"Discover Honest and Ethical Ways to Achieve Debt Freedom Without Having to File Bankruptcy."

Are you overwhelmed with debt and looking for Solutions?

Are you tired of free "consultations" (Sales Pitches) from Debt Settlement and Credit Counseling companies that are only interested in signing you up into their program?

Do you want ethical and honest answers about what you should do in your specific situation to achieve Debt Freedom?

My name is Damon Day and I have been involved in assisting consumers with debt and credit issues for almost a decade. I have either actively worked with or fully researched every aspect of the many options available to consumers to break free from the stranglehold of debt. Consolidation, debt roll up, bankruptcy, counseling, debt management plans, settlements, even fringe legal arguments. With so much information and misinformation floating around the internet these days it is all but impossible for the average consumer to find good, solid, unbiased financial advice to show them a plan to dig out of their financial hole.

On this Site I will cut through all of the Sales and Marketing B.S. for you and specifically teach you about ALL of the options available to consumers who are dealing with large debt loads. I will further expose the predatory tactics of 99% of the so called "debt help" companies that are just out to make a buck off of misinformed consumers. These companies typically do not have the ability nor the incentive to actually provide you with actual financial education and advice on the best solution for you and your family. On the contrary they usually only have one objective, and that is to sign people up into their program.

After reviewing the material on this site you have the option of scheduling an individual phone consultation with me directly. I will have you fill out a short financial worksheet so I can get to know the specifics of your situation. Then I will take the time to discuss each available option that might make sense for you moving forward. Armed with that information you will then be able to focus your research on only the things that make good financial sense for your unique circumstances.

First, if you haven't already, I want you to watch my online video titled “How To Decide If Debt Settlement Is The Right Solution for You.” In this video I describe in detail the differences, both Pros and Cons of the two main options that most debt burdened consumers look into. Debt Settlement and Consumer Credit Counseling.

To watch the video click here now.

Now let’s look at the main options available to help consumers achieve Debt Freedom.

1. Debt Roll Up (Sometimes called Snowball)

This is a simple financial concept of utilizing a realistic budget and then applying any excess money toward one specific debt every month. Some people say it is better to pay the debts of in order of size from smallest to largest in order to get a mental boost to see debts being paid off faster. Others say it is better to focus on the debts with the highest interest rates first. From a strict financial standpoint, paying off the higher interest debts first makes more sense, however if you have trouble sticking to a plan then you may be better off focusing on your smaller debts so you can see progress sooner and stay motivated.

The concept is simple enough. Instead of diluting your efforts and paying a little extra on all of your debts, you focus and knock them out one at a time. Pay only the minimums on all of your debts except one. Then using a realistic budget and some self sacrifice, you take every extra penny and pay everything to that one debt until it is paid off. Then you take all that money and move down to the next debt, and so on until they are all paid off.

This is a very effective strategy if with a realistic budget, you have enough cash flow to cover more than the minimum payments every month. If you are in a situation where you don't have enough cash to cover your minimum payments then this will not be an effective strategy for you.

2. Obtain a Debt Consolidation Loan

Trading one debt for another makes sense in some cases but not all. To take advantage of this option you must first have to have the ability to take out a consolidation loan or refinance a property. Many consumers find that this is simply not an option especially in this current financial climate. You can also look into borrowing money from friends or family members to pay off your debts, cut up your cards and then focus on paying back the loan in one monthly payment at a lower interest.

3. Do Nothing

You might laugh that I have included this as an option (albeit not a good one). The unfortunate reality is that many consumers end up taking this as a default option simply, because they don’t know what to do. In rare instances doing nothing might actually make sense, but for most people this might seem easy now but it is just going to compound the problems down the road. The debt is not going to magically go away simply because you ignore the phone or don’t open the mail. Don’t wait until you receive a lawsuit to look for help. At that point you have considerably less options available then you do when you first realize you cannot keep up on your payments.

4. Consumer Credit Counselling Service

This is the most familiar option to consumers who are researching the different strategies available to them. Usually these programs are funded by the creditors themselves (doesn't necessarily make this a bad approach). The general concept is that instead of making the minimum payments to all of your creditors individually, you will make one payment to the CCCS company. They will attempt to negotiate your interest rates down with your creditors and create a plan, usually around 5 years to have all of the debt paid back.

With this plan you will certainly save money over simply paying minimum payments, but many consumers find that they either cannot qualify for a program like this, or they can’t afford the monthly payments to the CCCS company. This is a good option for people that can afford to make the minimum payments on their debts, but have very high interest rates and wish to lower their rates and try to pay the debt down within 5 years or so.

5. Negotiate Settlements with your Creditors for Less than Full Balance.

Unlike CCCS programs where they reduce your interest rate, with debt settlement your actual principle debt is negotiated down. If done correctly (Most Settlement Companies DON'T) you should be able to pay off about 50% to 60% of what you owe and be finished in about 2 years or less. This allows you to pay off the debt much quicker and save quite a bit of money.

This option is not without downsides however. While you are saving the money for settlements, payments are not being made to the creditors. This will result in a large hit to your credit score. Please watch my video to learn all of the specific pros and cons of choosing this option to get rid of credit card debt.

6. Bankruptcy

This is typically the option of last resort for most people. If you think this is an option that you need to consider at this time, I recommend you meet with at least two competent Bankruptcy Attorneys. You need to know if you can qualify for a Ch. 7 or will be forced into a Ch. 13. Because of the new BK laws passed in 2005 liquidating everything and starting over fresh with a Ch. 7 BK is not as easy as it used to be. You now have to qualify for a total liquidation.

Many consumers find that even though they are drowning in debt they actually make too much money to qualify and are forced into a Ch. 13 BK. Chapter 13 is certainly not a pleasant experience (of course Ch. 7 is no picnic either) to go through and in many cases will last for 5 years. Essentially it is a forced debt settlement plan that is overseen by the Trustee.

Many consumers find that in a Ch. 13 BK they may still actually have to pay back most if not all of the money that they owe. Most people don't realize the financial and emotional toll that a BK can put on a family because of the casual way it seems to be tossed around these days. Meeting with a competent BK Attorney that will educate you on how you will specifically be affected if you file BK is a real eye opener for most people.

Unfortunately BK Attorneys make money when you file BK, so many of them might have a tendency to gloss over a lot of the negatives if given the opportunity. If during our consultation, I feel that things are so bad financially that you really have no other choice but to file BK, I will tell you specifically why I came to that conclusion. I will then recommend that you consult with at least 2 and possibly 3 different BK Attorneys before actually moving forward with it. It is that important to be absolutely sure before going down that road.

The most important thing for you is to first determine which of these options is going to make the most sense for your situation.

You can schedule an individual consultation with me by clicking here. I will take the time to dig into your financial situation and cover all of the options that will make sense for you to research. Then I will tell you which option I feel will make the most sense and why, given your circumstances and goals. In many cases I will also be able to recommend a few specific companies in various industries that I know and trust.

Knowing which course of action to take is a very crucial step that most people accidentally skip over. There is no point scheduling consultations with over eager Debt Settlement or CCCS salesmen until you know if those approaches are the right choice for you. Have you ever gone to a Chevrolet car dealer and had the salesman tell you that a Toyota is a better fit for you?

This industry is no different than any other.

If you contact a CCCS company for a free consultation, they will typically tell you all of the great things about their program and why it is the best thing you could possibly do. Then you hang up and you call a debt settlement company for a free consultation. The sales rep there also tells you all of the great things about their debt settlement program and why signing up into that program is the easiest way out of your troubles. Then for good measure, you might call up an Attorney that specializes in BK. Oddly enough, he just might tell you that since you qualify for a Ch. 7 you are very lucky and that is the best thing you should do so you can get it over with quickly.

Now you have spent 3 hours of time away from work and your family and all that you have learned is that at least 2 or possibly all 3 were being less than truthful either out of greed or ignorance, neither of which is good news for you.

Those options are in most cases mutually exclusive to each other. Meaning, with any given set of circumstances there will always be a best option given the client's circumstances, goals, and attitude towards dealing with debt. They can't all three be the best.

Understand that you do have options.

You didn't get into debt over night and you are not going to get out of it over night. Don't let anyone pressure you into doing anything that you haven't thoroughly researched both the positives and negatives of.

This decision on how to right your financial ship will be one that will affect you and your family for many years to come. It is worth taking a few extra weeks to make an informed and intelligent decision about your future.

Damon Day

Financial Consultant

949-777-5767 - Direct Office