Getting Out Of Debt – 3 Things To Avoid When Seeking Debt Relief Programs

Many people seeking a get out of debt program often make the wrong choices and end up in worse financial shape than before

. Part of the problem is that they are exposed to too much rubbish information which leads to poor choices. In this article, I am going to reveal the 3 pitfalls you must avoid and offer the ideal solution for getting rid of your debt.

Here are the three main things you must avoid to have success with debt relief...

1) Avoid Bankruptcy

I know that sometimes a debt burden can become overwhelming, and there was a time when bankruptcy wasn't a bad option. Today however, bankruptcy is perhaps the worst thing you can do to help alleviate your worries. Sure it gets rid of the debt, but it leaves financial shackle around your neck.

The main disadvantage is that it stays on your credit record for up to ten years, during which time qualifying for a loan (even to buy a car) is next to impossible. Bankruptcy is so bad it can actually hurt your chances of getting a job, as most companies nowadays do a credit check before they hire.

2) Avoid Debt Consolidation

This option whilst not as bad as the one mentioned above has major drawbacks. Although you'll be able to bundle all your existing debt under one monthly payment, the company that handles the process will charge you a fortune. It's not uncommon for debt consolidation to add years to the life of your loans. This happens because in addition to charging a service fee, debt consolidation companies also add an interest element to the bundled loan amount.

3) Avoid Debt Counseling

If I sound disgusted with this sorry excuse for an option forgive me. I just don't see why people choose it as an option. It does nothing to reduce overall debt, rarely ever is able to get a reduction in the interest and monthly payments, so it's efficacy is seriously in doubt.

Debt Settlement - The Best Solution

I would be remiss of me to not finish off by showing a solution for a get out of debt program, so here it is. Debt settlement works a charm. It reduces your overall amount by actually negotiating a write-off of a percentage owed. This means instant relief, and more cash in your pocket. It's also super easy to get started with debt settlement as most companies operate online and offerfree consultations.

Getting Out Of Debt 3 Things To Avoid When Seeking Debt Relief Programs

By: smith archer

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