Category: Debt Management

Why Use Credit Services to Gain Financial Freedom

At some point, nearly all of us have fallen into tight financial times. This can be extremely stressful for families and bring forth new burdens to your stability. Learning how to overcome these burdens and manage unforeseen circumstances can help boost your security and financial growth for years to come. You can help take back control of your finances using a credit service provider to assist in nearly all financial situations. These experts are ready to help you become the best you and can provide many of the following services when you reach those bumps in the road.

Payday Loans

Get out from under payday loans that have been pressing on your family with the assistance of credit services like Infinity. We can work with payday loan companies to effectively reduce payments and help guide to on a strong payoff plan that will help boost your credit score and keep the loan interest rates in check.

Medical Bills

Whether you need loans for medical bills or assistance in consolidating your medical bills, credit services can be one of the best ways to alleviate this burden. Most medical bills are unforeseen and something that many Americans have little money saved for. With insurance rates booming and coverage reducing payments, many are facing large sums owed to hospitals for emergency services provided to family members. Work with a credit service provider that can work on your behalf with the medical office that holds your debt to reduce payments and total owed, as well as reviewing your bills for accuracy by the accounting department. This can help keep you as a strong standing borrower in the future and keep your credit strong.

Credit Card Debt

Getting a firm grasp on your credit card debt can save your credit score for years to come. Americans are carrying more credit card debt than ever before, leaving the average American thousands in debt. Working to manage or consolidate your credit card debt can reduce your monthly payments, reduce your interest rates and boost your credit score in the long run. Credit service providers can easily work on your behalf to ensure you are receiving the best payment plan available to you.

Ready to learn more about what a credit service provider can do to boost your financial freedom? Contact Infinity Consumer Services today and learn more!

3 Reasons to Choose Debt Restructuring

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!

Pros and Cons to Debt Management

Attaining financial security is a pivotal move for many in the United States today with such an unstable economy. More than ever, Americans are allocating debt and creating a mountain of stress for the family. Whether you have minimal debt or a large amount, getting your debt in control and having a plan to conquer debt is an absolute must. Often, people are turning to debt management plans to help control and beat debt obstacles. But what is a debt management plan and what are the pros and cons? Find out here!

What is Debt Management?

According to Credit.org, “ A Debt Management Plan, also known as a DMP, is a debt relief option where a counseling agency works with your creditors to come up with a more suitable monthly payment for your situation. Debt management companies advise you as to your best options to reduce your debt and work towards improved financial success.

Infinity Consumer Services does not perform Debt Management services; we work closely with a company that specializes in Debt Management. They maintain the same high standards in morals and ethics as we do and feel comfortable with our working relationship.

We work with you to find the best option and fit for your situation. If Debt Management is the best way to go, we will introduce and transfer you over to a live agent at our partner company.

Pros of Debt Management Plans

Debt management plans help advise you the consumer on the best options to reduce your credit issues by creating the fastest and most sensible way to reduce your debt. Each situation is different, so it is good to have someone who has a strong background in finance to look at your particular scenario and see the way through the weeds that you may have not seen before. The debt manager can work on your behalf and reduce your debt in a reasonable time and help plan your financial future down to your monthly purchases.

If you maintain an on time monthly payment, you’ll have reduced interest rates and repay 100% of the debts owed. Consumers are typically out of debt in 5-7 years in most instances, which is better than the 15-30 years without a debt manager.

Cons of Debt Management Plans

Debt Management is often confusing for individuals and families based on what they’ve already heard on the TV or radio. Sadly, not every debt manager is out there to help you. Many are more concerned about their profit margins than your bottom line.

To complicate matters further, credit card companies will typically suggest clients use a debt management program. These programs are usually a state and credit card driven solution, meaning that the banks and the states are working together to come up with a plan to get you debt free. This may or may not be in your best interests as a consumer.

These plans require making a payment each month to a third party, and they will disburse your payment out to your specific accounts.  In most instances, the payments stay the same or might even go up to get you out of debt within the 4-5 year repayment window. Since the payment goes out to the company first, and they make your payment monthly, your credit report will reflect this type of relief program. Consumers will have a reduced interest rate with each lender,and one monthly payment, but in most instances the repayment terms make it difficult for individuals already struggling to afford this option.

Additionally, some debt managers have you sign contracts that have rate jumps after 6 months, 1 year and so on. This can be a major stress for someone already in debt. Be sure to read through each plan thoroughly and ask about costs up front before choosing a debt management company. Be sure to research the company online and be certain of their strong reputation.

Ready to tackle your debt issues today? Infinity Consumer Services is the leader in credit counseling and can help you take back control of your credit today!