You are facing a stack of credit card bills, you are barely making the minimum monthly payments and you do not know where to turn for help. Take heart. It is estimated that is 2011 alone, over 3.7 million American households sought some type of debt relief help. Of those, over 70% or 2.6 million households elected to participate in some type of debt reduction plan.
Anthony Weiss, our Vice President of Operations says the average client with Nationwide Debt Reduction has between six to eight credit cards and owes just over $37,500 in unsecured debt. “And these are not just young, careless people,” Weiss says, “They are well educated Americans, many with small businesses of their own, whose vendors have just stopped paying them.” Weiss says we are also seeing more professional clients, like attorneys, pastors, even financial advisers who are seeking help in eliminating their credit card debt. So how do you go about finding the right debt relief company?
“Most Americans cannot just open up their checkbooks and write a check for $37,500 worth of unpaid bills,” Weiss says. However, finding a reputable credit card debt organization on the Internet can be just as difficult. Weiss suggests you first check and see how long the company has been in business. Anything over ten (10) years of helping people get out of debt is an incredible bench mark, and one which you should give plenty of attention to.
Finally, Weiss states that Nationwide’s debt consultants are trained to educate, not try to sell, the people who call in and inquire about a debt settlement program. “We know that this is something that is brand new to these people, not something they talk about at dinner parties. Our goal then is to help each person understand completely the debt reduction process and how it works, then let these folks make their own decision on what to do. As one of the largest Christian debt settlement companies in the United States, we feel this is more like a ministry for people,” Weiss says proudly. And who wouldn’t with the track record of success that they have had.
Therefore, what is the best way to find the right debt reduction company to work with? It means having to do some homework on your own. However, there are some things you can look for to try and make the task easier and less fraught with disappointment.
First, look to see how long the company has been in business as mentioned previously. Second, privacy should not be an issue, however it might be wise to check and see what the company’s policy is. Make sure they do not sell your information to a third party. Third, it is very easy with the Internet these days to look a company up on the Better Business Bureau. Do not be so concerned about the rating, as the Better Business Bureau is not a fan of our industry, given the number of unscrupulous people out there; however they do list the number of complaints the company has had against it. Obviously, the higher the number of unsolved complaints, the more your “red flag” should go up.
Then of course, there are the fees. What does the company charge you as a percentage of your debt. Gone are the days when a company could charge you a percentage of your entire debt. These were bad companies who hopefully are not around any longer. Next, check and see if it is an incentive-based company. Try looking at debt relief companies that are incentive based. In other words, the lower the negotiators can get your debt down (say .30 cents on the dollar vs. 50 cents on the dollar), the better it is for you and the better it is for the negotiator.
Finally, you want to have everything in writing. We suggest you not make any commitments to any company unless you do have everything in writing. Unfortunately there are companies out there that do not do what they say they are going to do. However if you follow these simple instructions, your search for the right debt relief company to work with will be much easier.