Credit Counseling

Tredit Counseling GET OFF THE GROUND WITH THE RIGHT DEBT SOLUTION Prepare for takeoff.. Call for credit Check the conditions counseling-meet your financial co-pilot in your financial landscape Map out your flight path to get out of debt 5 Do It Yourself (1.) Rise to a higher financial plane WAYS TO REACH YOUR DESTINATION 1. Call your creditors 2. Ask for lower interest rates 3. Streamline your budget 4. Make increased/extra debt payments 5. Start with the highest interest rate debt first Consolidation 2.) Loan Chart your own financial coursę 6. Pay one debt at a time until you're debt-free Debt 3. Management Fly first class to financial freedom 1. Make sure you have good credit Scores 2. Apply for a loan 0000 | 3. Negotiate for the lowest interest possible 1. Have a certified credit counselor evaluate your situation | 4. Use the money to pay your debts off 5. Pay off the loan to be debt-free 2. Enroll in a debt management program 3. Allow a credit counselor to negotiate for you 4. Reduce or eliminate interest rates 5. Combine your debts into one low payment Debt Resolution For dire financial emergencies 6. Pay one amount each month to the agency 4.) 7. Complete the program to be debt-free 8. Preserve your credit score or potentially improve bad credit 1. Contact collection agency holding your debt 2. Offer the collection agency a portion of what you owe 3. Save the amount of money you negotiated Bankruptcy A final solution when nothing else works 5.) 4. Discharge the remaining balances 5. Have the creditor note on your credit report that the debt is paid as agreed 6. Take steps to offset credit damage caused by settlement 1. File for Chapter 7 or Chapter 13 bankruptcy 2. Take the means test to determine eligibility 3. Go through the courts, who assign a trustee 4. Chapter 7: Liquidate assets to pay off debt 5. Chapter 13: Follow assigned payment schedule 6. Discharge remaining debt balances I 7. Take steps to rebuild from credit damage Decessary Daggage DO IT YOURSELF 1. Should be current with debt payments 2. Interest rates that are relatively low or reasonable 3. Need cash flow for increased debt payments CONSOLIDATION LOAN 1. Need to have good or excellent credit scores 2. Cannot be behind with your bills 3. If the interest rate on the loan is not lower than what you are currently paying, reconsider this option DEBT MANAGEMENT 1. Interest rates are high; you can't negotiate lower rates 2. You make payments, but the balances don't go down 3. You want to eliminate debt, but don't know where to start 4. You have the means to pay a reduced monthly debt payment DEBT RESOLUTION 1. Your debts are 6 months to 5 years past due 2. You have some money/income, but can't pay off your debts in-full 3. Your credit scores are already low 4. You need a clean slate to qualify for new credit (e.g. a mortgage) BANKRUPTCY 1. You've explored all other available options 2. No debt relief option will work in your situation 3. You don't have any assets to sell 4. Your credit scores are already low CONSOLIDATED CREDIT" When debt is the problem, we are the solution. * This infographic is meant for informational purposes only. * Please seek the advice of a certified credit counselor or other financial professional before deciding on a remedy. * There may be tax, legal, and financial consequences to some/all debt relief options.