If you have found yourself knee deep in debt don’t worry. No matter how much debt you have, there is always a way to get out. Here are 3 options for you to consider right now.
Option #1 - Debt Consolidation
I must say, debt consolidation has gotten a pretty bad rap here lately. That’s because there are a lot of debt consolidation companies out there scamming people. But as a whole, debt consolidation is a great option. Debt consolidation companies will basically take over your accounts and do all the dirty work. They will call the credit card companies and work out a plan for you to consolidate your debt.
The debt consolidation company does 5 very important things for you. They stop creditors from calling, they stop late fees from occurring, they get your interest rate reduced, they get your monthly payments lowered and they make it where you can pay one monthly payment for all of your bills.
Option #2 - Debt Settlement
Debt settlement is when a settlement company will call all of your creditors and negotiate a settlement. The purpose of the settlement is to reduce the total amount you owe to the creditor. If you are having a hard time making your monthly payments on credit cards, debt settlement is a great way to go. With debt settlement you get your debts turned into one single monthly payment, you are able to avoid bankruptcy, you stop debt collection phone calls, reduce or stop late fees and avoid lawsuits.
Option #3 - Do It Yourself Debt Relief
When it boils down to it, you have the ability to do the same thing the debt settlement company and debt consolidation company does. You can call your creditors and negotiate the same way they do. Most people don’t want to do that which is why they turn to debt help companies. But for those you can’t afford that kind of help, you can do it yourself. Sit down and write down all of your bills and how much you owe on each one of them. Then come up with an amount you know you can pay each and every month.
Once you have that information, start calling each creditor one by one. Please know that negotiating can take some time. You might not get what you want on the first try. But if you keep at it, you will eventually get what you are looking for.
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