SOURCE: Total Debt Relief

August 17, 2010 14:00 ET

Free Debt Relief Services: Do They Exist and Do They Work?

Consumers Who Find Themselves in Debt Wonder If Free Debt Relief Services Are Available and If So, Do They Work; Total Debt Relief Explains

DALLAS, TX--(Marketwire - August 17, 2010) -  Currently the term "free debt relief" is searched by Americans 4,400 times a month on Google. What does this tell us about our current situation? Simple, Consumers are struggling with debt and want a free way out. Like with many aspects of life there is no such thing as a free lunch, the same can be said about debt relief. Plenty of ads and companies claim to provide free debt relief or nonprofit debt relief, but in the majority of cases consumers wind up paying for services rendered.

Despite the mythical existence of free debt relief, there are debt relief programs that get consumers out of debt and save them thousands of dollars. Each consumer has a unique situation and therefore certain programs are more applicable than others. Below is a list of programs and how they work.

Bankruptcy - One of the most popular forms of debt elimination, bankruptcy is the process of filing for specific chapter which can hold off creditors and relieve debt. Each chapter works differently and a lawyer is highly recommended for declaring (which cost money). Depending on the chapter in some cases a consumer can have a majority of their debt erased.

Debt Consolidation - As an alternative to bankruptcy debt consolidation requires a loan to cover a consumers various outstanding debts. Essentially all debts owed will be combined into one making the payment process simpler. Sometimes interest rates and monthly payments can be lowered as well.

Debt Settlement - Another alternative to bankruptcy and perhaps the most talked about in the media, debt settlement is the process of debt negotiation. Settlement programs have the ability to erase up to 50% of a consumer's unsecured debts. Over the course of 24 to 36 months consumers are on an organized payment plan and once the program is complete a consumer will be debt free while only having to pay a portion of the debt owed.

In order to find the right program consumers should talk to professionals offering free consultations. Total Debt Relief offers a free debt consultation at their company website

Contact Information

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    Rob Jones