More and more Americans are facing troubled times and seeing large increases in their debt. Whether due to the economy, job loss or other unforeseen circumstances, the average family carries over 30% more debt than three years ago. This staggering debt is causing many to choose between paying their debts or living in a comfortable manner. They are looking for new and innovative ways to eliminate debt responsibly. One of the best ways to do this is by using debt restructuring tactics. Learn why this could be a great option for your debt here!
What is Debt Restructuring
Consumer Credit Reports define debt restructuring as, “process that allows a private individual or public company facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts in order to improve or restore liquidity so that it can continue its operations.” This means that you can use this process to take back your financial freedom while having the means to sustain your living situation. Debt restructuring looks at the bills that you have and negotiates with the debt holder to create a favorable plan to pay off the debt in a way that does not leave the debtor strapped.
The Ways You Benefit
Reduce Interest Rates
Debt restructuring can often lead to reduced interest rates if negotiated properly. Not only are you able to reduce your payments monthly, but the interest you pay overall is often reduced drastically.
Pay Off Debt Faster
After restructuring, your debt will likely be reduced and possibly consolidated into a more manageable fashion. Your monthly payments will be smaller and interest lower meaning you will have more flex money at hand that you can use to pay down your debt faster.
Better Credit Score
Restructuring your debt enables you to pay more effectively on your debts, which can reflect well on your credit score. If your total debt is reduced and you have more money to pay on the debt, your score will eventually reflect on your good merits. This puts you on the road towards financial freedom faster.
Who Can Help Restructure My Debt?
Infinity Consumer Services is the leader in debt restructuring services nationwide. Our team of experts can work with you and the debt holders to create a beneficial program that reduces the burden on your financial stability. Learn more today!