What are my options for getting out of debt?

Option #1: Do nothing at all.

     Continue to make payments directly to your creditors: A consumer making minimum payments on $10,000.00 in debt would take 17 years to pay off their debt & would pay 280% of the originally borrowed money assuming they never use their credit card again. You still have the hassle of dealing with multiple bills. You still are subject to high interest, late fees and finance charges.

Option #2: Choose Bankruptcy.

    Most people file for bankruptcy to escape from bill collectors. With our program, we offer a safe & sound alternative to bankruptcy. Surveys show that most people would rather not file bankruptcy because it can remain on your credit report for up to ten years. By enrolling in our program, our satisfied customers are able to avoid the bankruptcy and its harsh consequences. We recommend that consumers at least learn about other options before considering bankruptcy.

Option #3: Apply for a debt consolidation loan.

    If you are struggling with making your minimum payments, it is unlikely that you will qualify for this solution. If you do qualify for a consolidation loan, one of the worst mistakes a consumer makes is transferring unsecured debt into secured debt. This approach simply switches your debt around! Also, most people who get a debt consolidation loan continue to use their credit cards and actually end up with even more debt. Worst of all, if you miss payments on the debt consolidation loan you could end up losing your home - which you worked so hard to get in the first place.

Option #4: Debt Settlement:

    Debt settlement is almost like an out-of-court bankruptcy between you and your lender. In a debt settlement, you and your creditor privately negotiate mutually satisfying payment terms that are less than the originally agreed payment. Your creditor benefits from debt settlement because it finally collects some of what you owe, usually after you have not paid anything towards your debt for a year or more. Debt settlements most frequently become an option to resolve unsecured credit card debt from national banks. You benefit from debt settlement because your debt is forgiven or drastically reduced.

    However, the drawbacks of debt settlement usually outweigh the benefits - so you should investigate alternatives to debt settlement. Drawbacks to debt settlement Using debt settlement to pay less than what you owe might sound like a good idea, however it is best avoided. Debt settlement shows up on your credit report, so other creditors will see that you chose to escape your fiduciary responsibility without paying for the purchases you made. Debt settlement indicates that you didn't pay your debt as agreed, and proves that you paid less than what you truly owed. Keep in mind that a debt settlement, like bankruptcy, can remain on your credit report for up to ten years. It can thus prevent you from obtaining credit in the future. The process is also often expensive since most credit card companies will not negotiate directly with a debtor, so you must retain professional legal representation. Most people would rather not deal with lawyers.

    Financial Hardship: In most cases, you have to exhibit financial hardship when you undergo debt settlement, similar to the way you would to file bankruptcy. Financial hardship may include such things as staggering medical bills, loss of a job, or a lawsuit. In the absence of such demonstrated hardship, a creditor will be less likely to concede to debt settlement, and will likely suggest budgeting and credit counseling in conjunction with re-aging your account to bring it current. In such cases, a debtor should take joy in the fact that her debts are probably manageable with only lifestyle changes, sparing her credit report the decade-long stigma of debt settlement.

 Option #6 - Debt Consolidation without a loan

    Under a debt consolidation program seeks to arrange better terms with your creditors. In most cases they are able to lower interest, eliminate finance charges, reduce eligible late fees, and might even reduce your total debt. However, your credit report will NOT be devastated like it is after debt settlement. Other benefits of debt consolidation include: lower monthly payments, the simplicity of one bill each month, and the actual credit counseling you will receive. We can teach you effective ways to manage your debt that will remain with you for the rest of your life.
Debt Consolidation can helps you get out of debt and stay out of get for good.

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