subject: Debt Relief Tips - How Can Consumers Find Legitimate Debt Relief in Such a Saturated Market [print this page] Debt Relief Tips - How Can Consumers Find Legitimate Debt Relief in Such a Saturated Market
Credit card debt has become an Achilles heel for most consumers. They have been struggling to meet both ends meet. Most people in the US have survived from one pay check to another. With the onset of recession they have lost the only source of their income. This has sent them looking for debt relief.
If you are down with Credit card debt the first thing you need to do is stop using your Credit card. A check on the credit card expenses will at least bring your accelerating debt to a grinding halt. Once it has halted you need to look for debt relief to eliminate your debt in a reasonable time.
Your financial relief efforts can commence with taking a look at debt consolidation or counseling. Minor loans can be handled by debt counseling or putting your debt under one head in a debt consolidation program. Small steps in terms of saving money can take you a long way towards financial relief. Pay up the entire amount of your Credit card bill. This will make sure that you have no interest charges for fresh loans being incurred. Subsequently you can look to generate some extra income by an additional job. Use all the income from the second job to clear your debt. Your debt will vanish within months if not weeks.
If you have a loan that is larger than $10,000 then you can look for financial relief by going in for a settlement or bankruptcy. The two have their own good and bad points. If you file bankruptcy you may be able to discharge your debt but debt relief will come at a terrible cost. Your credit score will be damaged beyond repair. Financial settlement is a better way to beat your loans. With settlements you can legally eliminate debt by paying back only 50 percent of it. So go in for the form of debt relief that suits you the best.
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. To locate legitimate debt settlement companies in your state check out the following link:
