This is not a recommended debt-relief option. Doing nothing is what many consumers have done to reach the point where they finally realize they need serious help. To change your debt situation, you must take action. Failure to take action will have a negative result on your situation.If you are ready to regain your financial freedom and reduce your stress, then call today and talk with one of our debt analysts.
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Consumer Credit Counseling Services (CCCS)

The Consumer Credit Counseling Service (CCCS) organizations were originally created by a major credit card company in the early 1980s. The card company disguised the CCCS under a "non-profit" banner to distance it from the bank, in order to recover money from consumers who had fallen behind on their payments. This made the CCCS appear friendlier, while it sought out to collect money from the consumer.
The truth is that more than half of all consumers who begin with a CCCS program fail to finish. The reason is simple: CCCS companies work for the creditors. The CCCS seek to collect as much money as possible while charging the consumer a fee for the service.

See why the IRS is cracking down on Consumer Credit Counseling Agencies » Full Story

Debt Consolidation Loan

Although it may sound like a legitimate option, the idea of a Debt Consolidation Loan can be summed up in one statement: You borrow money to fix a money-borrowing problem. This is supposed to reduce your debt. Banks and other lenders offer these types of loans because they make money off of them.
Lenders loan you money at a lower interest rate than you currently pay on your debts. This saves you money on your interest charges, but it only reduces your debt if you repay it off immediatley. If your repayment is extended, the interest charges then add to your current debt and increase your overall debt.
A debt consolidation loan can lower your monthly payment. This may help temporarily, but it will not help you on a long term basis. The loan extends your repayment period over many years, sometimes doubling the amount of time it would take to pay off the original debt. For instance, while you could have repaid your debt in 10 years without the loan, it may now take 15 or 20 years with it.

Bankruptcy

Bankruptcy should only be considered as a last resort to resolving debt situations, since its effects are permanent. Congress passed new bankruptcy laws In 2005 that made it more difficult to file for bankruptcy. Many people may believe bankruptcy remains on your credit report for up to 10 years, but its effects stay with you forever.
For example, chapter 13 bankruptcy requires you to repay all your debt along with attorney fees. The court will require you to repay all your debts through them, while the bankruptcy’s negative effects stay on your credit report and affect your credit rating.

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