A variety of companies offer Debt Management Solutions and for most debtors it’s difficult to decide on the least expensive satisfactory solution. The options available are as follows:
Credit Counseling Services: They work with credit card companies and other lenders. Sometimes they can negotiate lower interest rates which may reduce your debt. It may take at least five years, and does not provide as much savings as a quality debt settlement program can.
Debt Consolidation: These loans combine all your current payments into one monthly payment. While the interest rates may be reduced, the payment term may be very long. This type of loan is more risky if your home is used as collateral.
Debt Management Programs: If you think this may be the answer, remember that this is only for unsecured debt such as credit cards. Also, it’s an unregulated industry with many fly-by-nights.
Personal Bankruptcy: This should always be a last resort, because the outcome is long-lasting. Bankruptcy will stay on your credit report for ten years.
Debt Settlement: Of all Debt Management Solutions, this is the most desirable option and the least expensive way to settle your debt. Fast Track’s debt settlement program has professional negotiators working with your creditors. Debts are negotiated in an orderly manner as agreements are reached with your creditors subject to your approval. The program takes about 12-36 months and is completed when all debts in the program have been settled. This works best if you wish to avoid bankruptcy. The Fast Track program provides ethical and dedicated service to help achieve your goals.
When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. Fast Track’s goal is to settle all debts in the plan for 40%-60% of what you owe.
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