The United States is considered by the world to be the most powerful country on the planet, but with great power comes great responsibility, and with this in mind, the USA also boasts one of the highest levels of debt amongst its citizens. Obtaining financial freedom might seem like a pipedream for many Americans, but the reality is that with debt relief solutions, even this seemingly impossible task can be achieved. In this guide, we’ll be exploring some of the most convenient and effective options for debt relief that can help a person’s life turn from a struggle to a far more enjoyable alternative.

What is Financial Freedom?

In the easiest terms, financial freedom is something that a person or people can obtain, whereby they no longer have to worry about the money that they owe. Being free from expenses, loans, and other costs can be life-changing for many, but even with this fact considered, such a small percentage of Americans realize the existence of debt cancelation services. If you’re keen to find a solution for your debt relief woes, be sure to keep reading as we’ll be providing information on some of the most beneficial options you have available. 

Loan Negotiations

One of the most prominent services offered by leading third-party agencies such as Americor, which specializes in assisting its clients with lower repayments, reduced interest rates, and fairer mortgages, is via loan negotiation. This process works by approaching a lender directly and providing them with information on why you could benefit from a new deal for your repayment.

Most people consider lenders to be faceless entities that don’t care too much about their borrowers, but the truth is that without people like you, banks and building societies wouldn’t exist. They simply want to ensure that they get their money back, and if you were to go bankrupt, that won’t happen. As a result, most will be open to negotiating, especially if this is done through a third-party agency that’s recognized for its authenticity, such as Americor.

Debt Consolidation

Another highly effective solution for those in need is debt consolidation is ideal for anyone with more than one loan in their name (or under their businesses’ name). As each loan will feature an interest rate, the amount owed can rapidly escalate. Where one rate of interest might be manageable, multiple rates could end up costing hundreds or even thousands extra each month. Consolidating these loans into one singular monthly repayment can be beneficial for a number of reasons.

One of the most prominent reasons includes the ability to get rid of the other interest rates and simply pay one single amount off with each repayment. If you consider rates of 1.5%, 2%, and 4% adding up to an extra 7.5% in interest each month, it can be far more convenient to consolidate these amounts and repay a lower rate of interest than when they’ve been combined, such as 2.5%, or perhaps 3% in total.

Debt Cancelation

In some cases, debt cancelation can become an option for debtors and this is based on a few factors. These include the amount that has already been repaid, the frequency of repayments, and whether a lump sum can be put down, or not. In extremely fortunate cases, some lenders may even be willing to cancel particular debts, or even reduce the rate of interest owed if the amount of time left is fairly minimal.

With an agency like Americor working on behalf of the borrower, this entire process can be made even simpler, as they will likely have direct channels to appeal to a lender, and as they are considered an authentic, trustworthy agency, the potential for success can be increased even further.

Re-Mortgaging

One of the most common complaints amongst Americans is the cost of repaying their home loan or mortgage. Many go through life repaying what they owe, even if it means that they will end up struggling – and with the cost of living increasing year after year, this struggle is becoming a reality for many more as time goes by. Re-mortgaging provides an option to either extend, or reduce a repayment plan in a way that benefits the borrower, and most lenders are open to considering this.

By re-mortgaging, a debtor could find that they are able to enjoy life as their expenses are reduced, or on the other side of the coin, they could benefit by paying off what they owe sooner, allowing them to be debt-free much faster.

Support Schemes

Certain States have support schemes in place to help their residents, such as California which provides a State-backed platform for mortgage loan assistance, as well as a dedicated debt relief program. These options can be a helpful way to ensure that your debt is repaid, but in a way that is more convenient to you as the borrower. Additionally, these benefits can be further taken advantage of when turning to an agency like Americor, as they may be able to negotiate better terms with the State for the debtor.

Depending on the location, there are differing schemes available, from those that are good for short-term borrowers, right through to longer-term alternatives such as home loans, student loans, or extended debts.

Savings and Investments

One particularly effective way to enjoy financial freedom is by beginning to plan for the future from as early of an age as possible. By opening a savings account, or a dedicated account for investments, a person could find themselves contributing to their income whenever they have extra. Additionally, should the money be needed for a rainy day, it could be turned to instead of requiring a new loan, and by spending hard-earned cash on expenses as opposed to borrowed money, financial freedom can become somewhat of a reality to some.

These tips and many more can be learned from dedicated agencies such as Americor, who pride themselves on assisting those that are struggling financially to reclaim their independence and go debt free as soon as possible. They offer help, support, and guidance to those in need and can even interact with creditors and lenders on behalf of their clients, allowing them to take care of the technicalities while the borrower waits for good news.

Featured Image: Americor

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