One of the worst factors about being in debt is the lack of accurate information that a person has about getting out of debt. When you find yourself in severe debt and you begin to search for assistance the number of companies claiming to be able to help you is staggering. What sets DEBTMA™ apart from the hundreds of other debt service companies is their experience, eagerness to assist consumers and their A + rating with the BBB. DEBTMA™  have a dedicated staff of certified credit counselors who will speak with you without judgment. They are here to listen to your situation and suggest the options that have the best likelihood of helping you avoid bankruptcy while regaining control  over your debt. T o speak with a  DEBTMA™ credit counselor call (866)-597-7748.

Have questions about debt consolidation, debt settlement or even bankruptcy? DEBTMA™ counselors are available to take your debt questions and answer them with accuracy and honesty. There is no obligation to request information about debt management services from DEBTMA™.  Simply visit  PayMyDebt.Org and fill out the debt consolidation request form. A DEBTMA™ credit counselor will contact you and review your financial situation in order to help you make the most informed choice of how to avoid bankruptcy.

Debt Settlement may be an option for those who can not meet minimum monthly fees and have already found themselves being harassed by collection agencies. DEBTMA™ can negotiate on the consumers behalf to negotiate on a less than full amount that will settle the debt to a zero balance. The consumer will be given a specified amount to begin saving towards. This amount is the amount that DEBTMA™ will work to agree upon. Once the amount is agreed upon and paid the account is settled and the consumer is free from this monthly obligation with a single flat payment.

Debt management services from DEBTMA™  are available for the purpose of  helping consumers out of financial difficulties by providing education, professional financial services, and customized Debt Management Programs. Those who are among the nearly seven million Americans who have short-term debt exceeding 20% of their annual net income will find help from DEBTMA™.  DEBTMA™ can work with you towards reducing or eliminating interest charges, stop harassing creditor calls and paying a single low monthly payment. Visit PayMyDebt.Org for a free consultation.

DEBTMA™  counselors will be honest and upfront about the pros and cons associated with the debt settlement process. They will only suggest this option if debt consolidation is not applicable. There is no guarantee that a creditor will agree to a partial settlement. The debt settlement process can take months to years depending on the creditors and debt amount. During the negotiation process over the limit fees, penalties and interest charges will accumulate towards the debt balance. Credit collection calls and letters can still occur. Prior to the negotiation process the consumer is informed of a savings amount that should be put into a “settlement fund” that will later be used to pay the settlement once the agreement is made. Once paid the account is closed with a zero balance being marked as “paid by settlement” or similar statement. This information will be available on the credit report and can not be removed by any person as long as it is timely and accurate. Tampering with a credit report is illegal.

If you are successful in reducing your balance due and have paid only a portion of the full debt owed you will be responsible for reporting this forgiven amount on your federal income tax return (1099A or 1099C). This forgiven (unpaid portion) debt amount is considered as a DOI or Discharge of Indebtedness Income. This same taxation is involved in vehicle repossession and home foreclosure. This information is vital and should be discussed with your credit counselor prior to making your debt relief option decision towards a debt settlement.

The consumer who can no longer make the minimum payment towards their credit cards, loans, etc. and is likely receiving collection calls may find debt settlement useful. DEBTMA™ will negotiate with your creditors towards a less than full amount that will settle your debt in full. Once this lowered amount is accepted you make the payment and the account is brought to zero and closed. Creditors do not have to agree to this amount, but in many cases they will accept this offer as this means they do not have to write off the full debt. It is the responsibility of the consumer to save the appropriate settlement funds. DEBTMA™ will provide this amount to you upfront so that money can be saved into an account specified for this payment.

To speak with a DEBTMA™ counselor regarding debt settlement visit Debtma’s website. Fill out a contact request form for debt settlement information and other details on  how you can avoid bankruptcy and settle your accounts for less than owed. DEBTMA™ are the experienced professionals who can guide you towards better financial control. There is no obligation when requesting information. More information about debt management from DEBTMA™ is available online. Educating yourself about debt management is the first step towards changing your life and relieving your debt.

In general there are three options for resolving overwhelming credit card debt. Each of these options should be discussed with a certified credit counselor who has the knowledge to provide guidance towards making the most appropriate debt relief decision to resolve the debt as well as provide educational tools to prevent debt occurrence in the future.

Debt Consolidation- for the individual who has income and can make payments, debt consolidation may be an option. Debt consolidation can combine credit card debts into one lowered monthly payment that will help the debtor to pay down their debt in a more affordable way. A credit counselor can mediate between the debtor and creditor to lower interest rates and potentially remove penalties and or late fees, etc.

Debt Settlement- If a debtor can not afford payments on their credit accounts and have likely gone to collections, debt settlement may be an option. Debt settlement is process in which a debt negotiator can be hired to negotiate with creditors on behalf of the debtor to agree on a less than full settlement amount that may be paid to bring the account to a zero balance. The debtor can settle their account without paying the full debt.

Bankruptcy- This option is advised as a last chance debt relief option. Bankruptcy allows a debtor to file bankruptcy with the aid of an attorney to have all eligible debts discharged creating a “fresh slate”.

For every choice there is a consequence. This is why it is vital that the debtor discuss each option fully with their credit counselor. There are implications with each procedure from tax liabilities, to how the process will affect a credit score and so on. If there is the possibility to pay a debt then by all means make arrangements to do so. For those who do not have the income to pay a debt what so ever there is help available. The first step towards credit card debt freedom is to speak with a credit counselor.

Debt settlement programs enable a person to negotiate with their creditors in an attempt to agree on a less than full amount that will be accepted as full bringing the account balance to zero. There is no guarantee that a creditor will accept these terms, but in many cases a consumer can pay 50% less than the full amount owed to settle their account. Consumers can negotiate with creditors on their own if desired, however most consumers chose to use a professional debt settlement company to negotiate on their behalf. A consumer will stop paying a collection agency and save this money in a settlement fund. It is estimated to save at least 50% of the debt owed. If and when a creditor agrees to the settlement amount the money in the savings fund is used to pay the lowered debt amount. The account will then be viewed as paid as settled, making the consumer no longer obligated to the creditor.

Through a debt settlement program a consumer can have their debt settled for less than they owe, however the unpaid debt portion can be taxed. This should be discussed with a financial adviser or counselor prior to the settlement process to ensure clarification. This process does impact ones credit due to being marked as paid as settled instead of paid in full. It is seen in a more positive light than bankruptcy in which no debt is paid, but discharged instead. To ensure that a debt settlement program is the right choice a consumer should speak with a certified credit counselor in order to analyze the financial situation and discuss debt relief options, including the bankruptcy alternative of debt settlement.