Support for the financially burdened
Times are tough because you have to work for more than 8 hours just to make ends meet and end up in debt because the money you’re earning is not enough. This is a big dilemma for everybody, be they breadwinners of the house or a bachelor living the high life. Unless your bank account is as fat as Donald Trump’s, you will be facing at least one major financial crisis in the entirety of your life; whether it’s an unpaid student loan that keeps haunting you or unpaid mortgage from your home. Is there no one else to save us?
Agencies to the rescue
Believe it or not, our credit is intertwined with our savings; the more credit we owe, the lesser our savings. If we can effectively manage our credit, we can also manage our savings. You can count on one kind of agency that will help you get started with debt recovery: credit counselling agencies. A credit counselling agency will help people in dire need of financial assistance, from those who are unable to manage their debt or those who have lost the ability to pay off their debt completely. These agencies will guide you in not just paying off your debt, but they will also help keep an eye out on your credit history and rating, as well as helping you with other financial matters like creating a budget, using a credit card wisely, or maximizing your credit score. Think of how agencies like Yorkville Advisors will approach the situation.
Programs to the rescue
Credit counselling agencies will also design an effective debt management program that’s suited to your current financial situation without burning a hole in your wallet. The agency will act as a middle man and contact the creditors, or the people that you owe money, and ask for their cooperation. Creditors will usually agree to these debt management programs. If your agency is reputed, creditors will do more by removing the interest rate or other late fees. Once you sign a debt management program, the agency will design a flexible monthly payment scheme, which you will pay to them every month and the agency will then use the money to pay off your debts.
However, some loans are not covered by the debt management programs, like secured loans or loans that require collateral, because the creditor can still repossess your asset that you used to secure the loan.
Take note that it is completely voluntary to participate in debt management programs or consult a credit counselling agency.