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How to Receive Debt Reduction Assistance for Free

By: Michael Millington

There are many ways to receive debt reduction assistance from qualified professionals. However, most of these methods involve some sort of paid service being rendered. From debt settlement to bankruptcy, each service comes with a charge you must pay. But what if there was a way to receive debt reduction assistance without having to pay for it? Here we will discuss how to do just that.

Debt Reduction Assistance for Free

Credit Counseling

Having a helpful ear guide through your debt struggles. A credit counselor can help you in this regard by analyzing your debts and suggesting what you should do to alleviate it. Credit counseling is normally provided before bankruptcy in order to know whether bankruptcy is necessary. As such, there are multiple forms of credit counseling that are offered at little or no cost. A bit of research on credit counseling will put you on the right path to the free service.

Credit counseling can give you better insight on how to solve the problem of your debt. A credit counselor takes into account your monthly income, how much debt you have and what types of debt you own. With this information you can receive a personalized plan on how to eliminate your debt. One of the main reasons credit counseling is free is because you execute this plan on your own. Unlike other forms of debt reduction assistance, you won’t owe anything or lose money by not following through with credit counseling. With this being said it would require discipline to stick with a credit counselor.

Debt Settlement

Even though there is a market for professional, paid debt settlement, it can still be accomplished on your own. Successfully accomplishing a settlement without professional help can be a tedious process, but not impossible. Knowing what to say to your creditors, how to negotiate your final payment and how to make a settlement work for you might not come naturally for some. The key to successfully negotiate a settlement is to reason with your creditors. Debt settlement companies have established relationships with lenders and credit providers, so it might seem a bit daunting to try and handle the situation on your own. However, should you reach a settlement, you will have circumvented making payments to a debt settlement company by negotiating singlehandedly while being assisted by your own lenders.