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Methods of Debt Relief : Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Articles, Debt Advice, debt consolidation

Methods of Debt Relief

June 3, 2010 by · Leave a Comment 

If you are trying to find a way to settle your debts, it means you have taken the first positive step in getting your finances in order. The next step is to choose one of the three main methods that can help you in this endeavor.

1. Debt Management –Debt management companies are usually non-profit outfits. They work with you in an effort to manage your finances and help you organize it in a way that is beneficial for you. They will not offer you any loans or talk to any of your creditors on your behalf. What they give you is knowledge – how to create a budget, payment plans, etc. Although this method might be frustrating at the start, the lack of any financial commitment towards the debt management company is a major advantage for anyone in debt.

2. Debt Settlement – Companies that offer this service will negotiate directly with your creditors. They are often able to get massive reductions in the amount owed (from about 20 to 60 percent), thereby enabling you to repay your creditors. All you have to do thereafter is pay the debt settlement company in installments and they in turn repay your creditors. However, this method has a lot of pitfalls in terms of hidden costs, complicated fees and fraudulent companies.

3. Debt consolidation – The idea of getting a debt consolidation loan is to help you pay off multiple creditors at once. Thereafter you are left with one big amount to be paid off. The goal here is to find a loan that has an interest rate that is lower than the ones you are paying right now. That way your monthly payments will be a lower amount, enabling you to make them on time.

Posted By: 1 Stop Service

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