Know Your Options & How to Choose

Debt has always been and will probably always be an issue in our homes, therefore the need for debt relief programs will always be needed. Times are changing and the need for debt relief organization must also change. The cost of living rises while our wages remain stagnant which is one major cause of family hardship and high debt. As debt becomes more and more problematic with Americans, the need for Debt Relief Organizations have gained in popularity. The need for these services is becoming paramount. The average family in America has approx. $15,000 in credit card debt alone. Sometimes we look at a family knee-deep in debt and we automatically start to accuse them of poorly managing their credit, which is not always the case the cold harsh truth is most are in debt for multiple reason. Maybe the loss of employment, divorced, Medical Bills, work hours cut, Student Loan and so on. As our country changes so does our economy, as we progress forward our economy transforms from manual manufacturing to automation manufacturing. Economy progression should not be seen as a negative, but the down side of progression is that some people will be trapped in the wash and sadly fine themselves unemployed or underemployed.

Now let’s discuss some of your options to debt freedom. As the consumer you have a variety of options and it’s very important that you study each option well and choose the one that best fit you and your family, choosing the wrong one could be devastating to you, your family and your credit.

As we move forward, we’ll discuss all of your options in detail. As you will find out, all your options have the same goal in common which is to provide you debt relief. However, some also have on serious negative in common, they cannot reduce anyone’s debt. The only option capable of doing this is debt negotiation when it leads to debt settlements. And of course the Little Becomes Much Method which Eliminate your debt.



1. Pay Debt down yourself

2. Consumer credit counseling

3. Debt settlement

4. Debt consolidation

5. Bankruptcy

6. Little Becomes Much



Did you know that you have the option of Trying to fix everything yourself? “In a Nutshell” A balance transfer can be a great way to save money on interest and get out of debt but it can also be a slippery slope into more debt if you’re not careful,

which could make this a very stressful process, especially when you’re not sure how the process works. Unfortunately, however success under this method is not guaranteed. You’re in so much credit card debt that it feels nearly impossible to get out. You feel stuck, it’s tough to get ahead with such a high interest rate. So, what can you do? One option to consider is a balance transfer.


A balance transfer is the process of transferring debt from one credit card to another credit card, usually to one with a lower interest rate. This can be a great option, but if you’re not careful or aware of the potential drawbacks, you could wind up with even more debt. If you’re considering a balance transfer as part of your get-out-of-debt strategy, read on to learn the pros and cons.

Balance transfer pros

It can consolidate your payments

You may be able to combine multiple credit and balances by transferring them to balance transfer card. Once you’ve consolidated your debt onto one card, you can focus on one payment with one due date, instead of making several payments each month and having to keep track of various due dates. This can make it easier to manage your payments.

You can save money on interest

A major benefit of doing a balance transfer is the potential to save money on interest. It’s common to see credit cards with APRs ranging from just under 14% all the way up to 24%.

Some balance transfer cards come with an introductory 0% APR for a set amount of time. That way the money you do put toward your debt is not just getting eaten up by interest, but instead paying down the principal balance.

Move your debt to a different credit card

You may feel stuck with your current credit cards, dealing with high interest rate and terms that don’t offer you much as cardholder. Depending on the card you get approved for, you may be able to move your debt to a credit card that has a lower interest rate and more favorable terms. You may even be able to find a balance transfer card that offers perks that can earn you rewards. But you might want to wait until your transferred balance is paid off before you take on new credit card debt.

Balance transfer cons

You may have to pay a balance transfer fee

Most good things aren’t free, and that includes balance transfers. Many balance transfer credit cards will charge a balance transfer fee of 3% to 5% of the amount

You transfer, usually with a minimum of $5 to $10. Let’s say you transfer $5,000 and there’s a 3% balance transfer fee. You’ll end up paying a $150 fee just to do the transaction. Consider that added cost before you transfer your balance to make sure you’re still saving money.

The low interest rate doesn’t last forever

Balance transfer cards may offer a 0% intro APR for a specific amount of time. The promotional period can vary depending on the card, but you’ll see balance transfer cards out there with intro APR period of anywhere from six months to 21 months. That means if you’re using this card to pay off debt, you’ll want to be aware of when the promotional period ends and what the APR will be after that.

You could add to your debt

If you’re looking to do a balance transfer, you’re likely hoping to pay off debt and save money on interest. But if you haven’t addressed the root of the issue, having another credit card could easily lead to more debt. If you don’t have a plan, you may end up racking up even more debt with the new credit card. Worse yet, you may not pay off your existing debt within the promotional period and end up just shuffling your debt around without actually saving money.

Some balance transfer credit cards also offer 0% APR on purchases for a period of time, such as 12 to 18 months. Don’t take the bait,” says Beverly Harzog, author and credit card expert for U.S. News & World Report. “Ones of the biggest mistakes consumers make with balance transfers cards is to use them for new purchases. You can end up in even more debt this way.”

You may need healthy credit

In order to get approved for a balance transfer credit card, you typically need good credit scores to qualify. Your scores will also help determine if you are approved for the best APR.

Bottom line

A balance transfer credit card can be a useful tool to have in your arsenal if you’re looking for a new hack to pay off debt faster. If you get approved for a low interest rate and pay off your debt during the promotional period, you may be able to save money on interest and be debt free sooner.

It could also be a good idea to make sure you have addressed the reason behind your credit card debt before you apply for a new card. Weigh these pros and cons carefully to help decide if a balance transfer credit card is a good option for your financial situation.