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Debt Relief – How It Works
Over the years one of the most common questions we get from people who come to our site is "How does it work?"
This video explains how the free debt relief savings estimate works, how debt relief programs work and if there is any cost.

Will Credit Counseling Help You?

Many individuals in New Mexico and across the United States are over their heads in debt, suffering and in need of relief from credit cards and other unsecured debts, such as retail store cards, gas cards, medical bills and even utility bills. If you're in debt, you may be seriously considering credit counseling, or any of a number of alternative debt relief options, bankruptcy included. In fact, if you you are considering filing for bankruptcy due to a serious level of debt, the law now requires that you undergo credit counseling prior to doing so.

Any consumer credit counseling program really has two main objectives: 1) To educate consumers on budgeting, credit, and debt management and 2) To help the consumer "consolidate," or combine, the entire amount of their credit cards and other unsecured debts into a single, more affordable and manageable monthly payment. Through the benefits of debt relief, such as lower interest rates and the waiving of late fees and penalties, a debt management plan (DMP) coordinated by a credit counselor or debt counselor can help consumers get out of debt faster than they could on their own if they continued to struggle with monthly minimums at a higher interest rate. Credit counseling programs, if followed faithfully, can not only simplify a consumer's finances, but also save them a significant amount of money and stress. Most importantly, they can help establish the mindset and discipline necessary to stop the debt cycle and put the consumer en route to a solvent future.

If you need to explore your debt relief options due to a financial hardship, you can get your free debt relief evaluation and savings estimate at no obligation.

How Credit Counseling Works

Certified credit counseling or debt counseling is provided through credit counseling agencies and offers a variety of helpful debt relief services for individuals and families. These services include assessing an individual's unique debt circumstances, budgeting, financial education, and in many cases, providing consumers with the means necessary to help oversee their finances and pursue the dream of financial independence and a debt-free future.

Debt Management Plan Benefits

A credit counselor or debt counselor may also help provide debt relief by working with debtors to establish a debt management plan, also known as a DMP. Debt Management Plans could provide debt relief by:

  • Reducing interest rates
  • Lowering monthly payments
  • Waiving late fees and penalties
  • Consolidating or combining debts into a single, more manageable, monthly payment
  • Helping you save considerable money and allowing you to get out of debt in less time than you could on your own if you didn't have the benefits of lower interest rates and continued to pay only monthly minimums

Could Debt Relief Help You? Get your free debt relief analysis and saving estimate.

Alternative Debt Relief Options

Credit counseling is a proven method for debt relief that has helped many individuals and families in New Mexico, but it's important to know that debt management requires basic discipline and restraint to avoid credit cards. It normally takes three to five years to complete the program and realize the full benefits of debt relief. On the other hand, an alternative to debt management is debt settlement, a more aggressive form of debt relief that could help you payoff credit card debt faster, assuming you can accrue money in a "set aside" account which can later be used to extend a settlement offer to creditors.

With debt settlement, credit card companies may agree to settle for a lesser amount rather than receive little or nothing from consumers in distress who may be looking to pay what they can to help avoid bankruptcy. In reality, when a consumer falls 60 to 90 days or more behind in payments, credit card companies may choose to "sell off" the debt to a third party collector or collection agency as "bad debt," possibly for as little as 10 cents on the dollar. From this angle, it makes sense that a credit card company might be willing to settle for considerably less than the full amount owed from a consumer who is facing a serious financial hardship and truly does need relief from high balance credit card debt.

It's true that debt relief programs help many Americans during times of financial hardship, but some people may also benefit from state-assisted programs and services to help them pay for utility bills, grocery bills, or childcare. The state of New Mexico has a variety of financial assistance programs available, to learn more about these resources, go to the state's Human Services Department official page Looking for Assistance section.

To see what debt relief could do for you and how much you could save, take a moment to answer a few basic questions so that we can connect you to a BBB-accredited debt relief provider who may assist you. Before enrolling in any debt relief program, it is important that the consumer clearly understands how much debt relief can potentially save, how long it will take to realize those savings, and the setback that any debt relief program could have on personal credit and taxes.

To learn what debt relief could do for you and get an estimate of how much you could potentially save, take a moment to answer a few questions online and get your free debt relief estimate and savings analysis - at no cost to you.

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Creditors calling?

When you're falling behind with credit card debts and creditors are calling – it feels great to know that there's a debt program to lower your payments and get you out of debt much faster than you ever imagined.
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$30,000 debt relief savings estimate
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Unexpected bills

Credit card debts and unexpected medical bills can put you in a real bind. Fortunately, debt relief plans can reduce interest rates, lower monthly payments, and help you get out of debt faster.
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$30,000 debt relief savings estimate
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A brighter future

When you work hard to provide a bright future for your children, you don't want high interest credit card debts to get in the way. You need a proven path to become debt free as quickly as possible.
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$10,000 debt relief savings estimate
– West Lafayette, IN

Debts piling up

When you own your own business, it's easy for credit card debts to become a problem – bills piling up, creditors calling, and you need a way out. The good news is, debt relief can help you save money each month and take control of credit card debts.
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$90,000 debt relief savings estimate
– Indianapolis, IN

Supporting a family

Credit card debts can add up quickly, especially when families run into unexpected expenses like medical bills, or loss of a job. The good news is there are credit card debt hardship programs that can help you.
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Financial hardships

When you go through tough times and credit card debt start closing in on you – it feels good to know there are debt hardship assistance programs to help you get back on track.
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$20,000 debt relief savings estimate
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Retire debt free

When you're planning for retirement, paying monthly credit card minimums will get in the way of your dreams. The good news is, credit card companies may be willing to reduce your interest rates, waive late fees or even settle debts for much less than you owe.
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