When thousands of people were looking for credit Credit7 bankruptcy alternatives, top 3 loan Counseling1 solutions for plastic money made their way to the market and made their presence felt. These options are today widely used because of their ability to help the consumers to move out of the cobweb of unsecured loans and also aids the consumers in maintaining a proper credit score or FICO score. The methods are faster compared to bankruptcy and they are free of the Credit0 troubles which are associated with the method of bankruptcy filing. These three methods are discussed in brief in the following segment of the article.
Top Method 1: This is the option of loan settlement which is also known as credit Credit7 negotiation. The method specializes in partial elimination of the outstanding for the consumers and whatever impact falls on the credit score during the process is reverted back to the original level at the end of the process. The negotiation with the creditor is either carried out by the consumer or a professional settlement firm hired by the consumers. The creditor here receives a threat of bankruptcy along with an offer of up to 50% repayment of the dues. The creditor agrees because it never wants bankruptcy solution and hence, the consumer needs to repay the remaining amount to the creditor either in bulk or in EMIs of 6 months.
Top Method 2: This is the option of loan Credit8 where all the EMIs paid by the consumer to the creditors are bundled to one single lower monthly payment. The overall payments decrease in volume because of the reduction in the interest rates. The consolidator hired by the consumer will individually negotiate with each creditor and ask for reduction in the interest rates and in order to force the creditors to agree, the consolidator uses the bankruptcy threat. The creditors agree and reduce the interest rates and break the loans into EMIs. The consumer then pays a bulk money every month to the consolidator who then distributes the same as EMIs to the creditors.
Top Method 3: This is the option of Credit7 management. The consumers make new budget and cut expenses to save more money. The save money along with little more addition from monthly income is used for repayment of the dues starting with the plastic money which has the highest interest rates. This expedites the repayment and then when the card with the highest interest is paid off, the consumer moves to the card with next highest interest and so on. This helps in containment of the outstanding due to high rates of interest and organizes the payments as well as expedites the repayment process.
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