Debt relief solutions – the top 4 options for getting out of debt

If rising debt is giving you sleepless nights and you do not know how to get out of the situation, then you must consider various debt solutions that satisfy your specific needs.
By: DisputeDebts.com
 
Oct. 15, 2010 - PRLog -- If rising debt is giving you sleepless nights and you do not know how to get out of the situation, then you must consider various debt solutions that satisfy your specific needs. All debt solutions have their advantages and disadvantages and should be chosen as per your requirement and financial situation. These debt solutions will help you handle all your unsecured debts with simplicity.

Some of the important debt solutions that help you survive the increasing pressures of debt are as follows.

1. Credit counseling: When you are having difficulties in handling your finances you must first consider credit counseling. The credit counseling agency will formulate a budget for you and will also help you stick to the budget. Some agencies do not even charge you for their advice. Thus, you can get their advice and use it to get out of debt.

2. Debt management: This plan considers all your multiple bills. When you have a difficulty in handling your multiple bills, then your debt management company helps you formulate a budget based on which you can handle your finances. In case this does not help in coming out of the financial crisis, then the company may suggest you to enroll in a debt management program. Under the program you pay only a fixed monthly installment. This amount is then used by the debt management company to pay your creditors.

3. Debt consolidation: If you are troubled because of your multiple bills, then you should consider this option. Debt consolidation combines all your multiple bills into a single debt. A debt consolidation company negotiates lower rates of interest with your creditors and may also get your late fees waived off. Your financial situation is assessed and a fixed monthly installment is decided on. You have to pay this fixed amount every month to the debt consolidation company. The company distributes this amount among your creditors. Thus, you need to pay only a fixed amount every month instead of paying multiple creditors and as you are paying every month your credit score also improves.

4. Debt settlement: When it becomes difficult for you to make even the minimum payments, then you can opt for debt settlement. In this case the debt settlement company negotiates with your creditors to settle for a lower mount than you actually owe. The creditor in this case settles for 40% to 70% of the outstanding debt in exchange for a one-time-payment. When you pay your creditor this amount it is considered payment in full. However, it is important to note that debt settlement may have a negative impact on your credit score.
Free Debt Advice
(http://www.DisputeDebts.com)

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To speak with a debt relief specialist for a free debt consultation check out the following link. They will provide a free and unbiased evaluation of your financial situation to determine what the best debt relief option is.
Free Debt Advice
(http://www.DisputeDebts.com)
Or Call - 877-853-6466
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Source:DisputeDebts.com
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Tags:Credit Debt, Debt Consolidation, Debt Relief, Debt Management, Debt Settlement, Debt Help, Debt Free
Industry:Debt relief
Location:United States
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