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What Is Debt Relief?​
Debt relief involves the reorganization of a borrower’s debts to make them easier to repay. It can also gives creditors a chance to recoup at least a portion of what they are owed. Debt relief can take a number of forms, including reducing the debt, lowering the interest rate on it, or extending the period for repayment, among others.
Creditors are often willing to consider debt-relief measures when the alternative is total default by the borrower. Those eligible for debt relief can range from individuals and small businesses to large corporations, municipalities, and even entire nations. This article focuses on individuals.
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Key Takeaways
Types of Debt Relief Programs
Debt relief can come in a variety of forms and can help you manage and pay off your debt. Those include debt consolidation, debt settlement, and bankruptcy. Here is a brief overview of each type and when they may be appropriate.
Debt Conslidation
Involves taking out a new loan or other debt and using it to pay off several existing debts. Typically, the new debt will carry a lower interest rate than the old debts, making monthly payments less expensive.
Debt Settlement
Unlike debt consolidation, which may not change how much money you owe, the goal of debt settlement is to pay off your debts for a lesser amount, often in the form of a single lump sum.
Bankruptcy
Is often referred to as a last resort for getting out of debt, and it can have severe consequences, remaining on your credit report for up to 10 years. Even so, it is the route many Americans ultimately choose. In the year ended June 30, 2023, for example, there were 403,000 non-business bankruptcy filings, up 9.5% from the previous year, according to statistics released by the Administrative Office of the U.S. Courts. Most individuals who file for bankruptcy use either Chapter 7 or Chapter 13. Chapter 11 is also available to individuals, but it is generally usedby businesses.How Does Debt Relief Work for Medical Debt?
Debt relief works by making it easier for you to reduce your medical debt burden. The first step is realizing that you need help with managing the medical bills that have stacked up.The next step is choosing a debt relief option.
Some of the ways medical debt relief can work include
Interest rate reductions
Changes to repayment terms
Reducing the principal amount owed
Consolidating debt under low or no-interest options
Bankruptcy can also be considered a form of debt relief.
But there can be significant credit score impacts associated with filing bankruptcy. Non-bankruptcy debt relief solutions can impact your credit score temporarily, but it can recover far more quickly if you follow your plan.
Loan Consolidation
A debt consolidation loan can simplify your finances and lower your interest rate
- Single form, multiple personalized loan offers
- Loans up to $100K. Rates from 6.74% APR**
- Safe & secure process to protect your data
- Checking rates won't hurt your credit score.
What are the benefits of debt consolidation?
When you consolidate your debt, you are combining all your existing unsecured debt into a single installment loan with a predictable monthly payment.
Simplify Payments
Reduce the stress of multiple bills by consolidating into one affordable monthly payment.
Save Money
A lower fixed-interest rate may reduce the total interest you pay while getting you out of debt faster.