Research Debt Solutions


The Path to Financial Freedom

Can you imagine a world without choice, with only one way to do something? That is certainly not our reality. In fact, we are overwhelmed with information and choices.

Some of the information we come across is reliable and some is terribly misleading. Of course, the world is dynamic and constantly updating and changing. The constant information bombardment can cause confusion or an inability to differentiate good information from bad.

The BBB firmly believes that you, the consumer, has a right to objective, trustworthy information that guides you to make smart decisions.

Did you know that there is currently more than $12 trillion in household debt in the USA? According to the N.Y. Federal Reserve Household Debt report for 4th Quarter of 2015, households carried more than $8.7 trillion in housing debt and more than $3.3 trillion in non-housing debt (including student loans, auto  loans and credit card debt).

What is the best way to manage and pay off this level of debt?

There is no one size fits all debt reduction plan. For you to choose the best solution for your situation, you need to thoughtfully analyze your debt level, income, disposable income, expenses, credit, stress level, home equity position, and personal preferences to handle your debt.  

The “Research Debt Solutions” section provides an outline of the most common debt relief solutions including a DIY plan, personal debt consolidation loan, credit counseling, debt settlement, and cash-out mortgage refinance loan.

Read about each of the different solutions, so you understand which kind of person benefits most from that approach. A person with some debt, strong income, and excellent credit may be able to get out of debt by trimming expenses and aggressively paying down the debt. For some, the best solution is to consolidate debt with a personal loan and lower the costs by lowering the interest rate.

A low interest rate cash-out refinance mortgage can be an excellent way to consolidate debt into one small monthly payment. This is a great solution for those who have equity in their home, want a low monthly payment and are willing to stretch out their debt payments.

If your debt is causing you serious problems, you have a different set of choices. For those struggling with debt and in a hardship, debt settlement might be the best way to get a solution in place that takes on all the debt, but with an affordable monthly payment.

In addition, the BBB is pleased to offer you the innovative Debt Navigator tool. Use it to get a personalized solution, based on your goals and what amount you can afford to put towards your debt each month. Putting a solution in place will lower your stress and move you forward on the path to financial freedom.