Vortex Debt Group

Consumer Credit Counseling Services
Consumer Credit Counseling Services is another alternative to filing for bankruptcy. These services help people who might be up to date with their bills but have higher than manageable interest rates. Vortex Debt Group believes the objective of this program is to settle the interest down so that more money goes to paying down your principle instead of the interest. Individuals who stick with this program will pay back 100% of the balance back to the debt collectors.

Bankruptcy
While this option might meet some individual needs, the credit consequences for some can be great. A bankruptcy can stay on your credit for up to 7-10 years and should only be looked at as a last option. Bankruptcy not only affects your credit but may even impact your ability to secure certain job promotions or positions. Filing for a bankruptcy also includes possible huge for a lawyer to represent you in bankruptcy court and the program does not guarantee acceptance even after payment of your lawyer’s fees.

Debt Consolidation Loan
You may be able to lessen your cost of credit by combining your personal debt through a second mortgage or a home equity line of credit. Keep in mind that these loans require you to put up your home as collateral. If you can’t make the payments – or if your payments are overdue — you can potentially lose your home. Plus, interest on that loan adds up and before you know it, you are paying more than the original debt that you once owed.

Nothing
When you are having a tough time making your minimum monthly payments and those accounts are falling behind or if your accounts are turned over to a collection agency, you must look at all of your options instead of doing nothing, decided on Vortex Debt Group to definitely help you get back on track and help you get rid of your debt.