Calculate Your Debt
At Elite Financial Solutions, we will work tirelessly to resolve your debt. Our typical client has seen over 50% of their unsecured debt negotiated away and is debt free in as little as 36 months.* Just enter the approximate total amount of your unsecured debt to see how much you might be able to save along with what your estimated monthly payment would be to achieve this goal.
We've also provided some insight into what you might expect to pay if you go it alone - paying minimums, in addition to what you might expect if you were to utilize the services of Consumer Credit Counseling. You may also calculate your income to debt ratio, which is a qualifying ratio used by lending institutions in underwriting a residential mortgage loan.
* Individual results may vary based on ability to save funds, amount of debt, willingness of creditors to negotiate, and the successful completion of all program terms. Elite Financial Solutions fees not included in savings disclosure. Program does not assume or pay any debts, nor provide legal or tax advice. Always review contracts and disclosure materials.
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Explanation of Unsecured Debt:
Simply put, debt is unsecured if you have promised to pay a creditor a sum of money at a particular time, and you have not pledged any real or personal property as collateral for that debt.
Some examples of unsecured debt might include:
· Credit cards
· Lines of credit
· Personal or signature loans
· Medical bills
The other type of debt that people usually have is called secured debt. Secured debt is money that was borrowed with a condition that if you fail to make your payments, one (or more) of your possessions (collateral) might be seized and sold by the secured creditor. Some examples of secured debt might include:
· Mortgage
· Car loan/lease
· Student Loans (Unless Private)
· Financing contract (e.g. furniture)
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