Take the Debt Relief of America Quiz

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Getting out of debt is a goal that many Americans share. Everyone from the new college graduate to the grandma that lives alone has to deal with debt. Debt is a universal struggle that almost all of us share. While it sometimes feels like there is no hope of ever escaping from the jaws of debt, there is hope. There is a company called Debt Relief of America and they have been helping people to get out of debt for years. Do you want to test your debt relief knowledge? Take the quiz below.

Question 1:

What is the first step to debt relief?

a) Ask your best friend what he/she did to get out of debt

b) Obtain your credit report

c) Sign up for a debt relief service

The correct answer is B. While your friend might think he/she knows what he/she is talking about, you should always consult a professional when dealing with a serious matter such as debt. While it is a good idea to sign up with a debt relief service, it is not the first thing you do. The first thing you need to do is get your credit report so you can see where your credit is at the start of your journey. It is important to have an understanding of your credit score because it shapes almost every financial decision you should make.

Question 2:

How does debt relief work?

a) They make a new credit history for you

b) Try to get the creditors to believe you never existed

c) They negotiate with your creditors to try to reduce the debt that you owe

The correct answer is C. Companies that offer to make a new credit history for you are scam companies. It is illegal to create a new credit history. Unless you like the idea of going to jail, stay away from these scam artists. Trying to lie to creditors to make them think you never existed is a terrible idea. This plan could also send you to the slammer. An honest company will talk to the creditors to get them to reduce the total amount that you owe.

Question 3:

Should I just file for bankruptcy?

a) Sure, why not?

b) Absolutely not

c) Maybe

Filing for bankruptcy is never a good idea. Bankruptcy will destroy your credit record for 10 years and during this time, you cannot get new credit. Going with a debt relief plan is a much better option than bankruptcy.

Credit card debt relief is there if you want it. It only takes one call to change your life. Now that you have this information on how to resolve debt, it is time to finally get out of debt for good.