Consumer Debt Management Program Alternatives

Do you feel like you're robbing Peter to pay Paul every single month?

Debt Management Program Alternatives

What are the typical debt management program alternatives available to consumers?

Although the GFM debt management program is almost always an excellent solution for bringing your debt under control, there are a few common alternatives:

U.S. Bankruptcy - While GFM almost never recommends the bankruptcy process, in rare occasions we might suggest it as a very last resort. Bankruptcy used to be much easier, but due to recently passed reform regulations, it is just not the simple solution that it had been in the past. Creditors want to make sure that you are not running from your financial obligations and leaving them holding the short end of the stick and bankruptcy judges decide whether you are insolvent, not your attorney! Also, it is important to know that most student loans and any tax debt cannot be included in a bankruptcy. Even if you do happen to be eligible, bankruptcy is very expensive and can be incredibly disruptive to your personal life. If you end up resorting to a chapter 13 bankruptcy, you could live the credit nightmare for years and pay a trustee every month just as if you were in a debt management program like ours.

Debt Settlement - For those who cannot afford a debt management program, debt settlement may be the next best solution. The primary benefit of debt settlement is that you are negotiating with lenders to pay (in most cases) far less than you actually owe, which can lead to being debt free in a shorter time frame than a DMP. However, there are considerable drawbacks. The impact on your credit is often significant and "forgiven" debt can be viewed as taxable income to you. While GFM does not offer debt settlement in house, we can refer you to a reputable company who can help you when you cannot qualify for a debt management program.

Not Paying At All - Now this is just a really bad idea; but surprisingly enough, some people will actually try this as a solution. The bottom line is - it will not work. While it might seem like you are getting away with not paying for a short while, the mess really begins to accelerate rapidly. Debt problems do not go away when money is still owed. Creditors will pursue a variety of resolutions such as garnishments on your wages, liens on property, and legal judgments against you. This means ongoing court costs, along with the never ending hassle. With the new bankruptcy laws, creditors know you can not just get out of paying like the old days and they tend to get VERY aggressive in pursuing your assets. To top it off, that 500 dollar debt you did not pay can quickly turn into 2 or 3 thousand dollars in penalties, interest and fees!

In almost every debt scenario, the debt management program is the best solution available. What are you waiting for? Enroll Today!

Program Enrollment Is Remarkably Simple (And Easy).

Enrolling in the GFM debt management program just makes good financial sense. Whether your personal finances are near the edge or are already spinning out of control, calling GFM today will get you back in control in practically no time at all. Are you ready to eliminate the stress debt has caused in your life for good? Enroll in the GFM debt management program today.