Best Debt Relief Options – What Debt Relief Option Makes Financial Sense For You?

Best Debt Relief Options What Debt Relief Option Makes Financial Sense For You

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Nowadays due to economy downturn and hyperinflation taking credit card debt is unavoidable. Recent statistics show that a household allocates 33% of total income in housing, 13% in food, 5% in apparel 19% transportation, 5% in health care, 5% in entertainment, 9% personal insurance and pensions, 1% in life insurance and 10% for others. Now in case of extra expenditures people have to take debts. Many consumers, whether due to job loss, major injury, or simply overspending with ever increasing interest rates, see a large portion of their monthly income being consumed by credit card payments. Most consumers are only able to make the minimum payment and soon find that their balances are increasing (or at least not changing), which causes even more frustration and stress.

There are three methods of debt relief.

1. Debt Consolidation

2. Credit Counseling

3. Debt Settlement

DEBT CONSOLIDATION:

Debt consolidation is basically collecting all loans into one large loan at a lesser interest rate than most creditors charge. After obtaining the debt consolidation financing, the consumer will use that money to pay off creditors and then pay one monthly fee to the bank that provided the consolidation loan. The net result is hundreds of dollars are saved.

A great way to quickly compare several debt consolidation programs is to request a free consolidation quote online. There are hundreds of companies online by doing little research you can find the most favorable deal for yourself. This is much faster and easier than calling each company individually.

CREDIT COUNSELING:

On internet hundreds of companies are available that provide credit counseling. Before enrolling in any program it is necessary to check whether company is legitimate or not. A legitimate credit counseling company is one that will evaluate your finances and help you come up with a long term plan to help you get out of debt. It helps you to avoid financial problems in the future.

DEBT SETTLEMENT:

Debt Settlement is the most effective strategy to get rid of debt. There are many debt settlement companies that provide debt settlement in 18-36 months depending how much a debtor can pay monthly to get rid of debts. In debt settlement process the company representatives, on behalf of debtors negotiates with the creditors. By enrolling in a debt settlement program a debtor can get rid of oppressive phone calls and letters of the creditors. Generally these companies can reduce the debt to 40% to 60% of the total balance.

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