There are viable alternatives to bankruptcy, you need to educate yourself on what the options are and which options best fit your current economic siutation. Click on any of the links for more information, these are trusted resources that we have personally used or have strong references regarding their business practices and ability to assist consumers in avoiding bankruptcy and getting rid of their debt and stabilizing and improving their financial future.
The Big 5 Debt Relief Options
The average American has $9200 in credit card debt, in addition to good debts like student loans, car loans, and mortgages. 29% of all people with debt say that medical expenses contributed to their debt. Senior citizens, especially widows with little financial experience, have an average debt of $5800 because their expenses exceed their income from social security and pensions.
If your debt has grown to an unmanageable level, you are not alone. Many people feel the daily stress of debt, but debt relief options have helped millions of them get out of debt.
Common Debt Relief Options
You can take control of your situation and get out of debt with one or more of these four basic options:
Debt settlement
Credit counseling
Debt consolidation
Self-help/Debt Negotiation
Debt Settlement
Debt settlement services offer to negotiate and settle your debts for less than you owe. Debt settlement is an option for people who cannot afford their monthly payments, and who are not worried if their credit rating will be negatively impacted during the program. Debt Elimination in 12-30 months!
Credit Counseling
Credit counseling is a program that enrolls you on a debt management plan (’DMP’) which usually allows you to qualify for a concession rate from your creditors for lower interest rates and lower payments. The plan should include reduced interest rates, lessons in budgeting and money management, or a comprehensive debt management program. Get Online Debt Relief Now! Click Here
Some credit counselors can help you repay your debts, but be wary of credit counselors who:
Ask you to pay a high up-front fee
Require you to sign up before the consultation
Offer a plan without assessing your situation
Don’t teach budgeting or money management skills
Before you sign, check the Better Business Bureau for complaints.
Debt Consolidation
You may be able to consolidate your debts with a home equity loan or other debt consolidation loan. If you’re confident that you’ll be able to make the payments without building more credit card debt, debt consolidation can be an excellent way to reduce your payments and possibly reduce your taxes. You must be a homeowner to qualify for most debt consolidation loans.
If you are a homeowner, and struggling to pay your mortgage, there are loan modification programs that can help. Killer mortgage payments? Contact Loan Modification Connection today!
Self-Help Debt Relief
The easiest debt relief options are things you can do yourself, like:
Tracking your spending
Checking your credit reports
Negotiating with creditors for reductions
ClearUpMyDebtNow.com helps customers to rid themselves of debt quickly and easily!
Track your spending - Write down every penny you spend for one month, including monthly bills, automatic payments and bank charges. If you see a lot of unnecessary expenses like $10 weekday lunches or $4 magazines bought at a newsstand, cut those expenses and use the savings to pay down your debts.
Check your credit reports - Did you know that 4 out of 5 people’s reports have errors (including identity theft issues) that can increase your interest rate or damage your credit?
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Negotiate with creditors - Call your creditors and ask them to reduce your interest rate in order to keep you as a customer. If you know a payment will be late or you can’t pay it, call the creditor before the due date to arrange a new payment plan.
Debt can be stressful, but once you gain control over it, you’ll sleep better at night. Debt relief options like free online budgeting and debt management tools or professional credit and debt services can help you become free of bad debt and start planning for your future again.
We all need credit cards, for one reason or another, but are trying to cut back on using them due to rising minimum payments and interest rates. One way to better manage your cash, and still have a branded credit card to use for purchases, online bill pay, ATM use, online purchases and more, is to obtain a prepaid credit card. You can still build credit with some of these types of credit cards, as well as manage your purchases, your cashflow and NOT add more debt to your bottom line. Check out these resources:
MasterCard Prepaid Card - FREE Direct Deposit, Online Pay Bills, Get Cash from ATM’s, Guaranteed Approval!
Bad Credit? No Credit? Get a Prepaid Visa RushCard
By: Justin Narin
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