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As you may well know, debt can be one of the biggest sources of stress in life, and climbing out from under its burden can seem an impossible feat. However, there is more assistance available than you might realize. Below you will find the range of debt relief approaches for consumers in West Virginia. Research your plan of action, then contact a debt professional for more information.

Debt Consolidation in West Virginia

Generally speaking, debt consolidation involves consolidating your unsecured debts under a single loan or repayment plan. This could involve a loan or a debt management plan (DMP), an agreement with your creditors put together by a credit counselor or agency. You’re able to consolidate various debts, including those stemming from credit cards, student loans, and payday loans. Ready to get rid of debt? Get in touch with a debt consolidation service in WV. It’s easy!

Credit Counseling in West Virginia

Credit counseling usually involves enrollment in a DMP, or debt management plan, an official agreement with your creditors prepared by your credit professional. The positive aspects are substantial:

  • No need to put home in jeopardy.
  • Credit not damaged.
  • Single monthly payment suited to your budget.
  • Shielded from lenders and debt collection agencies.

As you can see, credit counseling isn’t as perilous as some debt relief strategies, and it is typically highly budget friendly to boot. Credit counseling programs can help their clients develop a successful strategy for repaying debt and increasing credit scores. Debt management is often associated with with credit counseling. As part of a DMP, your local credit counseling agency should be able to get reduced rates and better terms from the companies you borrowed from. Essentially, your credit counseling agency will handle your creditors personally.

Debt Settlement in West Virginia

It is best to pay back all of your debt, but as a final measure you can settle the debt for a lower amount.

Why do credit card companies accept a lesser amount? This is why: they simply need people to avert filing for bankruptcy. That way, they receive at least a percentage of the amount owed them. To start with, your Oak Hill debt settlement company will start negotiating with your lenders. As soon as a sum is approved, you will either pay the sum if you have the funds available, or start putting money aside to repay what you now owe. Most candidates for credit card settlement have at least $10,000 in debt, are considering filing bankruptcy, and can no longer afford to make the minimums on their credit cards monthly. If you have $10,000 of credit card debt, don’t panic. It’s estimated that about one in every ten West Virginians owe this much.