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My husband and I are about $30,000 dollars in debt - can you help us to get the ball rolling, and can you tell us if Franklin Debt Relief is a good option?

My husband and I are about $30,000 dollars in debt and contacted Franklin Debt Relief. We now have the money to pay off everything - all of it. can y...

My husband and I are about $30,000 dollars in debt and contacted Franklin Debt Relief. We now have the money to pay off everything - all of it. can you help us to get the ball rolling, and can you tell us if Franklin Debt Relief is a good company?

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  • Franklin Debt Relief is a debt settlement company.
  • Debt Settlement is a solution where you pay to have debts negotiated down and settled for less than face balance.
  • Results are uncertain in a debt settlement program.

I can think of several possible solutions to your problem, depending on how old the debts are, your financial situation and how much money you can afford to allocate to your debts on a monthly basis. While I cannot comment as to the efficacy of Franklin Debt Relief, I can tell you that if you follow the links below, I can put you in contact with a pre-qualified company, such as Freedom Debt Relief ( Freedom Debt Relief ) that may be able to assist you in resolving these debts. I would always recommend getting several quotes and then picking the solution and the company that is best suited for your needs.

Therefore, if you want a free debt consultation with one of Bill's approved debt help partners, to see how much you can save, click here: Debt Relief Savings Quote.

Now, on to your options:

Secured Debt Consolidation Loan

If you own a home, a secured debt consolidation loan may be right for you -- but it is harder than ever to get loans due to the credit crunch and tighter lending restrictions. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. However, be careful before you borrow money against your home to pay off credit cards and unsecured loans; you are converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefully -- the Savings Center is a great resource to help you find a lender for this type of loan. makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: Mortgage Refinance Quote

Consumer Credit Counseling

Another option to consider is a Consumer Credit Counseling Service, or CCCS. CCCS companies offer numerous services, such as financial counseling and budget planning, as well as Debt Management Plans (DMPs). In a DMP, the CCCS would arrange a new payment amount with each of your creditors, usually based on a reduced interest rate. You would then make a single monthly payment to the CCCS which would distribute the funds to your creditors, based on the new payment amounts. There are several drawbacks to CCCS, though. First, depending on your creditors, it may not be able to reduce your monthly payments enough to improve your financial situation. Second, it may have a negative impact on your ability to obtain a loan, so you may not wish to enter into a DMP if you anticipate any large purchases, such as home or an auto, in the near future. Third, the average DMP takes around five years to pay off your debts, so you must be willing and able to commit to a long-term repayment plan.

Debt Settlement / Debt Negotiation

You may also want to consider the services offered by debt settlement firms. Rather than making monthly payments to your creditors, these programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. These programs usually take only 2-3 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner. In many cases they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs, though -- they will damage your credit while in the program and for at least a year or two afterward. However, if you are currently unable to afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt.

Depending on your income and the type and amount of debt, one of the several options I have described above may be able to help you. I encourage you to explore and the Debt Help resource to read more about these and other options available to you.

I hope this information helps you Find. Learn. Save.

Good Luck,


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  • F
    Mar, 2010
    Franklin Debt Relief is a debt settlement firm. They are small but they are member of TASC.
  • S
    Mar, 2010
    Franklin Debt Relief is NOT a lending company, they offer debt settlement types of services for people with credit card debt and that type of thing.
  • SD
    Oct, 2009
    Is Franklin Debt Relief a lending company and where can i get their debt loan.
  • S
    May, 2009
    Also debt settlment should not be somthing anyone chooses to do. While in the process you can still be sued by your creditors. Settlement companys wait untill everything is charged off then they go to try and settle the debt. If you are not sueable then you have nothing to worry about. Most companys will not work with them, they will sue first.
  • WR
    Apr, 2009
    Where are the false statements and misrepresentations from Franklin Debt Relief? You might want to alert them and get those problems fixed. Your statements on community property are accurate.