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Debt Consolidation Companies California – How Debt Relief Works

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Debt Consolidation Companies California – Most Popular?

How Debt Relief Works is a video that demystifies the debt consolidation or the debt settlement process. When a person has accumulated substantial amounts of high-interest debt and is struggling to make the minimum payments on those credit accounts, that person usually seeks help from debt settlement or debt relief companies. These debt consolidation companies usually offer customers two options. Option one consists of a debt consolidation loan where all high-interest debt is paid-off with one low-interest loan. Option two consists of stopping payments on all credit accounts for 90 or 120 days, negotiating a settlement with all creditors, then paying a lump-sum amount.

Option one usually is a best- case scenario in my mind as your credit stays relatively unscathed, as your monthly payments go from many to just one, and as you’re paying less interest overall. However, most people have a hard time getting approved for a debt consolidation loan as banks shy away from customers that are having financial difficulty.

Option two is left. Option two has you make payments to an account that is held by the debt relief company until there is enough funds in said account for a lump-sum payment to be considered. At said time, the debt relief company approaches your creditors that haven’t gotten paid in a number of months, negotiates on your behalf, and settles your debt. Your credit takes a beating but you’re a now out from under a mountain of debt.

I would encourage you to do lots of research and consider settling your debt on your own. Many things that a debt settlement company does you can do for yourself. It’s just a matter of speaking with your creditors and understanding their debt relief process.

Definitely watch the video. You’ll be entertained and you’ll learn lots about debt relief, debt settlement, or debt consolidation.

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31 Comments
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31 Comments

  1. MTI Photography
    July 28, 2021 at 2:18 pm

    I’ve personally seen someone go through National Debt Relief and honestly their score wasn’t hurt as bad as you would think. Once the cards are getting paid off the score bounces back quickly. May credit card companies wouldn’t reduce the amount if you were still making payments. They would just reduce the APR or monthly payments. I personally think the 2nd option you mentioned works for many.

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  5. Joseph Hicks
    July 28, 2021 at 2:18 pm

    Most people who are in trouble with debt have poor money habits and are not going save to have money to negotiate.

  6. LaMagnifique_Raven
    July 28, 2021 at 2:18 pm

    I’m a fourteen year old kid who just saw a meme regarding debt relief. I now understand a meme a little bit better. Thank you! (Yes I did open up a separate tab just to understand a meme.)

  7. Arnold Robertson
    July 28, 2021 at 2:18 pm

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  10. Claudia Rivera
    July 28, 2021 at 2:18 pm

    Hi My name is Claudia and I'm thinking about use Nation Deb relief program , are you speak Spanish maybe you can give some advice about it please

  11. Will Unscripted
    July 28, 2021 at 2:18 pm

    What about old debt's that are in collection that you would like to pay off..?

  12. D S
    July 28, 2021 at 2:18 pm

    Come on get to point

  13. Josh Mahlum
    July 28, 2021 at 2:18 pm

    Hey guys, if you want to start settling your debt the right way, then email me at debtreliefmadeforyou @ gmail.com

  14. Catherine Bedoya
    July 28, 2021 at 2:18 pm

    Will the debt consolidation companies ask for the social security number and address?

  15. George Norman
    July 28, 2021 at 2:18 pm

    I had a debt of 89k but credit.zo @yahoo .com helped me fix my credit and cleared my debt. Now my credit report is way better

  16. Ashley Ramirez
    July 28, 2021 at 2:18 pm

    As a 23 year old with over 10k in debt, I have no idea how I will be able to pay it off. I’ve never been late on any payment but I struggle with paying all my credit cards. I’m paying 10-20 dollars of interest every month and I feel like I’ll never be able to pay it off on top of home bills, gas and stuff like that.

  17. CarolinaTanker Boy803
    July 28, 2021 at 2:18 pm

    Does Lexington law work?

  18. Mina Malcolm
    July 28, 2021 at 2:18 pm

    I got $30,000 just now successfully through my paypal account contact him +1 256 667 0055 he can help.

  19. Google User
    July 28, 2021 at 2:18 pm

    I have a question I enrolled into a debt settlement program. I've always made payments on time with my credit cards and things I had for myself. Now it's July I haven't paid certain accounts it's feels weird. I have also already made my first payment to the settlement company.. I am wondering should I pull out and try this on my own. I am overwhelmed. I can't keep up like I use to. I am no longer working for myself and haven't been in 4 years. I've just been making it as best as I could with personal loans.. But now I'm not able to stay afloat. Any advise?

  20. Skarz9338
    July 28, 2021 at 2:18 pm

    Great video , my mom had a bad experience with FDR after a while she was hit with a lawsuit . I did my research to see if any company could possibly help with a lawsuit some of them said they offered some type of legal protection but it was all bs . I finally found a really good company I don’t recall they’re name but they actually were able to settle the account outside of court and also help my mother cancel out of her FDR program and get her money back. People need informative videos like this it upsets me more than one person gets taken advantage of. People please do your research and if you do a debt settlement program find a good company.

  21. fpm2080
    July 28, 2021 at 2:18 pm

    Great explanation, to bad I decided to look for information just now, so my question is, I signed the documents with them but the program hasn’t started yet, do I still have time to cancel it?

  22. keyratcane66
    July 28, 2021 at 2:18 pm

    Great explanation bro.

  23. Rafael Malfavon
    July 28, 2021 at 2:18 pm

    While he is right, a consumer can negotiate on their own it is not always as peachy as it sounds. Stopping payments also puts you at risk of creditor calls and potential legal action. Some creditors are usually almost GUARANTEED to take you to court. Unless you have extensive knowledge or time to spend delegating I’d say paying a fee to have a professional settle may be the best way to go. I can provide a free consultation and let you know if debt relief is a good option for you. Call me at (602)732-4259.

  24. Jane Mary
    July 28, 2021 at 2:18 pm

    Thank you!! You answered my question regarding hiring a debt relief company. They make it almost irresistible not to sign on the dotted line .I believe I will continue to negotiate on my own.

  25. Maria Larios
    July 28, 2021 at 2:18 pm

    What's your opinion of debt resolutions? I just hired Accredited Debt Relief. I'm not late, or have good credit. I read about it, they called me, but I'm scared for this to affect me in the long run. Please advise.

  26. sai krishna
    July 28, 2021 at 2:18 pm

    Just found this video and I'm so happy I did, it definitely helped me get a little bit more focused on the best ways to look at loans myself! thank you! if anybody looking for loans in UK then go through this link

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  27. Isla James
    July 28, 2021 at 2:18 pm

    Thanks for the video. Avail debt help on how to pay off your debts wisely & write off your unaffordable debts with our debt relief services to live a cleaner financial life.Please visit https://fleetquid.co.uk/debt-write-off.php

  28. juan estrada
    July 28, 2021 at 2:18 pm

    you can also change your brakes but wouldn't you want a professional to do it for you? This moron thinks the an average Joe can negotiate with the cc companies within the first 90 days and negotiate with them to settle for anything less than the total amount you. the truth is at that point the credit card companies believe they will get 100% of their money and you communicating with them will only reinforce that. the best thing is let enough time go by and once it reaches collections after 9 months the collectors will settle for about 40 cents on the dollar.

  29. Loki Cat
    July 28, 2021 at 2:18 pm

    I am currently resolving credit card debt with my bank through a debt relief program. Everything he mentioned about the "other option" happened exactly as he described. My s/o also worked in finances for 10 years and I was too ashamed to admit how much debt I was swimming in. So I did it without talking to him about it. I told him after and he told me I should have ask him about it because he would have told me to try doing it myself first. If I had known I could do that, it would have saved me the stress of not actually being able to make payments and pushing delinquent status. After 9 months I finally got a settlement agreement for half the guestimation. So after hearing that, I was thrilled and didn't care how much they could be making off me. Happy I'll be done with paying $259 a month and have my credit card paid off.

  30. Troy Body
    July 28, 2021 at 2:18 pm

    I am glad to see that you are responding to all your viewers. I am interested in becoming a credit counselor. Do you know who is hiring credit counselor, and what training counselors need?

  31. Panama Rubia
    July 28, 2021 at 2:18 pm

    Excellent video!

    Just a little history on me before I ask my question. 😊 I have never been late on any bill for as long as I've had them, unless I was deployed and accidentally my payment didn't go through automatically on time. But, never to where it's been reported on my credit report.

    I'm now paying for college for 2 kids; which includes, their car notes, car insurance, cellphone, gas, groceries…you get the picture. lol (When they were in high school, their dad helped with one because he "had to", now they're both over 18 and he doesn't have to anymore.) And the bills are quickly becoming overwhelming! To include my credit card bills. Since I pay off my balances every month on my small bills, I'm struggling with the higher ones because I pay high amounts to pay them off sooner. Needless to say, I'm at a point where I feel like I just need to consolidate everything into ONE bill, but came across your video.

    So, my question for you is, if you know, should I stop making payments for 90 days to show that I'm having financial hardships or continue to make my payments as I have been and just ask the bank to lower the debt on my credit card balance? Thanks for your time!