Need Debt Relief or Forgiveness in Oxford Alabama?
Are you looking for help with credit card debt relief in Oxford AL? More and more consumers in this economy are finding that they are in need of some form of Credit Repair or Debt Settlement. With mounting high interest credit card debt on top of a home mortgage, one or two car loans, installment loans and perhaps even a student loan, the total payments can be overwhelming. If you find yourself in a similar situation, you have probably come to this website because getting out of debt is your number one priority. You may have considered a debt consolidation loan, but don’t really want to apply for any more loans. Besides, you are not sure if you would even qualify at this point due to your high credit balances and low credit score. You may have even considered bankruptcy so that you can get a clean start, even though it may impact your credit rating for years to come. So before you take any drastic actions that could put you further in debt or destroy your credit, let’s look at some debt relief and forgiveness options
Debt Relief and Forgiveness Options
If paying off debt or debt forgiveness is important to your financial health, you are probably aware that there are several options available to you in Oxford AL. They include:
- Credit Repair
- Debt Consolidation
- Debt Settlement
- Debt Management
- Credit Counseling
- Student Loan Forgiveness
Let’s take a closer look at some of the ways that you can get out of debt and how each solution can help you achieve your goal of being debt free.
Credit repair is the process of fixing or removing items on a bad credit report. It could be as simple as rectifying mistakes with one or all of the credit bureaus. It may also involve Identity theft, which can require extensive credit repair work. The second form of credit repair is to deal with fundamental financial issues, such as budgeting, and begin to address legitimate concerns on the part of lenders. In some cases, credit repair may require legal as well as financial expertise. Depending on the extent of the problem, it may require simply cleaning up misunderstandings, while in other cases professional intervention is needed.
As we have discussed, debt consolidation loans are probably one of the first solutions that Oxford AL consumers saddled with high interest debt consider to pay off their financial obligations. The biggest drawback is that they are not always easy to qualify for, especially if you are already having financial issues. The concept of consolidation loans is that you pay off all of your high interest credit cards and installment loans with one lower interest loan that reduces your overall monthly payments. It is often advisable with these types of loans to close out all of the high interest credit cards so that they are not charged up again on top of the consolidation loan. This option is often best used in conjunction with some form of credit counseling so as not to make matters worse by continuing to incur high interest debt.
Debt Settlement has become very popular in Oxford AL as a means of debt elimination instead of consolidation. It provides debt relief by reducing the total amount owed to each creditor, thus making the debt much easier to pay off. Companies that specialize in debt settlement programs negotiate on the consumer’s behalf with creditors to reduce the balances due and set up a payment schedule that will eliminate the total debt within a set amount of time. This allows the debt to be paid off faster and with more affordable monthly payments. The advantage to creditors is that they will receive at least a portion of the debt owed without having to hire debt collectors or pursue the debt through the judicial system. Often they may receive nothing at all if the debtor files bankruptcy. If you would like to see how much you can save with a Debt Settlement Program, click the banner above.
Debt Management and Credit Counseling
“Debt management and credit counseling” are debt relief strategies that analyze your current financial picture and educate you on how to better manage your debt. Counselors will make suggestions regarding budgeting money and consumer behavior so that you can make wiser choices when incurring debt. They will also create a payment plan that you can afford, often incorporating other debt relief options such as consolidation, debt settlement and reducing interest rates on credit.
Bankruptcy is the last option that should be considered, and only when no other debt relief option is a workable solution. Bankruptcy can provide a “clean slate” so to speak financially, but not without consequences. The worst is that it can impact your credit for the long term, although options for re-establishing your credit will vary from lender to lender. And not all debt may be forgiven, so be sure to consult a reputable Oxford AL bankruptcy attorney to find out what is forgivable debt should you choose this option.
Looking for Debt Relief in Oxford Alabama?
Finding the right debt relief program is important if you want to get out of debt and remain debt free. If you live in the Oxford AL area, here is a little bit of background information about your hometown that may be helpful.
Oxford is a city in Calhoun and Talladega counties in the State of Alabama. The population was 21,348 at the 2010 census, an increase of 46.3% since the 2000 Census. Oxford is one of two principal cities of and included in the Anniston-Oxford Metropolitan Statistical Area.
Founded in the early 1850s, Oxford was the first city in Calhoun County to be incorporated, in 1852. The name "Oxford" was due to the presence of a narrow crossing of Chocolocco Creek that allowed farmers to ford cattle from one side of the creek to the other. Since 1970, Oxford has annexed large amounts of land to the south and west, including the communities of Coldwater and Bynum. In 1970, it was all in Calhoun County, but today it includes areas in Talladega County.
A smaller municipality, Hobson City, was once a part of Oxford. The area, then known as the Mooree Quarter, is one square mile, and is located north and west of Oxford, and south and west of Anniston. In the last years of the 19th century, according to tradition, in the course of political elections, a black man managed to be elected justice of the peace in Oxford. This being unacceptable to the city fathers, they appealed to the powers in the state capital, and an 'arrangement' was made. The city boundaries were redrawn, in similar fashion to a gerrymander, and the quarter was excluded, becoming a town unto itself. The new town became incorporated on August 16, 1899 as Hobson City, taking the name of a naval hero of the Spanish–American War. The intention was that the largely black population of this quarter would no longer skew the elections of the now almost exclusively white Oxford. Another result was the creation of only the second town in the United States (after Eatonville, Florida) with 100% black government, and an almost 100% black population (at least at first).
Make the Right Choice for Debt Relief
Making the right choice is important for your financial future. We have detailed some of the options available to you in Oxford AL to help you eliminate your debt, but as with all things, due diligence is important. Be sure to speak with a professional regarding any legal and tax consequences of the solution that you choose. Remember, your long term financial health is the most important goal of any type of debt relief program.
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