Debt Frequently Asked Questions

Debt

What is unsecured debt?

This means that you didn't have to put up collateral in order to receive financing. Credit cards are the most common form of unsecured debt. To compare, a mortgage is a secured debt - this is because when you get a mortgage, the collateral is your home.

What are the different ways I can manage my debt?

The five main ways you can manage your debt are:

  1. To continue pay down your debt each month;
  2. To get a debt consolidation loan (this can help to lower the number of payments you make to different creditors);
  3. To enter a debt management or credit counseling program;
  4. To work with a debt settlement company to negotiate with your creditors; or
  5. To file for bankruptcy (this should be your last resort if other methods are not feasible or have already failed).
If you'd like to learn more about what option may be best for your financial situation, AmOne's free service can help you find the right debt solution for you. The process is easy. You can start by either filling out our simple online debt solutions form or by calling us toll-free at 1-800-781-5187.

How does debt consolidation work?

Debt consolidation is actually broken into two different types: payment consolidation and balance consolidation. With payment consolidation, either you take out a loan to make one payment each month or you can enter into a debt management program. With balance consolidation, you take several small bills and combine them into one larger bill. You can consolidate your balance only by either taking out a loan or initiating a credit card balance transfer. AmOne's free service can help you determine whether a debt consolidation loan, balance consolidation, or a debt management program is right for your financial situation. AmOne has knowledgeable financial search specialists available toll-free at 1-800-781-5187 to help explain debt consolidation and to walk you through your options.

Which debt consolidation companies are reputable?

AmOne has taken our 16 years of industry expertise and the experience of all of our clients and have used this to help determine which debt consolidation companies are the highly rated in terms of reputation and trust. Our financial search specialists and free service can help you to find the company best suited to your situation as well as a company you can feel confident in working with.

What's the difference between debt management and debt settlement?

A debt management plan (DMP) is a process where you work with a consumer credit counseling service (CCCS) to pay off your creditors. Debt settlement is where you negotiate with your creditors to lower the payoff amount you owe to them so that you can better afford your monthly payments.

Can I file bankruptcy without an attorney?

You can file for bankruptcy as an individual without legal representation, but, in general, this is rarely successful. Bankruptcy is a legal area that has long-lasting consequences to your finances and the rules and regulations can be tricky to a non-attorney. Additionally, there are different forms of bankruptcy, and it may be that bankruptcy isn't the right option for your financial situation. This is why we highly recommend you hire a competent attorney before taking any action. Because most consultations are free, you have nothing to lose by talking to a reputable attorney in your area. One of AmOne's free services is helping people just like you learn more about bankruptcy and whether or not it's the best solution for you. AmOne has resources available with information on the different types of bankruptcy. Our financial search specialists are also available toll-free at 1-800-781-5187 to answer your questions.



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