Real Debt Management in NYC

You’ve undoubtedly heard of different ‘debt management’ companies out there that offer to ‘help’ you to take care of your bills, and get out of debt faster. On the surface, this can seem like a good option if you are struggling to pay your bills. Once you really start learning about what they do, however, it becomes clear that debt management for those in NYC really isn’t the solution you’re looking for.
All a debt management company does is have you send your paychecks to them, and they will make the payments to all your debts on your behalf. Of course, they also charge you a fee for this. When you work out the numbers, you’re actually going to be worse off each month since you are adding an additional expense. While this may seem convenient, it is certainly not a good way to get out of debt.

Managing Your Own Debt

Debt management companies in Brooklyn and the surrounding area typically take advantage of the fact that most people aren’t too confident with their ability to deal with their finances. This is especially true of people who have gotten into credit card or other types of debts since they are already having difficulties. Rather than turning over control of your finances to a company, you can take advantage of many systems that are already available to you, free of charge.
For example, rather than having a debt management company take your money and pay your bills, consider setting up auto bill payments through your normal financial institution. You can have your bank make payments on the day you get paid each week, bi-weekly, or monthly, so the bills are always paid on time. This is quite simple to do, and most banks and credit unions don’t charge anything for the service. This is going to do basically the same thing as a debt management firm could do, but without the middle man.

Eliminating Your Debt

If you’re considering debt management firms as a way to get out of debt, you will be quite disappointed. Since they are only doing what you can do on your own, you aren’t going to have the amount you owe reduced any quicker. To actually eliminate your debt, it is better to consider a Chapter 7 Bankruptcy. Bankruptcy is an effective and legal way to get rid of your debts once and for all. In most cases, you will be able to keep your cars, home, retirement accounts, and many other assets, so you don’t have to worry about a thing. You can even have your credit recover very quickly, and attain a credit score that is higher than you would have dreamed.

We Are Here for You

If Chapter 7 Bankruptcy sounds like a good option for you, or even if you just have some questions about it, please get in touch with us. You can call us at 1-718-646-5783 to speak with one of our debt relief specialists and get this important process started. Don’t fall for the slick advertising from debt management companies in NYC, Brooklyn, Queens, Bronx, or Staten Island, work with us for effective debt elimination.