How does Debt Relief in Louisiana work? From parish to Parish, debt relief is now an available option for many Louisiana residents to take advantage of the present government initiatives. If you find yourself struggling with multiple credit card bills, are suffering from a medical emergency or recently experienced a financial hardship, debt relief might be an answer for you. Debt consolidation or debt settlement can allow you to manage your debt more easily while giving you one lower monthly bill to worry about. Debt relief is not a quick fix and requires a significant commitment on your part to become debt free. By selecting a reputable company, you can rest assured that your needs will be addressed by an experienced professional.]
How does debt consolidation or debt settlement work? Debt consolidation is when you take out a loan at your lender to pay off all of your high interest credit cards. Debt settlement works in much the same way, except you negotiate with your creditor a reduced payoff amount. Both programs allow you to get back on your feet financially, but what makes them attractive to potential clients is the chance to be debt free in five years or less. This gives the debtor plenty of time to build up their credit score, become more self sufficient and regain footing financially.
Why would debt consolidation or settlement be an appealing option? Debt consolidation works by allowing you to combine all of your high interest debts into one monthly payment that will no longer charge you an outrageous interest rate. Debt settlement works by reducing the amount you owe on your delinquent accounts and allows you to make one lower interest rate payment. Either program will have you debt free in as little as five years, making it a smart investment in your financial future.
Is it easy to qualify for either program? Debt consolidation according to debt relief help in Louisiana requires that you are a homeowner with enough available equity to consolidate your multiple loans. In order to qualify for debt consolidation, you must also have enough available income to cover the monthly payments. Debt settlement requires that you have enough available credit to make a single one monthly payment that will likely be less than the combined amount you owed to all your creditors. Debt settlement requires that you have enough available credit to make at least the single monthly payment. If you fall within either of these programs, you may be well on your way to becoming debt free.
Can you reduce your monthly payments through other means? Debt settlement and debt consolidation both require you to make a single monthly payment to the company that handles your accounts. You can reduce your monthly payments to the point where you barely pay a few dollars per month 
toward your debts. You can also opt for a debt management plan (DMP) that will allow you to manage your debts more efficiently. This will reduce the number of late fees and over-the-limit fees associated with your accounts and will also lower your interest rate.
How much does it cost to go through these debt relief methods? Debt settlement and bankruptcy are not free – in fact, they can cost thousands of dollars. With a Optimal Debt Solutions, Louisiana, you’ll need to hire a lawyer, spend time researching the laws surrounding your state, and spend countless hours negotiating with your creditors. Debt relief professionals often charge a reasonable fee for their services; however, you may still need to cover some of the expense yourself.