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Posted on Apr 30, 2021 in Debt Relief |

Debt Settlement and Consumer Debt Consolidation Programs

Do you feel like you are in over your head with debt? Do you feel like you don’t have any options left to keep you out of bankruptcy? If so, you are not alone. In today’s economy debt is a huge problem and it is affecting more than just your personal finances. The average New Mexico homeowner has more than $8,500 in debt over $2,500. If you feel overwhelmed by debt, several debt relief services in Albuquerque can help.

Debt settlement is a debt relief alternative that has become popular in recent years. This process gives you the option of paying less than you owe without having to file bankruptcy. What happens is that you make one payment that is about 40% less than what you are paying now and the company goes out and pays your creditors for you. You continue to make your payments to the debt settlement company until all of your debt is paid off. They do not pay your bills for you; they do it for you.

Another debt relief option in New Mexico is debt consolidation. A Albuquerque debt consolidation company will loan you money that is based upon how much debt you have. They are not lenders, they are debt consolidation companies. The debt consolidation company will use their money to payoff your bills and then you are responsible for repaying them. Using a debt consolidation company in New Mexico can be very helpful as it often lowers your interest rates.

If neither of these debt relief options work out for you there is always a debt settlement. According to debt relief specialists in New Mexico, debt settlement is one of the fastest and easiest ways to get out of debt. It can also lower your interest rates, eliminate late fees, and even reduce your debt. Debt settlement is done through a debt settlement company in New Mexico. The debt settlement company sends a negotiator to your house or place of employment and negotiates with your creditors on your behalf.

Credit counseling is another debt relief option for New Mexico residents. The free credit counseling offered in Albuquerque offers debt consolidation, debt settlement, and budgeting advice. One of the advantages of credit counseling is that their counselors will work directly with your creditors on your behalf to get you lower interest rates, eliminated late fees and high interest penalties, and a debt consolidation plan that will help you manage your debt. Credit counseling is offered by nonprofit organizations in New Mexico.

As you can see there are a few debt relief choices that you have in New Mexico. These debt relief options are great if you have collateral or other forms of security. But if you don’t have any collateral, it is important to obtain debt relief from other sources such as credit counseling or debt consolidation. There are plenty of non-profit consumer debt consolidation organizations in New Mexico. Many of these organizations offer free debt counseling and credit repair help.