subject: Expunge Outstanding Debt - 5 Debt Solutions For Consumers [print this page] For consumers who are under huge debts the biggest problem is to choose the right alternative for eliminating their debt. Generally when people go heavily under debt, they bend towards filing for bankruptcy. But, bankruptcy brings with itself, its own share of problems. The only way is to pay back the debt. Now the question arises how to pay back such a huge debt. This is when people start looking at options like debt negotiation and resettlement, because these methods can help pay back the debt.
The topmost and best solution is to hire a professional debt settlement company for you. These companies understand your financial condition, the causes of your debt, the amount and then they chalk out a plan to bring you out of such situation. Once they have setup a budget for you, they then enter into negotiations with your creditors and try to bring your debt amount down by 20% to 50%. Then, comes the Debt Consolidation program which works on the plan that you have to pay a lump sum loan amount after collating all your debts on a reduced interest rate. The third debt solution is credit counseling where you take help of a third party assistance that actually works for the creditor and make arrangements for the monthly payments done by the client at a lower interest rate. This normally takes 5-6 years.
The fourth option which can be used is to take the help of government relief programs which have been designed for those who are on the verge of filing bankruptcy, so this is a step to control bankruptcy cases where you have to have an outstanding amount of $10,000 and above to qualify for these programs. The last option is filing for bankruptcy which used to be quite popular amongst the debtors to get rid of all their liabilities and debt but not anymore, as it has become quite difficult to file for it due to new rules and regulations.
Expunge Outstanding Debt - 5 Debt Solutions For Consumers
By: Benjamin Axel
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