A Penny Saved

Debt is something that we’re all familiar with.  Nearly everyone has some sort of debt, whether it’s a mortgage, car loan, credit cards, even hospital bills.  No matter what the source, just about everyone makes monthly debt payments.  It’s no fun, and sometimes it can be overwhelming.

In the case of credit card debt, things can get out of hand pretty quickly.  If you’re not careful, you can quickly find yourself in over your head with those shiny little plastic rectangles.  It’s nothing to be ashamed of really - I’ve been in pretty serious credit card debt before myself.  Just because you made some bad choices in the past doesn’t mean you’re doomed to a terrible financial future.  If you need credit card help, there are companies that can help - and NetDebt is one of them.

What does NetDebt do?

To put it simply, NetDebt offers a debt solution.  In other words, they help you consolidate and manage your credit card debt.  Rather than making 12 monthly payments that add up to a small fortune, you make one, smaller, monthly payment.  NetDebt retains a lawyer on your behalf as well, to help with debt settlement.  Why would a credit settle for just part of the debt you owe?  Simple.  If they can get part of the debt, it’s much better than getting none of it.  If you’re overwhelmed with debt and many payments every month, you may be tempted to give up and look at bankruptcy.

How about cost - it can’t be free

And you’re absolutely right - NetDebt is not free.  The lawyer that they retain on your behalf charges a fee equal to 15% of the debts that you include in the program, and there is also mention of a “small monthly fee”, though not a specific number.  You’ll have to decide for yourself if you’re comfortable with paying the fees involved.

Is NetDebt for me?

If you’re just about to throw in the towel and file for bankruptcy, maybe.  If you’re having trouble keeping up with your multiple credit card payments, maybe.  Naturally if you can handle your payments and pay off your debt alone, that’s the best case scenario.  With NetDebt, any credit cards you include in the program will be closed - so you can’t use them and rack up any additional debt.  There are fees involved, and drawbacks.  Take your time, do your homework, and make sure that you know what you’re doing.  NetDebt can be a great help in certain situations - as long as you’re aware of what the program does and does not do.