subject: Your Debt Relief Options - What Are the Most Flexible Options For Getting Out of Debt? [print this page] Your Debt Relief Options - What Are the Most Flexible Options For Getting Out of Debt?
If what you want out of your debt relief is more flexibility, you'll be happy to hear that there are solutions that offer just that, and perhaps even more, and that are guaranteed to get you out of debt and back on your feet in no time.
Depending on the amount you owe, there are several ways that you can eliminate your debt, but you shouldn't expect miracles - all of them imply dedication and a serious attitude on your part, otherwise you may find yourself in even more trouble. The first method to try, especially if your debt is not that large, is debt consolidation. Essentially, you take out a loan to pay off your debt, thus avoiding the large amount of interest that accumulates over time and making it easier and faster for you to repay your debt.
This is a very good deal as the loan is usually backed by government funds that offer a great deal of security and you also get the added advantage of having a much lower interest and better organized monthly payments. Over a much shorter period of time than it would be possible with normal payments, you will find a significant improvement, both in your situation and also in your credit score.
Another valid solution to take is negotiating with your creditor in order to cut a part of your debt - a process called debt settlement. With the proper help, you may achieve a cut of fifty percent on your debt, consisting mainly in accumulated interest, annual administration fees and payment penalties for late payments. Also the lower interest will allow you to pay off your debt completely in about two or three years.
There are even more debt relief options out there for you to find, and it is a very good idea to study the market thoroughly before committing to any one solution as this will help you get the best deal. There is plenty of flexibility available for those who are not willing to just sit back and watch their world fall apart because of debt - it is up to you to start looking today.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
