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How Debt Management Programs Can Help You Attain Financial Freedom

debt relief optionsThough we are roughly six years post-recession, many American consumers are still feeling the ripple effects of lay offs, foreclosures, and mounting credit card debt related to the recession. In total, American consumers are a staggering $11.13 trillion in debt, of which an estimated $849.8 billion is credit card debt. American debt, it seems, is slated to increase. According to a recent CBS new report, American debt increases by a whopping $75 million each hour alone.

However, many Americans are regaining control of their finances by receiving help with debt from debt management companies. Debt management companies offer a variety of flexible debt solutions for every financial situation, regardless of how much debt is owed. In addition to providing several debt relief options, debt management companies also offer financial planning advice, allowing clients to make better and more informed financial decisions in the future.

There are several debt management success stories involving debtors who were able to pay off their debt relatively quickly by using debt relief options. Take for example, Tanya LaPrad, a 43-year-old divorced mother living with her teenage daughter. LaPrad — who earns $30,000 as a full-time cardiovascular technician and part-time yoga instructor — recently paid off over $20,000 in credit card debt within 33 months thanks to enrolling in a debt management program, which is one of the most common debt relief options. That’s nearly two years earlier than what was first expected.

LaPrad’s debt counselor was able to work with her creditors in order to determine a significantly lower interest rate, which in turn freed up additional funds that could be paid towards the principal balance. Her payments were consolidated into a single monthly payment, which allowed her to easily budget and manage finances. Now, LaPrad is entering the Christmas shopping season with both confidence and caution; she now has the financial know-how to create a realistic spending plan and stick to it.

As with other debtors, LaPrad graduated from the debt management program with a better understanding of how to manage her finances and identify problems before they become too big.

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