Finding Debt Relief Programs That Work

You’re at the point where you don’t see the point in making any payments on your unsecured debt anymore because you feel like you’ll never catch up. Well, lucky for you, you do have options. But how do you know which one to choose? Here’s all about finding debt relief programs that work.


What is Debt Relief?

In a broad sense, debt relief could refer to several financial strategies aimed at relieving your obligations. In this case, we’re alluding to debt settlement, an approach that calls for you to hire a company such as Freedom Debt Relief to negotiate with your creditors to get your debt slashed to less than what you owe. Most creditors – typically credit card issuers – go along because they realize that if you file bankruptcy, they’ll be up a creek, as far as repayment is concerned.


How Does Debt Relief Work?

You’ll typically be asked to deposit money each month in an escrow-type account that you control. After you’ve saved sufficient funds, the company will approach your creditors on your behalf. Following each settlement, the creditor will receive a one-time payment from the account.


What About Scams?

While most debt settlement companies are legit – check out – debt relief programs that work — the industry does have some bad actors who are eager to take advantage of you. Some will charge you before they’ve settled a single account – that’s illegal, by the way – while others will take your cash and skedaddle. 


What Legit Companies Disclose

Before signing onto a debt relief program, the company must make some key disclosures:

  • It must explain all terms and pricing.
  • It must disclose how much you should save before it will begin negotiations.
  • It must reveal the amount of time it will likely take to gain settlements.
  • If you are asked to pay creditors through your escrow account rather than directly, the company must explain that your credit will be hurt – temporarily. Once your debts are settled – and you spending is under control – your credit scores will rebound.
  • It must tell you that you control the funds in your account, and that you may withdraw your cash at any time with no penalty.


What You Can Do to Avoid Scams

  • Run away from any firm that seeks to collect from you before it has settled a single account.
  • If you’re asked for “voluntary contributions,” take a hard pass. The company is attempting to cover up fees.
  • Look askance at any company that breathlessly regales you with news of “a new government program” that can rid you of all your debts, in a short period, and oh yes, for pennies on the dollar. For one thing, were there such a program, you likely would have heard about it by now.
  • Be wary of any firm that “guarantees” negotiation success. While such negotiations are likely to result in debt resolution, the process, by definition, is unpredictable. 
  • Ignore firms that won’t provide info about its services unless you give it info such as your credit card account numbers and balances.
  • Stay away from programs that seek to enroll you before going over your financial situation.
  • Check with your state’s attorney general’s office or local consumer protection services agency to see whether there have been complaints against the company in which you’re interested. Also, go online to find customer testimonials.


It’s not hard to find debt relief programs that work if you know what to look for. Get going on your debt-free future today. Haven’t you waited long enough?



comments so far. Comments posted to may be reprinted in the Easy Reader print edition, which is published each Thursday.

Be an Easy Reader Free Press supporter!

Yes, we know Easy Reader and are free. But they are not free to produce. The advertiser model that traditionally supported newspapers is fading away. This is our way of transitioning to a future where newspapers are supported by their readers. Which is as it should be. We hope you’ll support us. — Kevin Cody, Publisher