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Debt Free Solutions

When reviewing your options of getting out of debt you may not be aware of any other debt free solutions besides Bankruptcy. Bankruptcy in a nutshell is the discharging of all your debt. Bankruptcy is basically for people who cannot save their credit, they are insolvent. It stays on your credit report forever, and can impact your future ability to obtain credit. If filed incorrectly, your assets may be seized and sold to pay back creditors.

Debt Free Options
There are other choices for people who can afford to pay something every month, and WANT to pay down their debt, but are struggling against creditors who refuse to work with your situation. One option is Debt Consolidation. However, if you are overextended on your credit, this WILL NOT be an option for you. Debt Consolidation requires credit qualification. If you are already maxed and struggling to stay afloat, you almost certainly won’t qualify.

Most credit cards allow you to negotiate your debt. This is called Debt Settlement. Debt Settlement allows you to pay back your debt at a reduced rate. The percentage you pay back will vary.

You can negotiate with your creditors or hire a Debt Relief company to negotiate on your behalf. If you attempt to negotiate on your behalf the credit card companies may refuse to work with you. The best route to take is to hire a Debt Relief company. A good Debt Relief company will have a minimum performance standard, and guide you through the process so that you are protected from harassing, unfair collections practices. There are fees involved, but overall you will end up saving over 50% of what you owe. The most important thing about hiring a Debt Relief company is that they have established relationships with creditors. They can create payment plans for you that are manageable, and that creditors wouldn’t otherwise accept. They deal with millions of dollars of customer debt, and are able to negotiate better rates.

At the end of a plan, when you graduate from your debt, you will have the tools to stay debt free, and the overall effect on your credit will be the least impacted of all the debt relief options out there. You will save your creditworthiness.