Debt Snapshot Prepared for Cedar O'Really
December 3, 2024
DEBT AMOUNT
$0
$5k
$10k
$15k
$20k
$25k
$30k
DEBT TYPES
Credit Card
Student Loans
Tax Debt
Other Debt
HARDSHIPS LISTED
6
OPTIONS AVAILABLE
2
Your Report Includes:
Your Debt Free Analysis
Irina
Customer Success
NewMexicoDebtRelief.org

Hi Cedar, based on the information you provided, we put together a Debt Free Analysis, as well as a number of hardship resources and assistance options.

We understand that managing $17,500 of debt can feel overwhelming, and based on what we’ve seen, it might take a while to pay off unless you're able to make extra payments. We know that’s not always feasible, especially with how difficult things are for many New Mexico residents right now.

That’s why we highly recommend going over multiple options with a Debt Specialist to see if you can lower monthly payments and pay off the debts more quickly than before.

You can click here to complete your form and connect with a specialist who can discuss your best options.

I also noticed you mentioned six specific hardships that have made it tough to manage your debt, so I included some resources that might help address those hardships in the report below.

Hope this helps. Let me know if you need anything else.

How Long Could It Take to Pay Off $17,500?

Using industry-standard repayment terms and average interest rates, here’s an estimate of how long it could take to pay off your debt:

With a debt balance of $17,500, a minimum payment of ***, and a 18% interest rate...

If you pay *** per billing period, it will be paid in full in about ***.

Interest paid = ***

If you pay *** per billing period, it will be paid in full in about ***.

Interest paid = ***

Cedar, from what you’ve shared about your debt, it looks like sticking to just the minimum payments each month could end up costing you a lot more in interest and make it tough to get out of debt. If significantly increasing your payments isn’t an option right now, we’ll walk through some other solutions that can help.

Hardship Resources
1. Overview of Your Financial Hardship

We analyzed the information you provided and created a tailored overview that addresses your specific debts and challenges.

  • Requesting a lower interest rate
    Many credit card companies may be open to reducing interest rates, especially for long-term customers. It can be helpful to reach out to your creditor to request a reduced rate. This PDF provides more information on how to do that.
  • Paying more than the minimum payment
    Paying only the minimum can extend the life of the debt for years. Making additional payments may help reduce your balance faster and save on interest over time.
  • IRS installment agreements
    IRS installment agreements This option allows you to break down your payments into smaller, manageable amounts, potentially making it easier to handle your tax debt.
  • Offer in Compromise (OIC)
    If you find it difficult to afford your tax debt, you might qualify to settle for less than the full amount owed. Learn more about OIC here.
  • Income-driven repayment plans
    Depending on your income and family size, this plan can lower monthly student loan payments for some households. Learn more here.
  • Loan refinancing
    If you’re eligible for a lower interest rate, refinancing could save money and reduce your monthly obligations. Learn more here.
  • Mortgage forbearance programs
    If you're facing temporary financial hardship, some programs might offer reduced or paused mortgage payments, providing breathing room to address other debts. Learn more here.
2. Debt Assistance Options

We understand that every financial situation is unique. Based on your responses, we've identified options that might work for you. These could include:

  • Reducing your monthly payments
  • Lowering your interest rates
  • Consolidation loan qualifications
  • Negotiating your total debt amount

While these options sound promising, the path to financial freedom isn't one-size-fits-all. That's why we've asked a specialist to reach out to you.

Why speak with a specialist?
📋 Get a Personalized Plan

A specialist will analyze your specific situation and craft a tailored strategy that meets your needs and goals.

🔍 Explore Hidden Opportunities

There might be relief options you haven't considered yet.

👍 Understand the Pros and Cons

Each solution has its benefits and drawbacks. A specialist will review those with you.

✅ Take the First Step

Sometimes, all it takes is one conversation to start your journey towards financial stability.

Receive Free Evaluation
Download Your Report

Click below to download your personalized report tailored specifically for your financial needs.