October 29, 2020
DebtMD had the pleasure of interviewing Michael Petrecca, Co-Founder and Chief Revenue Officer of Prudent Financial Solutions. Founded in 2019, Prudent provides a consultative and tailored approach to help people burdened with debt by providing financial solutions that are prudent and aligned with their goals. Their mission is to build a comprehensive road map that provides education, debt relief services, and a clear path to financial independence.
With many misconceptions out there regarding debt settlement programs, Mr. Petrecca gave us valuable tips and insights as to when an individual should consider debt settlement, and what to look out for when choosing a company to handle their debt.
Who should consider debt settlement?
Listen, that's a great question. First and foremost, Debt settlement is not for everyone. When a consumer comes to us looking to improve their financial situation and overall financial wellness, I would have them first consider one of our traditional loan options. However, there are typically 3 major leading indicators that tell us a consumer should consider looking into a debt settlement option:
- They are receiving loan offers, however, not getting approved for the loan amount they requested.
- They are receiving loan offers with higher than normal interest rates and payments.
- They are simply not getting approved for unsecured loans at all.
The perfect candidate for debt settlement is an individual that has been attempting to pay down high interest, high balance credit card/loan debts but has been making little to no progress.
High balance, high interest credit cards almost always carry high minimum payments. When these minimum payments start to take up a large percentage of the households income and start to hinder the individual's ability to save and live comfortably, it is time to seriously consider debt settlement.
What sets Prudent apart from the others?
There are quite a few competitors that I would say are doing a fine job of delivering this service. However, we have noticed that a majority of these firms often provide a one size fits all approach to consumers, when in reality, everyone's financial situation is different.
Prudent Financial Solution leverages 15 plus years of industry leading experience with our full suite of financial wellness products to provide our clients with a truly unbiased consultation. We tailor each program to the individuals unique needs. The team is constantly educating themselves by staying up to date on new industry trends in order to provide the most accurate information to clients.
Prudent ensures that each client knows and understands every option that is available to them and the pros and cons of each. Prudent gives consumers the tools needed in order for them to make an educated decision for themselves.
What are three things you should know before enrolling into a debt settlement program?
That's very simple.
First, do your homework! Make sure the person on the other side of the phone knows what they are talking about and is not misleading you in any way. Second, look at the company reviews. One thing that I have learned is that consumers are not afraid to let you know exactly how they feel about the product and service. Reviews are very foretelling of what you should expect! Lastly, try your best to gauge the company's quality of customer service. The companies that do this well are the companies that tend to provide the best overall experience.
How can someone learn more about Prudent's Financial Programs?
Google. Beyond that, look at the website and fill out the contact form. However, nothing ever replaces the phone call. Pick up the phone and give Prudent a call for a cost-free consultation.