When it comes to choosing a debt relief program, not many people are aware of the benefits of debt consolidation and credit counseling. That is why people choose to seek the services of the various debt settlement firms for solving their financial crisis and helping them in becoming debt free. However, having the basic knowledge about debt consolidation and credit counseling not only enables the debtors to have a better understanding of their debt relief program but also helps them is choosing a reliable firm for negotiating their debt settlement solutions. Given the immense importance of New York debt consolidation as well as New York credit counseling, it is advisable to choose a reliable and reputed debt settlement service provider such as Mission Settlement Agency, for timely debt relief.
Debt consolidation and credit counseling are both aimed at providing debt relief to the debtors and setting up repayment plan that does not put intolerable financial stress on the debtors. Both involve intense negotiations with the creditors and getting a maximum concession on the outstanding loan amount. The skilled employees of debt settlement companies ensure that they get the most beneficial deal for their client, which is the debtors, without causing much harm to their credit ranking.
Both debt consolidation and credit counseling enable the debtors to retain their assets and even their businesses, which is a great advantage as compared to the liquidation of all assets and properties in bankruptcy. Thus the debtors can look forward to a brighter future and can use their assets and businesses to increase their earnings. Moreover, since most reputed New York debt consolidation and New York credit counseling companies such as Mission Settlement Agency, manage to obtain a longer time period for repayment of loans at a lower interest rate, the debtors are also relieved from the stress of siphoning off a huge part of their income for debt repayment.