5 Debt Reduction Options to Wipe Out Half of Your Credit Card, Medical Bill and IRS Tax Debt

Aug. 19, 2010 - PRLog -- There are many liability relief options through which one can wipe out half of their debts. These options include those options which have the potential to wipe your entire liability amount. The top five liability reduction options include:

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1. Liability settlement: This is a liability reduction process. In this process you can get the liability amount discounted by half through effective negotiation tactics. You have to negotiate with the creditors for a discount and to get a higher discount you have to use effective negotiation techniques. The remaining amount can be reimbursed through low interest rates and extra time period for repayment of the liability amount. The advantage of this way of solving liability issues to the creditor is that he gets some part of his money back and the remaining part of the discounted loan is paid by the government to them.

2. Liability consolidation: This is another liability elimination technique. Through this technique you can get all your loans added up and get a new loan amount formulated. You will receive a relaxation in the interest rate and you can make one single liability bill payment each month. You get freedom from multiple monthly credit bill payments.

3. Insolvency: This method is now a days being discouraged by the government as this option has played an important role in the collapse of the American economy. According to this method you file a law suit claiming that you are bankrupt and have no money to accommodate your creditors. If your claim is accepted by the court of law; you receive full relaxation from the entire loan amount.

4. Tax breaks: Government used to charge high amount of taxes on the income people earn through businesses and jobs. Now the tax rules have been relaxed which means people will have more money to pay their credit bills. This way; people can reduce the total amount of money they owe. This method has even encouraged the creditors to allow people to select liability settlement as an option to eliminate loan issues. This is because the creditors cover the discounted amount from the money which they previously paid as taxes.

5. Grant Money is another effort made by the government to help people solve their liability issues. Grant money is provided by the government to those who want to get freedom from liability issues and want to stand back on their feet.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

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