Debt Relief in Albuquerque – Inform Yourself

There’s so much debt misinformation out there concerning how to recover from debt that it is scary. This is actually one of the few situations where you really do need to be correct. First off, you don’t reset your seven-year fixed credit report time frame by paying down, paying back, or paying on a debt settlement. This can in reality hurt your credit rating. Second, debt relief in Albuquerque New Mexico is actually possible and has been around for quite some time. Debt relief in Albuquerque can be accomplished through a debt relief solution and debt consolidation company.

There are debt relief solutions available in all fifty states and several more in the works. However, debt relief in Albuquerque is only available through a debt relief solution that is approved by the state’s consumer affairs office. That means if a company isn’t filed properly with the state, they can’t provide services to the consumers. These companies are called “non-profit” debt relief services and they are specifically regulated by the state’s consumer affairs office. If an agency can’t prove they are a non-profit debt relief service, they are no longer allowed to be in business in that state.

Now, we all know about bankruptcy and all the problems that go along with it. There’s no doubt that bankruptcy can successfully help someone recover from debt and it does provide debt relief. However, it also has a very negative impact on your credit score. Once filed, the bankruptcy stays with a person for ten years and negatively impacts their credit for even 10 years after the bankruptcy is declared. So, this is why debt relief in Albuquerque involves debt settlement and consolidation rather than bankruptcy.

Debt relief in Albuquerque includes debt settlement and consolidation as two great solutions that work together to get rid of debt and get you on the road to financial freedom. Debt settlement works by negotiating with your creditor and getting him to eliminate forty to sixty percent of your debt. You will pay this amount in about two to four payments over a period of two to four years. This process is commonly known as debt negotiation.

Another debt relief option in the Albuquerque area is debt consolidation. With debt consolidation you take out one loan to pay off several other loans and this makes your monthly payments much easier to manage since there is only one bill to worry about. Some people worry about how debt consolidation affects their credit score but the truth is that it doesn’t make any difference at all and it will actually help your credit score. There are many people who went through the same situation as you are in and took out debt consolidation loans and were able to turn their financial fortunes around.

To sum things up, debt settlement and debt consolidation both work great and it comes down to what type of person you are and how bad your debt is. If you have a good debt to income ratio then debt settlement is for you and if you have a bad debt to income ratio than debt consolidation is not for you. It really comes down to what your situation is. You will be surprised how easy it is to recover from debt once you find the right company to work with. For more details on debt relief visit