Debt Relief Strategies – Practical Options For Debt Relief

- If you have accumulated enough equity on your home

, then take out a home equity loan in order to pay off debts.

9) Borrow from your 401k - You can borrow money from yourretirement plans (such as, 401k); but, you'll have to pay the penalty charges if you borrow money before you reach 59-1/2 years of age.

Pay off debt with professional help

If you are not able to clear your debt with the help of self repayment strategies, then you can opt for professional help. There are 5 professional debt relief options, as discussed below.

(i) Credit counseling - Credit counselor examines your financial situation and offers suggestions to manage your debt.

(ii) Debt management - Counselor negotiates with your creditors to reduce the interest rates on your debts.

(iii) Debt consolidation - Consolidation company bargains with your creditors to reduce interest rates. You can also consolidate your multiple bills into one.

(iv) Debt settlement - A settlement company negotiates with your creditors to reduce the total debt amount that you owe.

(v) Chapter 13 Bankruptcy - The court restructures your debt and makes a new repayment plan that you need to follow in order to pay off debt.

If you take advantage of the professional debt relief options, then you are required to pay a certain fee for the service. However, it's worth paying the fee, as you'll get professional guidance to help you get rid of debt effectively.

Debt Relief Strategies Practical Options For Debt Relief

By: Brigham Baldwin

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