In order to better understand what options you have to eliminate your debt, we have assembled a learning center designed for you to gain knowledge about your options. Our learning center is designed with an unbiased view. We will show you your options as well as break down these options so that you truly understand which direction you can turn in order to eliminate your debt.
Axiom Financial Solutions Debt Settlement Option
Debt Management Program (CCC)
Bank Loan
Bankruptcy
Do nothing
Axiom Financial Solutions offers our debt settlement services which helps to eliminate your debts in 12 – 36 months. We will work with you to consolidate you monthly payments into one affordable monthly payment on the date of your choice. Our debt settlement service can reduce your dept total by as much as 60%, which can save clients thousands of dollars. Axiom Financial Solutions prides itself with the best customer service department in the industry. We have friendly staff trained to assist you with any of your debt needs.
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Debt Management Programs are designed to help clients reduce credit card interest rates. DMP’s consolidate credit card dept into one monthly payment and disperse these payments to your creditors on a month to month basis. These programs can save clients thousand in interest payments due to reducing high interest rates.
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Applying for a bank loan. Bank loans require a very good credit score. Clients with good credit and income to support a bank loan still face the high interest banks charge to lend cash. Bank loans typically are approved in the range of 10% - 20%. This may help to reduce some very high interest rates; however it only transfers the debt from one company to the next. This delay’s the time it takes to eliminate your debt.
Bankruptcy is the last option of someone attempting to rid themselves of debt. Bankruptcy can reduce one’s credit score for 7 – 10 years. Bankruptcy will stay on you public record for ever. Recently new bankruptcy laws have made it much more difficult to eliminate all of your debts when filing for bankruptcy. There are two main options when filing for bankruptcy; they include a Chapter 7 bankruptcy. Chapter 7 bankruptcy completely eliminates all of the debt owed to your creditors. This is the ideal bankruptcy that clients try for when resorting to bankruptcy. However, because of tougher bankruptcy laws in place, many clients can only qualify for Chapter 13 bankruptcy. Chapter 13 bankruptcy is when a client makes monthly payments to their creditors even though they needed to file for bankruptcy.
Doing nothing is another option. If you do nothing about your credit card dept, you are going to end up paying on average three times as much for your debt on what you currently owe. If you do nothing about your credit card debts and choose not to make monthly payments your creditors will most likely pursue legal action against you to recover the funds that your owe.
If continuing to make the minimum monthly payments over and over has failed to get you any closer to getting out of debt, then it’s time for a change! Simply put, continuing to make minimum monthly payments can take years to pay back, and cost thousands of dollars in interest alone. If you are only making minimum payments on $20,000 in credit card debt, at a 19.0% interest rate, it will take you over 50 years to pay it off and you will pay over $50,000 in interest? ~CNN Money
