Consumer debt is steadily increasing each year, with a big chunk of it coming from mortgages, student loans, auto loans, and credit card debt. Balances carried forward from one month to the other are constantly rising, particularly those left unmanaged. With an average of $7,000 outstanding debts from credit cards alone, it is becoming difficult for American households to pay their creditors. 

The Encompass Recovery Group credit specialists understand the challenges associated with handling these debts. You can let us help you start a new slate by engaging in our free debt assessment so you can eventually clear your path to financial freedom. Our debt relief agency is committed to helping Coral Springs residents live fulfilling lives free of debt.

Coral Springs Debt Reduction

Coral Springs debt consolidation loansAre you tired of continually being pursued by credit card firms due to debt? For whatever reason, good or bad, you probably felt you wanted the money at the moment, sure enough, that you would pay it back in time. Unfortunately, terrible things that you never saw coming happened, and you found yourself in debt and unable to pay. You do not need to worry; there is a solution. You cannot change the past, but you can change the future.

Loans are a fast solution to most people’s constant needs and want. However, settling debts is not an easy process. It takes determination, patience, planning, and money to settle the bills. 

There are many debt management programs available for Coral Springs residents. One of these is debt reduction. Similar to every other debt relief program, their one purpose is to get rid of all the credit card bills by negotiating and striking a balance with the creditors.

There are two categories of debt reduction, namely, debt consolidation and debt settlement. Debt settlement mainly refers to a financial strategy that aims to negotiate with creditors to agree to reduce the sum owed to them, after which they receive the full amount. 

On the other hand, debt consolidation seeks to merge all loans from different sources into a single debt. You will then be left with only one creditor and with lowered interest rates.

Debt Consolidation and Debt Settlement 

Gaining financial freedom relies greatly on the debt management program implemented. Although there are different ways of handling and settling loans, our years of industry experience and research suggest that one of the most successful methods of acquiring financial stability is debt settlement.

Although debt consolidation can effectively help you pay off your debts, you can repay your loans faster through debt settlement. The truth is that debt consolidation does not reduce debt. You will be spending the same sum of money without the perks of agreed terms. Until you maximize your contributions and drastically reduce your spending, your debt issue will never go away.

Furthermore, it will take two to five years in a debt consolidation program to fully eradicate your debt. With the new loan, you will still have payment obligations, just slightly different from your previous debts.

On the other hand, debt settlement is a better, more effective way of paying off your debts. Debt relief companies such as Encompass Recovery Group will assess your financial situation and your credit accounts. Our debt specialists will then help you understand how you can adjust your budget and improve spending habits so that you can be able to meet your monthly payments.

Besides, in a debt settlement program, we will negotiate with your creditors and reduce the number and amount of payments making it manageable, particularly if you intend to settle your debts immediately.

Coral Springs Credit Management

Debt consolidation services near Coral SpringsIf you are searching for ways to handle your credit and debts, you are in the right place. We have a unique credit management program to help you negotiate with your creditors and have them revise their payment terms to work in your favor. 

We can negotiate on your behalf and agree to reduce the interest rates so that you can keep up with the outstanding payments. Our financial experts will also help you build a new budgeting system that will enable you to avoid accumulating any more debts.

Managing Your Debt in Coral Springs 

At Encompass Recovery Group, we have worked with thousands of Coral Springs residents and helped them work out their financial strategies, and we can help you in the same way. We understand that your situation is different from our former and current customers, and therefore, we provide you with solutions that complement your unique financial situation.

References and Resources

Credit card debt statistics

U.S. consumer debt 2020