Debt Settlement - MinnesotaDebtRelief.org
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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 Debt Settlement or Debt Negotiation Help?

For many individuals and families in Minnesota that have high-balance, high interest credit cards, and want to avoid bankruptcy and settle debts for less than the full amount owed, a debt settlement or debt negotiation program may be a viable option. The objective of debt settlement is for consumers, through a debt negotiator, to get individual creditors to agree to "settle" debts for much less than the full amount owed.

How Debt Settlement Works

With debt settlement, consumers in distress stop paying high interest credit card minimums and instead begin to "set aside" those monies to be used for the purpose of extending a debt settlement offer, through a debt negotiator, to a credit card company. It stands to reason that a credit card company, facing the prospects of possibly "selling off" bad debt for as little as 10 cents on the dollar might be willing to accept a negotiated settlement offer from a consumer truly experiencing a financial hardship. It's important to remember that while debt settlement can save a substantial amount of money and it can be a positive alternative to bankruptcy, it is an aggressive debt relief option whose drawbacks should be recognized from the outset:

Consumers should understand that when they stop paying cards according to the terms of their agreements, creditors can threaten or take legal action. In addition, money that is saved by settling for substantially less is subject to taxation. Finally, debt settlement will normally have a negative impact on personal credit, but not as serious or long lasting an impact as personal bankruptcy.

If you are struggling with credit cards and other unsecured debts and in need of debt relief assistance, learn more about your debt relief options andget a free debt relief analysis and savings estimate - at no obligation.

State Assistance for Low-Income Families

Debt relief programs may offer significant help to many individuals who are truly unable to pay off their debts or falling behind on their payments. However, in these tough economic times, there may be many individuals and families who might need access to life's basic essentials such as food, housing, childcare, or even utilities. To help these people, the state of Minnesota offers several programs and resources that address these specific needs and more. To learn more, go to the state's homepage and find the Social Services section.

Debt Consolidation Through Debt Management Plans

Debt relief is also available to Minnesota residents in the form of a debt management plan customized for individuals with the help of a credit or debt counselor. The objective of a debt consolidation or debt management program (DMP) is to combine or consolidate multiple high-interest debts into a single, more manageable, payment each month. Through the benefits of debt relief such as lower interest rates, the waiving of late fees and penalties, and generally more favorable repayment terms, a debt management plan coordinated by a credit counselor or debt counselor can provide vital assistance for consumers who need a proven, predictable, and accelerated path out of debt.

In order to create a customized plan for each individual or family, a credit counselor or debt relief specialist typically will interview the consumer to get a sense of their financial and debt situation. Then they will analyze that consumer's budget and income to find out how much money can be realistically allocated each month to pay down those debts. Finally, based on this information, they will customize a game plan (a debt management plan or DMP) and send proposals to each of the consumer's creditors requesting the benefits of debt relief for the individual or family experiencing financial hardship. These benefits typically include lower interest rates, a waiving of late fees and penalties, and more favorable repayment terms that are affordable for the consumer experiencing financial hardship. Those creditors who agree to the proposals are then added to the debt management plan. For those that do not accept the proposals, consumers are still obligated according to the terms of their original cardholder agreements.

If consumers stop accumulating credit card debt and begin the process of paying down the principal amount of debt on time, month after month, at a lower interest rate, debt consolidation or debt management plans can be very effective and save a substantial amount of money. It really is simple 1-2-3 logic: 1) Stop using credit cards, 2) Payoff existing principal debt at a lower interest rate, on time, month after month, 3) Fulfill the program as scheduled and you've earned the right to celebrate your debt-free day!

To find out if a debt consolidation or debt management plan could help you resolve debts faster, and to see how much you could save, request Your Free Debt Relief Evaluation and Savings Estimate.

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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
– San Antonio, TX

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
– San Antonio, TX

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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– Brooklyn, NY

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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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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– Los Angeles, CA

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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– New Port Richey, FL