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Bankruptcy is not your only option!
- CarefreeDebtRelief.com does not sell products or services.
- It is strictly a community of experts and people looking for information and solutions to their debt.
- This site is here to provide you with the tools to figure out the best options for your situation.
Welcome to Our New Site
This site was started by a group of friends that have worked in the debt reduction and lending industry for many years.
We have helped the most hopeless cases through times of financial distress. Unfortunately we have also seen many people get taken advantage of by predatory lending and debt solution scams.
In light of the large number of these fraudulent and deceptive practices, we felt it was necessary to share our knowledge of the industry with you, answer questions, and make you a smart consumer in this market of opportunists.
We hope that you can also find a community where you can share your own experiences and most importantly let others know if you have found a great debt solution company. On the other hand if you have had a negative experience with a company, please post a review and don’t let it happen to someone else.
Let us know if you have any suggestions. Since we are in the beginning stages of our site, we will be updating daily so check back for new content, blogs, and don’t be shy to ask questions in the forum. We know how confusing it can get. There are millions of people going through the same financial problems. We hope to create a place where you can find real answers and people that understand what you are going through.
Registering with CarefreeDebtRelief.com allows complete access to our website and forums.
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Ask questions about debt consolidation, debt settlement, credit counseling, refinancing, and bankruptcy
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Find the right tools and information on what will work best for you
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Connect with members in our forum
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Search extensive directory listings and company reviews
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Best of all, it’s 100% free!
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What are my options?
- BANKRUPTCY. This is the last step in debt resolution. A “BK” can be on your credit for up to 10 years. Many people think this is a fast and easy way to becoming debt free, but a bankruptcy could actually last longer than other debt programs and cost more per month. In fact, since October 2005, congress passed a bill to make filing for bankruptcy a lot more difficult.
- DEBT CONSOLIDATION. This is used as a generic term nowadays. Debt consolidation is taking unsecured debt or debts that you currently have and moving it into a new loan. You will need a pretty good credit rating and considerable equity in your home. Being late on one credit card payment may hurt your chances qualifying for the consolidation. Also, your principal balance does not get reduced or settled. The interest rate may be lower and your single monthly payment amount will be lower. However, the total loan amount will be larger
- CONSUMER CREDIT COUNSELING. A “CCC” program is another form of debt relief for people who are having trouble financially. This program can take longer than 6 years to complete. You will have to pay 100% of the principle plus interest. Consumer Credit Counseling program has a high cancellation rate and you can be terminated from the program with just one missed payment. If you have less than $10,000 in unsecured credit card debt and can follow the strict program, this is an option for you.
- CONTINUING TO MAKE MINIMUM PAYMENTS. Depending on how much you owe and your interest rates, this can take over 30 years to pay off. You will pay thousands of dollars just in interest alone and can pay over three times of what you currently owe. Also, having high balances on your credit cards will affect your credit score negatively and it might be harder for you to qualify for a loan.
- DEBT SETTLEMENT PROGRAM. In most cases, the program can reduce your balance anywhere from 40-60% on average and lasts anywhere from 3-48 months. Experienced negotiators will settle the accounts and report to the credit bureau as “paid as settled.” This will hurt your credit score, but is not as damaging as bankruptcy. Credit score at this point is not a primary concern. Avoiding bankruptcy is.
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