A: While millions of people are struggling with credit cards and other debts, no two situations are exactly alike. That's why it's important to get a personalized plan to see what debt relief could do for you and how much you could save. Many factors will go into determining how much debt relief saves you – including how much you currently owe, what type of debts you have, who your creditors are, what your current interest rates are, and how quickly you are able to get out of debt. In addition, the debt relief program you choose will also affect how much you save.Q: How does a free debt relief analysis and savings estimate work and how long does it take?
A: A free debt relief analysis should only take a few minutes, but it's the only way to get a clear picture of how debt relief could help you, how much you could save, and how quickly you could get out of debt. With a personal debt relief analysis, a debt relief specialist will go over your current debts, then find out the amount of money you can afford to apply each month toward those debts. Your debt specialist will also take the time to listen to you, answer any questions you might have – and find out how quickly you would like to get out of debt. With this information, your debt relief specialist can then provide you with a debt relief plan or debt relief program that has been customized to meet your needs. Your debt relief analysis is free and will allow you to compare your debt relief options and savings with no obligation.Q: How does debt consolidation work and how could it help?
A: Debt consolidation is the process by which multiple high interest credit cards or other debts are consolidated or "combined" into a single lower interest rate debt. Not only can debt consolidation reduce interest rates and lower your payments, but by providing you with a customized plan to get you out of debt faster, it could also save you a substantial amount of money.Q: How do debt consolidation loans work and could they provide relief?
A: Debt consolidation loans normally involve combining or "consolidating" multiple high interest rate debts into a single lower interest rate loan. The proceeds from the loan are then used to pay off the debt. While debt consolidation can help reduce debts and save money – there is a major drawback that should be carefully considered before proceeding. Typically, debt consolidation loans must be collateralized or "backed" by real personal property, such as your home. Should you take out a debt consolidation loan, run into a rough spot financially, and fall behind on your loan payment – you could risk losing your home. In addition, many people who take out debt consolidation loans to pay off credit cards often end up ringing up a whole new batch of high credit card charges. Now, their situation has gone from bad to worse, with high interest credit cards AND a loan to pay off.Q: How does debt settlement work and how could it help?
A: With more and more people struggling with high interest, high-balance credit card debts – debt settlement programs have become increasingly popular, despite the fact that they will impact your credit. While the goal of debt consolidation is to pay off all your debt – just at a faster rate – the goal of debt settlement is to "settle" your debt with credit card companies for much less than the full amount owed.Q: Are debt relief companies allowed to charge upfront fees for their services?
A: No, as of late 2010, debt relief services, unless they are attorney based, are no longer allowed to charge upfront fees for the services they provide. This means that companies may ONLY charge a fee AFTER they have delivered actual debt relief savings to their clients.Q: Aren't all debt relief companies the same?
A: No, not all debt relief companies offer the same benefits or program features. And, unfortunately there are some debt relief companies that should be avoided because they don't have a strong track record of providing a high level of service to their clients, or a strong customer rating. Perhaps they over-promise when stating the benefits of debt relief. Or, they don't give you a true picture of what the debt relief process requires. Colorado Debt Relief is committed to providing visitors with established debt relief companies of integrity who take the time to carefully explain your debt relief options, then provide you with a realistic plan to help you get out of debt and save money – via an affordable plan that will best meet your current financial situation and needs.