Unsecured Debt Negotiation

Monarch Legal Group can help you with Unsecured Debt Negotiation

Credit cards are just a fact of life in modern America, but that doesn’t mean they’re good for our wallets. If the bills aren’t paid off every month, interest begins to accumulate, and the debt grows. Over time, you could be looking at an exponentially higher bill than what you initially paid. In fact, Illinoisans currently owe an average of $7,300 in credit card debt. That’s a lot of debt!

If you’ve been carrying credit card debt for two or more years, you’re likely paying at least $1,000 annually in interest and fees. Late or missed payments can cause your debts to snowball thanks to extra charges and higher interest rates. Out-of-control debt can ruin your finances, damage your credit score and destroy your peace of mind. Monarch Legal Group can help.

Unsecured Debts vs. Secured Debts

Credit cards are considered unsecured debts. Unlike mortgages or vehicle loans, unsecured debts aren’t backed by property, which is called collateral. Other common unsecured debts include:

  • Store cards
  • Medical bills
  • Personal loans
  • Cash advances
  • Some types of utility bills

When you fail to pay a debt that is backed by collateral, the creditor can take possession of your assets by foreclosing on your home or repossessing your vehicle. With unsecured debt, they have other options for collecting on the debt. Creditors can call you at home or work, or they can try to contact you through the mail. They can also list the default in your credit report. If all else fails, creditors can take legal action against you. If you want to avoid litigation, you’ll need to be proactive.

Options for Managing Debt

When you’re facing a mountain of debt, you might feel like you’re at the end of your rope. You do still have options, however. Bankruptcy is one of the best-known options for eliminating excessive debt, but it isn’t the only option. You might also be eligible for debt settlement.

With debt settlement, you will work with your creditor to negotiate your debts down to an amount you can afford. You can settle most kinds of unsecured debts, including credit cards, personal loans, medical bills and more. The process can be complex, but you don’t have to go it alone. Monarch Legal Group has extensive experience in the debt settlement process, and we will work directly with your creditors to negotiate fair amounts, often for pennies on the dollar. Once we’ve negotiated a settlement and you’ve approved it, you’ll be well on your way to a future free of burdensome debt.

Getting the Help You Need

Monarch Legal Group understands the stress that comes from debt collectors. We can help stop the creditor harassment, protect your legal rights and help you manage your debt. With debt negotiation, you can pay your debts and move on with your life. Call Monarch Legal Group today to learn more or to schedule a free case evaluation with our team.