What is Debt Mediation and Counselling?
0.1
The topics covered in today’s video include:
? What is debt mediation?
? What is debt counseling?
? Why should you consider debt counseling or mediation?
1.1
? Debt mediation offers one way to get yourself back on the road to financial solvency.
It will help you get out of debt.
1.2
? Debt mediation allows you to sit down with your creditors and come to a mutually beneficial agreement about how to pay off your debts.
This is where you get a cheaper rate for the interest on your loan.
1.3
? Debt mediation works by lowering your interest payments to the concession rate — the lowest rate offered by the credit card company — and coming to an agreement on the amount of principal reduction.
This is when both sides are in synergy about the about of debt that should be paid, and the interest rate on the loans.
2.1
? Debt counseling is a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt.
A debt counselor is your ally in paying off debt.
2.2
? Debt counseling is also known as credit counseling.
A synonym.
2.3
? Debt or credit counseling is appropriate for individuals who are trying to pay off their debt Dollar-for-Dollar but who don’t feel they are making any headway on their own.
It might help you pay off your debts faster.
3.1
? If you want help to prioritize your payments and create an action plan for getting back in the black.
This is a good time to consider debt counseling or mediation.
3.2
? If you can’t make a payment on a debt you might want to consider debt counseling or mediation.
If your broke and in debt, then you might consider these as options.
3.3
? If you are concerned with your debt, you might want to consider debt counseling
Debt counselling might allow you to feel better about yourself when you are paying debts back.
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