Educator & State Employee Debt Management

Solutions for Debt Relief

If you are currently in debt, the first thing we want to tell you is that you’re not alone. Although it varies by age, the average American has $90,460 in debt, according to a 2021 CNBC report, including credit cards, personal loans, mortgages, and student debt. Climbing out of debt feels like an enormous and often overwhelming challenge. 

At My State Pension, our network of debt specialists will review your current financial situation, including incomes and expenses, help you set a budget, and create a plan to help you manage your finances and work to become and stay debt-free. 

Together, we will discuss debt management, consolidation, credit counseling, and other debt-relief solutions.

Debt Consolidation

Debt consolidation rolls multiple debts into one payment and it makes sense if you can consolidate and get a lower interest rate on the payment. It will help to reduce your total bills and your total debt and pay it off faster. 

Debt Assumption

Debt assumption involves three parties that are used to refinance the debt: the original debtor, a new person who will now assume the debt, and a creditor. In essence, the debt is transferred from one person to another. The benefit is that now that the debt is transferred, it helps to protect against lawsuits and helps to restore your credit. The debt still needs to be paid. Not everyone qualifies for debt assumption, we will connect you with one of our experienced agents that will help you decide if you qualify and if this is an option you should consider. 

Debt Validation

Debt validation allows you to request proof from the credit agency that you actually owe a specific debt. The right to request this information is protected under The Fair Debt Collection Practices Act. There is a specific process involved to request the information, and if the credit agency cannot validate the debt, there is another process to restore your credit and reduce your payment amount. At My State Pension, we will connect you with an experienced agent that can help you with this process.

Debt Settlement

Debt settlement means that the creditor agrees to accept a lower amount as full repayment than what you actually owe. The creditor will never be allowed to contact you again for that debt. Although it sounds like a great solution, it’s not always the best option as a settlement can take many years to accomplish and it can be detrimental to your credit. At My State Pension, we will connect you with an experienced agent that will discuss this option with you to see if it’s in your best interest.

Take Control of Your Finances and Enjoy Financial Freedom

At My State Pension, our network of licensed agents work with each of our clients one-on-one to help them enjoy a debt-free life. If you are in debt, please reach out to one of our specialists so we can work with you to determine the best option to help you achieve financial independence. 

Reach out for a free consultation today.

Did you schedule your consultation?

If you are a K-12 educator or staff, collegiate educator or staff, municipal or state employee we can connect you with a licensed financial professional with the experience needed to help you understand your pension benefits and overall retirement plan.