Debt Relief Services – There Are Easier Ways To Debt Relief Than Liquidation Of Assets

Debt Relief Services There Are Easier Ways To Debt Relief Than Liquidation Of Assets

If you are burdened with huge debts and are thinking of liquidating your assets in order to repay the loans, you should pause and think again. It would be best to look for other debt relief options before you take this step. If you have fixed assets and a moderate debt, then the best way to reduce the burden of debt would be to opt for conversion of loans. Under this procedure all unsecured loans are converted to secured ones. The rates of interest on secured loans is drastically lower than that on unsecured loans. Hence this procedure will significantly reduce the amount of money you pay as installments every month. One more way of dealing with moderate debts is consolidation of loans. This procedure is helpful is you do not have fixed assets to spare or do not wish to offer them as collateral. Under this procedure several high interest loans are paid off with a single low interest one. This not only reduces the burden of debt, it also makes the payments more manageable.

If however your unsecured debts exceed $10,000, then you can opt for debt settlement. Under this procedure you can request your creditors to reduce the total loan amount payable. The creditors will analyse your current financial situation and assess your actual paying capacity. Once they have done that, they will decide a settlement amount. This amount can be further negotiated and if you are good at negotiating, the final settlement amount can be as less as 50% of the original amount payable. Once this amount is decided you can pay it off as a lump sum or in equated monthly instalments. Even if you decide to pay this amount in instalments it will take a maximum of 48 months for you to become debt free. You can then concentrate on rebuilding your credit scores.

The common debtor is seldom aware about the intricacies of financial matters. This is the reason it will be best if you hire the professional services of a debt relief company if you are looking for debt relief options.

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