Compare Debt Resolution With Other Debt Elimination Options
And learn why we believe our program offers the best solution for debt elimination
There are five alternatives for solving debt problems, and while we believe The Asset Protector Group is the best option, we want to educate our potential customers on the alternatives and let them make the choice that is best for their situation. Here are your options...
Option #1 - Debt Consolidation Loan
Unfortunately, a Debt Consolidation Loan is one of the most common solution people think of when they fall into financial difficulties. This is a problem because most people who get a debt consolidation loan find themselves in much deeper financial trouble than they were in to begin with.
Debt consolidation loans transfer debt from one place to another. While this may sound good, since many times it can be appear to lower your monthly payments, a debt consolidation loan will not reduce the amount you owe.
FACT: Debt Consolidation has a 98% Failure Rate!
You will still pay back 100% of the debt consolidation loan, plus interest. The interest rate is sometimes lower than before, but this is because debt consolidation loans are usually secured loans that cannot be lowered or negotiated. Once you sign up for a debt consolidation loan, you have just gone from an unsecured debt to a secured debt and have put your personal assets (e.g. your car or home) at risk. At that point if you can't pay your bills your creditors can come and take your personal property - thus creating a bigger problem than you had to begin with.
Debt Resolution vs. Consolidation Loan
What is the cost?
Consolidation: The whole amount plus interest. There is not much savings if you are even in the two percent of people that actually succeed in this type of program. You are still liable for the entire balance and there will still be interest to pay, even though it is reduced in most cases.
Resolution: $4,000 to $6,000 (if attorney support is needed) with a resolution in under two years instead of ten.
How long does it take?
Consolidation: Three to five years
Resolution: Two years or less
How is my credit affected?
Consolidation: Shows balances not paid, without any chance for early restoring
Resolution: Each credit item will be charged off with the possibility of having each removed within two years instead of seven or ten.
How effective is it?
Consolidation: Only 2% of the people in these programs ever complete them.
Resolution: Very effective for any credit collection problem at substantially reducing debts to well under industry standards for debt settlement, bankruptcy and consolidation.
As you can see, Debt Consolidation is usually not a good choice.