Debt Relief Help - What Can I Do If I Have Debts I Cannot Repay?
Debt Relief Help - What Can I Do If I Have Debts I Cannot Repay
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Many people leave college and cannot find work. That is bad enough and then they find a big cloud looming over their heads in the shape of credit card debt and student loans that they cannot pay back.
There are many working parents and people as well without student loans and facing a mountain of credit card debt, solely because their income had dropped and their savings have vanished and when this happens they need debt relief help.
With the economy in the shape it is now many people are struggling to find a job or get by and credit card companies are doing no favours by jumping all over you as soon as you start to struggle with debt. Is there a solution and what can you do to get out of this mess?
The first thing many people do is to contact their lenders and try to come to an arrangement to get credit card debt relief and pay those bills off. Some lenders will be willing to help you but others will not. It all depends on your own situation.
If you find you are getting nowhere and your lenders are all telling you to take loans do not do this. The first step to take is to get free advice. You can do this through a local non-profit organization that will tell you what your options are or you can look at a debt consolidation company or debt settlement.
Credit card debt is unsecured and you have to keep it that way. Debt collectors and lenders will try directly or indirectly to get you to take a loan and convert this debt into secured debt. Once this happens you have to pay back every cent or risk losing what it is secured against. 90% of the time this will be your home.
Debt settlement may be the answer as long as you can pay back some of the debt. If you approach a company for credit card debt relief help and they suggest debt settlement this means they will deal with your lenders and cut your debt by up to half but remember there is still half to pay.
The other option is bankruptcy but this stays on your credit record for ten long years and you still have to pay lawyers fees to even get yourself declared bankrupt. This should only be considered as the last resort if you cannot pay back even half of what you owe with payment schedules organised under debt settlement.
If you are in debt and need help do not leap onto the first loan or offer of help from a loan company. They will only be too glad to take your home off you. Get debt relief help and advice to get you out of debt quickly.