. Taking out a loan will not change this! Worse is that if you do not pay your home equity loan on time the lender could foreclose on your home. Some banks start foreclosure proceedings after only 1 missed payment! Consolidation loans are best for consumers who have solid employment, a large amount of equity to draw upon who have simply made a mistake and overspent on their credit cards. Consolidation loans are highly risky for consumers who are lacking income and solid employment. If you are seeking a loan you can submit a request here

Debt Consolidation Loan Companies

Getting the Facts is always free and confidential.
In 5 minutes you can be on your way to putting a quick end to your debts and avoid the stigma of a bankruptcy. Complete the form below and a debt relief analyst will work with you to assess your situation and work out a program to help free you of your debts. There is NO obligation, pressure or cost for this analysis. This is NOT a loan offer.

Strictly Confidential Consultation.

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Private
Debt Relief Programs
Which Debt Relief Solution is right for me.?
There are 4 primary debt relief solutions for consumers today. Which one is right for you depends simply on how much debt you have, what kind of debts they are and how much income you have. Read below the description of each solution to see which solution best meets your financial goals. Then get started by requesting a professional in the appropriate field to give you a free consultation.


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How does debt relief affect my credit?
In most cases debt relief programs will have a negative impact on your credit. Why? In short you are telling creditors you're having a hard time meeting your debt obligations and you need help. This alone will have some impact on your credit report.

Will my credit score improve?
Although everyone should pay attention to their credit score, if you're in debt you should consider making eliminating that debt your first priority. Once the debt is gone then you should have a better debt to income ratio and the cash flow necessary to pay your bills on time. This builds a positive credit history and thus can improve your credit score significantly over time. Don't let your credit score alone stop you from seeking ways to eliminate your debts!

How can I stop the creditor calls?.
Really you can't stop ALL calls. If you owe money, the creditor has the right to try and contact you to collect that money. However they are NOT allowed to harass you. Most debt relief programs either use a creditor harassment protection service or contact your creditors directly to tell them you have entered a program to pay them back. Either of these two steps can reduce and even stop creditor calls. Credit Counseling programs have the best chance at stopping all calls.

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Match My Budget is a match making service that puts you in touch with companies offering services you are interested in receiving quotes and consultations from. Match My Budget is not an end provider of debt relief services nor are we part of any agreement or contract of services you may commit to with a debt relief company. Match My Budget is not a Government agency, department or service.

The content provided on MatchMyBudget.com is a general description of services. Actual benefits, costs and features of services will vary from company to company. It is up to you, the consumer to consult with the service provider to educate yourself on all the details of their program before making any decision.

By completing a form on this website you are requesting a service to contact you, in most cases by telephone, regardless of your status on the do not call list (DNC). Forms on this website are for information requests only, mainly for quotes, they are never an application or pre-qualification for services. Match My Budget evaluates carefully the service providers we put you in touch with, however we do not endorse nor are we responsible for the actions taken or services provided by any particular company that may be found by using the matchmybudget.com website.

Match My Budget is not providing legal, financial, investing or any other professional advice. Although we believe the content on this website to be acurrate it is general in nature and does not fully describe the complex details of every debt situation or program you may decide to use. It is recommended that you always contact a professional in the appropriate field for advice before making any decision.

In no case should you, the visitor, believe that there is any gaurantee that a you will not have to file bankruptcy now or in the future. This type of claim is not possible since bankruptcy is YOUR decision. * Up to 60% or 70% Debt reductions shown are an example of some of the highest potential debt reductions possible. The debt negotiation industry averages about a 50% debt reduction, plus fees. Match My Budget is not the end provider of debt relief service thus we do not gaurantee any debt reduction amount, this will be estimated by the debt negotiation company you choose to use.

Important Issues to Consider when Evaluating Debt Settlement or Negotiation Programs

Consumers should not use a debt settlement service if they are able to pay their minimum balances due each month. Nor should the join if they do not have a legitmate financial hardship.

(1) late fees, penalties, and interest will continue to accrue on the consumer’s debt until the consumer’s creditors accept and receive a settlement;
(2) a consumer’s creditors may still sue to collect on the debts and garnish the consumer’s wages;
(3) interest rates applicable to the consumer’s debt may increase;
(4) any money a consumer saves in negotiating a settlement with a creditor must be treated as income for tax purposes;
(5) a debt settled for less than the full amount owed may result in a negative notation on the consumer’s credit report; and
(6) Debt Settlement companies MUST be licensed in your state to provide services to you. Match My Budget does NOT validate licensing requirements for individual companies. Consumers are required to check with the FTC and or their local Attorney General's office to determine if a company has the proper license in their state.

Match My Budget. is not acting as a lender or broker. The information provided by you to Match My Budget is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher, depending on your property's location, your credit score, your loan-to-value ratio, debt-to-income ratio, and other factors. Not available in all states.

MatchMyBudget.com is not liable for any loss resulting from a business relationship formed by you the consumer and an end service provider.