Debt Relief Methods – The Top 4 Options For Getting Out Of Debt

Oct. 11, 2010 - PRLog -- So many Americans are in debt and seeking debt relief options. So what are your options if you are in debt and need help? After reading this article you will have a general understanding of the different types of debt relief that are available to you.
1. Credit counseling
Credit counseling is a great alternative. For a small price you can meet with a certified credit counselor and get their professional help. They will look at your statements, bills, and paystubs to help you formulate a plan to pay off your debt. A credit counselor can even help you with debt relief method 2, debt settlement.
2. Debt settlement
Settlement is a way to eliminate part of your debt. You or your credit counselor can actually negotiate with creditors or lenders to reduce your debt, possibly in half. The only requirement for debt settlements is that you must be at least $10,000 in debt. Settlement will never completely eliminate your debt. The most possible is a reduction of 70%, although that probably isn't likely.
3. Debt consolidation
With consolidation you can have just one monthly debt repayment instead of multiple amounts owed to different companies. This can sometimes lowers the amount due each month or extend the life of your loans. Lower payments is not a guarantee and extending the life of your loans may just keep you in debt even longer. However, this is a good choice if you are just in a rough patch when you can't spare any extra money for debt relief.
4. Bankruptcy
Bankruptcy is a last resort after you have no hope of paying off your debt completely. A lot of businesses file for bankruptcy and people that owe millions of dollars. Bankruptcy can cause financial difficulties for the rest of your life and it can be extremely hard to rebuild your credit.
Now that you know your relief options, choose wisely and find out all the facts and terms because different credit card companies and banks may approach debt relief in their own way.
Free Debt Advice
(http://www.destroyourdebt.com)

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If you are over $10,000 in unsecured debt you should at least consider getting a debt settlement. Creditors are scared about collecting on their unsecured debt and you as the consumer can benefit. Check out the following link to find the top performing debt settlement companies.
Free Debt Advice
(http://www.destroyourdebt.com)
Or Call - 8008940286