subject: Eliminate Outstanding Debt - Decrease and Get Rid of Unsecured Debt With These Options [print this page] Huge unsecured debt makes it impossible for the debtor to lead a normal life with the creditors after their money and finances going to dumps. In this case bankruptcy is not the only possible option with the new age options like debt settlement. Debt consolidation, credit counseling and lower down payments. Each option carries with itself its set of good and bad points. However all of them can reduce your debt greatly or make it easier to pay off.
Debt consolidation is basically the process to consolidate your many small debts into a single one with lower interest rates. This decreases the interest rates and makes monthly payments more easily payable. Then comes the option of debt settlement in which you can hire a debt settlement company who bring your financial situation back on track and try to negotiate your debt amount with your creditors and can get you reductions upto 50% on it.
Credit counseling is another good option with a third party party overseeing the deal between the debtor and the creditor with reduction's in interest rates. Although the third party works for the creditors officially so it does not make for the best of deals.
Lower down payments just reduces the huge monthly installments to a more viable amount. All these options promise to reduce your debt and make you debt free in as short as 2-3 years or as long as 5-7 years. Even though bankruptcy is not particularly a very popular option, it can still help in certain very rare cases. It can legally shield you from the harassment of the creditors until your bankruptcy plea is decided upon. Still debt settlement remains the favorite option with the debt ridden customers with its much shorter time frame and better terms and conditions.
Eliminate Outstanding Debt - Decrease and Get Rid of Unsecured Debt With These Options
By: Conrad Corwin
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