Here are your options

Pros and Cons

Option 1 – Bankruptcy

  • Negative credit report for ten years
  • BK-13 may require the pay back of principle amounts borrowed over a five year period
  • Attorney fees to file BK typically range between $2,000 and $5,000
  • Must qualify for bankruptcy. With new regulations, bankruptcy has become increasingly difficult

Option 2 – Debt Management / Consumer Credit Counseling

  • Negative credit report for 7 years
  • Usually requires 100% pay back of principle amounts and usually some interest
  • Fees for the program are generally split between the lender and the consumer
  • Typical payment for $40,000 of unsecured debt would be in the $1,000 range up to 5 years

Option 3 – Do Nothing

  • Negative credit forever, debt to income ratios and high utilization of revolving debt will prevent the ability to use credit at all
  • Interest continues to accrue causing the balances to continually increase
  • The cost of never ever being able to re-enter the credit system as average payoffs on unsecured debt ranges between 20 - 30 years if just making minimums or even more than minimums

Option 4 – Debt refinement

  • Can potentially adversely affect credit
  • Payment plans only last 18-48 months by which time the consumer is debt free and protected from any further collection efforts by the creditor
  • Typical payment on $40,000 of unsecured debt is in the $569-$750 range for 3-4 years
  • Monthly payment includes all fees - no additional out of pocket expenses from consumer
  • Access to account in the case of an emergency and borrow or withdraw cash without a penalty
  • No prepayment penalties 

Option 5 - Consolidation Loan

  • Lower interest rates than credit cards
  • Ability to consolidate credit card payments into one monthly payment
  • Ability to lower the monthly payment
  • Lengthy and cumbersome application process 


What we recommend / specialize in


Debt consolidation loan

Apply now to begin the process of achieving immediate financial relief from your high interest, unsecured debt. The benefits of a consolidation loan can save you money on your monthly payments, bring the interest rate down to the single digits and give you the convenience of one payment. Speak to one of our Financial Consultants today and ask about one of our debt consolidation loan offers. 

Credit Card Refinement

In a Credit Card Refinement program, our experienced negotiators work in conjunction with your creditors to restructure your payments to a more reasonable amount. In a Credit Card Refinement Program, we will be working on your behalf to represent your financial interests and work to resolve your debts in a way that delivers both monthly payment relief and a reduction in the principal amount owed to your creditors.

We will work on your behalf to immediately lower monthly payments and eliminate your debt within 1-4 years.