Debt is a problem that plagues many Americans, and Florida is no exception. If you’re struggling with debt in Florida, you may be feeling overwhelmed and unsure of where to turn. Fortunately, there are many debt relief options available to Floridians, and in this article, we’ll review some of the most popular options and provide some reviews of each.
Debt Management Plans
A debt management plan (DMP) is a program offered by credit counseling agencies that helps you consolidate your debt and pay it off over time. With a DMP, you’ll make one monthly payment to the credit counseling agency, which will then pay your creditors on your behalf.
One of the biggest benefits of a DMP is that it can help you lower your interest rates and monthly payments, making it easier to pay off your debt. However, it’s important to note that a DMP is not a loan, and you’ll still be responsible for paying off your debt in full.
Overall, debt management plans are a good option for those who have a steady income and are committed to paying off their debt. However, it’s important to do your research and choose a reputable credit counseling agency to work with.
Debt settlement is a debt relief option that involves negotiating with your creditors to settle your debt for less than what you owe. This can be a good option if you have a large amount of debt that you’re struggling to pay off.
However, debt settlement can also be risky, as it can negatively impact your credit score and there are no guarantees that your creditors will agree to settle for less than what you owe.
If you’re considering debt settlement, it’s important to do your research and choose a reputable debt settlement company to work with. You should also be prepared for the potential negative consequences, such as a decrease in your credit score and additional fees and charges.
Bankruptcy is a last resort option for those who are unable to pay off their debt through other means. In Florida, there are two types of bankruptcy: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy involves liquidating your assets to pay off your debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off your debts over a period of three to five years.
While bankruptcy can be a difficult and emotional decision, it can also provide relief from overwhelming debt and help you get a fresh start. However, it’s important to talk to a bankruptcy attorney to fully understand the process and the potential consequences of filing for bankruptcy.
Reviews of Debt Relief Companies in Florida
If you’re considering working with a debt relief company in Florida, it’s important to choose a reputable company that has a track record of success. Here are some reviews of debt relief companies in Florida to help you make an informed decision:
National Debt Relief
National Debt Relief is a debt settlement company that has been in business since 2009. They have an A+ rating with the Better Business Bureau and have helped over 100,000 clients settle their debt.
Customers of National Debt Relief have praised the company for their excellent customer service and ability to negotiate with creditors to settle debts for less than what is owed. However, some customers have expressed frustration with the high fees charged by the company.
Freedom Debt Relief
Freedom Debt Relief is another debt settlement company that has been in business since 2002. They have an A+ rating with the Better Business Bureau and have helped over 600,000 clients settle their debt.
Customers of Freedom Debt Relief have praised the company for their knowledgeable and helpful customer service team, as well as their ability to negotiate with creditors to settle debts for less than what is owed. However, some customers have expressed concern about the impact on their credit score and the high fees charged by the company.
CreditGUARD of America
CreditGUARD of America is a non-profit credit counseling agency that has been in business since 1991. They have an A+ rating with the Better Business Bureau and are accredited by the National Foundation for Credit Counseling.
Customers of CreditGUARD of America have praised the company for their excellent customer service and ability to negotiate with creditors to lower interest rates and monthly payments. However, some customers have expressed frustration with the length of time it takes to pay off debt through a DMP.
Dealing with debt can be stressful and overwhelming, but there are many debt relief options available in Florida. Whether you choose a debt management plan, debt settlement, or bankruptcy, it’s important to do your research and choose a reputable company to work with. By taking control of your debt and working with a trusted professional, you can start on the path towards financial freedom.