Impact Debt Settlement shares debt settlement advice and provides FAQs about Paying Off Debt, Consolidating Debt and general debt questions. Impact Debt Settlement are experienced leaders with over 10 years experience in the Financial Services industry. Their wealth of knowledge and experience can have the positive impact you are lookng for on getting out of debt.

1. Impact Debt Settlement on Paying Off Debt, Consolidating Debt and Debt FAQ
1) Should You Save or Pay Off Debt?
What is better for both your current and future financial situations: saving or paying off
debt? The ideal answer is “Both.” Yes, do both! But paychecks don’t always keep up
with our bills, and it can be hard enough to do one or the other. If you are in a quandary
about whether to save or pay off debt, you are far from alone. Is there a right answer?
Having an emergency savings fund is essential. What if your car needs repairs? What if
you are temporarily without a paycheck and need to borrow against this money? Having
it there can be a tremendous relief. On the other hand, knowing that you are not going to
get a staggering credit card bill in the mail is comforting. Can you have it both ways?
Maybe. If you are disciplined with your spending habits, budgeting, and bill-paying, you
can save and pay off debt. One of the most interesting and effective methods is to pay
your credit card bill(s) weekly. Many banking sites allow you to do this online. If you
do not bank online, write down the name and address of the credit card company and
send a check every week. Why would you do this? If paying your bill every month is
hard, how can you pay every week? If your minimum payment is $100 per month, you
pay $25 a week. Sometimes just paying a lower sum is psychologically beneficial.
You can afford $25 a week. And you can probably afford $30 or $35. Send in a little
extra. Over the course of the month, this adds up to an extra $20 to $40 off your balance.
In a year, you have paid an extra $240 to $480. This reduces your credit card debt, saves
you interest, and decreases the period of repayment – if you do not add to your balance!
Each week or month, make a payment to yourself. There are two thoughts on this: some
people make this the first priority, and others say pay your bills first and then save the
remainder. You could do it either way, but make sure you do it. It can be $10 a week at
first. Just build a reserve. As you begin paying off that pesky credit card debt, you can
use that money towards other bills and savings.
You can - and should – save money and get out of debt at the same time. It can be a slow
process but decreasing credit card debt and increasing saving account balances create a
far less stressful financial situation. Make the commitment, cut out extras, and start now.
2) Should You Consolidate Debt?
It is likely that you have run across ads for debt consolidation programs, especially
considering the current economic situation. At first glance, these seem like the perfect
solution to your debt problems. You can trade all your current, high-interest debt in for
one loan with favorable terms. What could be wrong with that? It does sound ideal, and
that is why many people opt for this method to pay off debt. Should you consolidate your

2. debt? Before you decide, consider some aspects of debt consolidation the ads don’t tell
us.
One of the most appealing aspects of debt consolidation is that you can pay your
outstanding debt and have one monthly payment. This new loan will have lower interest
rates, saving you money each month. Is this true? The best answer is, “It can be.” The
favorable rates you see advertised are for those with higher credit scores.
Chances are if you need debt consolidation, your credit score is not stellar. This means
you will get higher interest rates. In addition, if you do not have a home and this is an
unsecured debt, then the interest rates will be bumped up yet again. You may not be
paying any less than you were before. You still have the convenience of one payment,
but is that worth the money? Before deciding on anything, make sure that you are
making a move for the better.
Seventy percent of those who choose to consolidate debt with loans end up owing the
same amount – or more. How does this happen? Let’s use the following figures for an
example: say you have four credit cards with balances of $10,000, 5000, $2000, and
$1500. You have a store credit card that is maxed out at $1000 and one that carries a
balance of $800. That is $20,300 (which is not an uncommon amount of credit card debt
to carry). You receive a debt consolidation loan for $21,000 – why not have a little
extra? You pay off your cards and have a nice little bonus.
But you end up using the $700 for a new flat screen television. You see a great laptop
that is on sale but do not have the cash, so you just put it on the newly cleared card. It’s
just one charge after all. But that one charge almost inevitably leads to another. Instead
of being out of debt, you are further in than before.
Debt consolidation does work for some people, but for many others, it leads to larger
financial issues. Is it right for you or is there another alternative? Speak to financial
experts at Impact Debt Settlement to explore your options for a debt free future.
3) Debt Settlement: Questions and Answers
The impact of the debt settlement process can seem mystifying to many, but it doesn’t
have to be. When you are mired in medical bills, credit card debt, and more, debt
settlement can be the way out. What should you know about this process?
Would debt settlement work for me? If you are committed to getting out of debt and
willing to work on paying creditors in a methodical and effective way, then it can be an
ideal solution to crushing debt. If you want to remain debt free, you will have to change
your spending habits. If you are ready for this change, you can make debt settlement
work for you and it can have a positive impact for the rest of your life.

3. What kind of debt is covered? There are basically two kinds of debt: secured and
unsecured debt. Secured debt is that which has collateral attached to it, such as a car loan
or mortgage. Unsecured debt includes medical bills, credit card debt, repossessed auto
loans, and signature loans. These do not require collateral, and often they have much
higher interest rates. Debt settlement can help you resolve unsecured debt.
What do I have to do? After an initial consultation, you begin paying into a special
account. You have complete control over this account. Each month, you pay a specified
figure into the account. Meanwhile, your debt settlement specialists are working with
creditors and collection agencies to reduce your debt. As they successfully negotiate
each debt, that creditor is paid in full from the account. This process continues as you
pay each creditor one by one and become debt free.
Does it work? Debt settlement can be extremely effective because creditors will take
significantly less than the full amount due in an effort to get something instead of
nothing. Skilled experts can remain calm and advocate on your behalf. It is common for
debts to be settled for half or even less of their original amount. You can be debt free in a
matter of twelve to thirty-six months on average.
What will happen during this process? As debt settlement experts negotiate, you stop
paying your bills and all creditor communication is forwarded to your reputable
settlement company. This does cause your credit score to temporarily decline because
you will technically be delinquent. This, however, is the most effective negotiating
tactic. As the creditors begin to realize that you cannot afford to pay the full amount,
they are much more amenable to getting something rather than nothing. You will being
to see real progress as debt after debt is settled.
How do I start? Get a free consultation from an Impact Debt Settlement specialist. We
will review your information and history and determine if debt settlement is right for you
and how best to proceed.
Getting started now is essential. Once you have made the commitment to getting out of
debt, you need the best allies available, and our debt settlement experts are in your
corner.
Impact Debt Settlement is committed to providing sound advice and workable long-term
solutions to individuals and families mired in debt. Our mission is to give Americans the
tools they need to get out of debt with dignity and stay out of debt in the long term.
Through our program clients can successfully settle debt for an average of 50%-70% of
current balances.
To accomplish that mission, we have brought together the finest legal teams and debt
resolution experts available today. We offer our clients a better way to resolve their
debts, saving them from the confusion and embarrassment of the usual debt resolution
methods and freeing them from the annoying and intimidating debt collectors. Our

4. company takes under management an average of $6,000,000 of consumer debt monthly.
Learn more by calling Impact Debt Settlement at (800) 581-6020 or visit
http://www.impactdebtsettlement.com.