Debt Settlement Options
Do It Yourself Solution
A very common strategy for handling escalating debt is to use the "Do it yourself" approach. Many people will only seek assistance when a situation is out of control. Sometimes it is difficult to recognize the patterns that lead to financial ruin. It's very common for consumers to make only minimum payments until they are juggling payments or looking for more low interest offers just to keep afloat. This usually evolves into a scenario where you hope the problem just goes away on its own. This is not likely to happen. Read More »
Debt Consolidation
Debt consolidation loans can be another way to resolve debt and are often touted as an easy way to get out from under the burden of credit card debt. At first, it seems to make sense. Consumers use the equity in their homes to reduce the interest on money borrowed from 20-25% down to 6-8%. Additionally, consumers benefit from having one monthly payment on the new loan. Read More »
Credit Counseling
Some consumers consider using a "Non-profit" Credit Counseling program to help resolve their debt? Before you make that decision, you should be aware how these programs work.
When you go to a Credit Counseling agency for help, they will design a reorganization plan to pay your debts. The Consultant will take information on each of your accounts. They have predetermined figures from each creditor regarding the interest rate and the minimum payments the creditor will accept. Your plan will be based on these figures. Read More »
Bankruptcy
Many consumers who are deeply in debt consider bankruptcy their only option. Too often, they don't understand the consequences of this decision until it is too late.*
You may feel forced to consider bankruptcy, due to the continued creditor harassment, and a belief that you have no other options for dealing with your debt. Creditors can apply a lot of pressure to pay your bills, even threaten to sue you or levy your real property. Read More »
* Anyone considering bankruptcy should contact a bankruptcy attorney.
Debt Negotiation
Few people realize that there is another solution to address your debt, an approach that puts YOU in control. That solution is debt negotiation.
Just imagine being able to pay less than what you currently owe by making affordable monthly payments with no interest, wouldn't that make a HUGE difference in your financial future? Read More »
