subject: Personal Debt Relief Tips - The Best Personal Debt Solutions For 2010 [print this page] Personal Debt Relief Tips - The Best Personal Debt Solutions For 2010
Personal debt relief can be the answer to your financial problems if you know which option to use to get the maximum benefit for the minimum cost. Personal loan were very popular before the economic problems, but as soon as the crisis hit paying back these loans became harder. The recession left a many consumers without the ability to pay their loan. Debt relief options are used by clients which debt are a big part of their monthly income or even exceed it.
In 2010, the government has issued the stimulus money plan. This is of much help for consumers who are looking to get the advantage on their creditors and negotiate their debt. Stimulus money is made of government founds which are given to the major credit card companies to stimuli them into reducing the debt of their client. The creditors were already up for negotiations rather then let you file for bankruptcy, but with the add of stimulus money it is now even easier to reduce your debt and then just pay the rest.
The best personal debt solution has to be a settlement due to the fact that it uses stimulus money to its advantage and gets the best deal. The average reduction which you can get when you hire a debt settlement company is of 50%. You can try to negotiate on your own and save some money and fees but you risk not getting the maximum reduction. If you search online you can come across low tax or even free debt settlement companies. These are for charity or government institutions that don't require any fee from the consumers but they offer the same services as the ordinary debt settlement companies; it is better to hire the services of this kind of companies rather than taking on the creditors alone. At least this way you know that you are well represented.
2010 really is the best year to clear debt thanks to debt settlement and to the support of the Obama programs that aid consumers in their on going fight with debt. Now you don't even have to pay taxes for the amount of debt that gets cleared with the help of debt settlement.
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.
