It is becoming difficult to avoid listening to or seeing an ad for a debt relief company. It is an unfortunate sign of the financial health of many Americans. What these ads do not cover in their short 30 second spots is what types of debt can be handled under a debt relief program.
Debt relief companies will help you form a debt relief plan to pay those debts off with lower interest and by making a single payment through the company. These companies can only help you with unsecured debt. Unsecured debt is usually medical bills, credit card debt, student loans, or legal fees. They can not help you with mortgages or auto loans. Keep in mind that while you are paying on the South Carolina debt consolidation plan, you will not be able to incur new unsecured debt. Your credit card accounts will be suspended and may be closed.
Debt relief is a viable option that could keep you out of bankruptcy. It will negatively affect your credit score for several years, but can be a lifesaving option for some consumers.