Credit card debt is not the (big) problem in Wisconsin that it is in most of the other US states. On average, a Wisconsin household is about $5,000 in credit card debt. No, the big problems in Wisconsin are unemployment and foreclosures, which makes debt relief in Wisconsin a welcome alternative.
Losing your home or your job is no fun, and doing both can be horrendous. It’s a good thing that credit cards are not part of the problem, as dealing with the high interest rates and penalties can be very difficult. But dealing with debt is still necessary, and debt relief in Wisconsin is probably best served through debt management.
What is debt management?
Debt management as debt relief in Wisconsin is basically the proper handling of your debts before they spiral out of control. If you find yourself low in funds and having difficulty paying your mortgage, you need to know how to marshal your resources so that you don’t lose your home.
Organizations that can help you include the non-profit credit counseling agencies. They provide you with trained counselors who will be able to give you an analysis of your financial situation. They can also educate you on how to manage your finances to get out of debt as well as provide you with some resources to help you along.
But debt management companies such as CareOne Debt Relief Services can do you one further. They can give you a debt management plan based on your current debt position, your spending and paying habits, your financial capabilities, and whatever agreement they can negotiate with your creditors.
For example, if you are in danger of foreclosure, the good debt relief companies may be able to negotiate for a restructure of the mortgage to a monthly payment that you can handle under your present circumstances and avoid losing your home. A debt management company will ensure that you will be able to realistically meet your obligations regularly.
The problem with debt management plans
But of course, a debt management plan is not a debt settlement plan. You will ultimately be responsible for paying your creditors. If you default, you will most likely not be able to renegotiate. Moreover, creditors have the right to demand full payment or foreclose at any time when an account is past due more than 90 days, so you could still end up on the street.
Debt management is a good concept, and under the guidance of an experienced company it can actually help you get past your financial problems. Provided you holdup your end of the bargain, you should be able to find debt relief in Wisconsin through debt management.
The providers of CareOne Debt Relief Services have helped over 5 million people, and our Certified Personal Finance Counselors® are committed to helping Wisconsin residents too. They will guide you through the variety of debt consolidation options available to break the cycle of debt, depending on your individual situation. For a personalized solution to debt relief, contact one of our Counselors and see how we can help you regain control of your debt, and your life.