Dan Smith of New Era Debt Solutions Schools Debtors on Debt Elimination

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Dan Smith, founder of New Era Debt Solutions, lists the top five ways to eliminate debt.

New Era Debt Solutions

Most of us are optimistic by nature, and since it’s normal to experience financial ups and downs in life, many people just ignore the problem and hope things get better down the road.

New Era Debt Solutions, lists ways to eliminate debt. “It is quite common for families and individuals to carry $20,000, $30,000, even $50,000 or more of credit card or other unsecured debt,” said Dan Smith, whose New Era Debt Solutions has settled more than $200 million of debt. “Most of us are optimistic by nature, and since it’s normal to experience financial ups and downs in life, many people just ignore the problem and hope things get better down the road.”

However, adds Smith, when individuals are buried under excessive personal debt, this is rarely the best strategy. For those drowning in credit card debt or other unsecured debt, and want to take a more proactive approach to becoming debt-free, Smith shares the following five debt-relief methods.

No 1: Continue making minimum monthly payments. “As long as you are able to make minimum monthly payments, you may feel you’re doing the right thing by continuing on that same path,” said Smith. “However, this just might be your worst strategy.”

No. 2: Credit counseling or debt management. Credit counseling is a debt management program in which a person makes a single monthly payment to a credit counseling agency. In turn, that agency distributes the money to creditors on a person’s behalf, ideally at lower interest rates so the debtor can pay off the debt faster.

No. 3: Debt consolidation. With debt consolidation, a debtor takes out a larger, low-interest loan and uses that money to pay off higher-interest unsecured loans. This leaves the debtor making a single monthly payment that is, in theory, lower than what they were paying for all of their credit card and other unsecured loans.

No. 4: Debt settlement or debt negotiation. With debt settlement, the actual principal balance one owes is negotiated downward. Because the debtor ends up owing less, debt settlement is generally a faster and less expensive debt-relief option than either debt counseling or debt consolidation.

No. 5: Bankruptcy. “For the individual who cannot meet his or her debt obligations, bankruptcy may be inevitable,” said Smith. “A formal declaration of bankruptcy stops the creditor collection process, and the debtor no longer owes some or all of the unsecured debt.”

Smith stresses choosing the best option available for a debtor’s particular situation, then finding the best resources available to help. “Additionally, when looking for a company to help, research its complaint history, experience, longevity and BBB rating,” said Smith, whose New Era Debt Solutions is rated A+ with the BBB and was recently honored by the BBB for having zero complaints over the last three years.

About New Era Debt Solutions
The goal of New Era Debt Solutions is to help people eliminate their debt as quickly and inexpensively as possible. New Era employs debt-relief specialists, professional negotiators and support personnel, and works with clients in 18 states. New Era Debt Solutions does not charge any upfront fees. For more information, please call (800) 527-4421, or follow them on Facebook.

About the NALA™
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