What should I know about emergency debt relief?

Answer by  just1 (131)

You have to be willing to follow the plan, practice discipline in your new spending habits and accept support from others. Figure out your bills and what you can afford each month. It may take several years to pay off debt.

Answer by  NGoodson (3395)

What emergency debt relief companies don't tell you is that consolidating yoru debt through one of them is still going to have a negative impact on your credit.

Answer by  k99 (489)

It's a service that provides debt negotiation to consumers who have become unable to pay their bills. These services can help you eliminate your debt faster.

Answer by  patti (29325)

Emergency Debt Relief is a debt management program, one of hundreds in the U. S. that rooks clients into paying THEM to pay YOUR bills using YOUR money. EDR recently settled a massive fraud case for charging unsuspecting clients 18% of the funds collected to pay client bills. Pick up a copy of "Financial Peace" and set up your own program.

Answer by  Roland27 (16334)

You really should research these companies A LOT before doing this. Some are scams and you end up paying more than you owe or not getting out of debt properly.

Answer by  jshdvrs (28)

Emergency debt relief should be taken as a last resort because of it detrimental effect on your credit rating and ease of obtain credit in the future.

Answer by  tamarawilhite (17883)

Most emergency debt relief is a scam where you let them mediate your bills and negotiate down your debt in return for fees higher than an interest rate - and for negotiation you can do yourself. And a debt relief company is almost as bad on your credit as bankruptcy.

Answer by  toottoot (192)

People seeking emergency debt relief need to be aware of scams that are out there. You should be able to recieve debt repayment advice without paying any money to recieve it. Some debt consolidation plans that help you to avoid bankruptcy can actually lead to bankruptcy if the payments are not made on time.

Answer by  Chiyamaka (846)

You should know that it only applies to certain people making certain amounts of money. It also depends on what type of living style you have, and your yearly salary.