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5 Options Toward Debt Relief

If you are in debt, well over your head in debt that is, there are options to help you overcome this situation. Let's examine five possible responses and uncover which ones lead to true debt relief.

1. Declare bankruptcy. Not as easy as it used to be especially since Congress passed and the president signed into law legislation to toughen personal bankruptcy laws earlier this year. Still, it is an option for some. Just remember: depending on which course of action you take, Chapter 7 or Chapter 13, it can have a long term impact on your credit standing.

2. Consolidate your debt through a consumer credit counseling service. Be careful as often all these companies do is get your interest rates reduced for a period of time, earn money off of your payments, and sink your credit rating! You can probably negotiate directly with your creditors for relief and save yourself money as well as your good name.

3. Get a consolidation loan. Watch out as this means borrowing from the equity you have in your house [secured credit] to pay off debt that is unsecured. Do you really want to expose your most valuable asset in that way?

4. Debt settlement. Just because you owe $50,000 to creditors does not mean you absolutely must pay it all back. With the services of a company who would arbitrate on your behalf, you can get real debt relief without the stigma of bankruptcy. Yes, your credit would take a bit of a hit but it it isn't the same as bankruptcy. You could then get out from under the remaining debt over a period of time.

5. Sit on it. In other words: do not do a thing. Sure, it is an appealing option for some but you cannot run and you cannot hide. Better to choose one of the first four options than this one!

Debt relief is possible, but it requires determination and research on your part. If you are using the services of another company to help you gain debt relief, make sure you read the small print and check out their references. Ultimately, your credit standing is in your hands. Do not trust it to those who are not actively working on your behalf.

Matt Keegan is The Article Writer who writes about topics from Aviation to Zoos. For samples of some of his work, please visit http://www.thearticlewriter.com

In The News:

FIFA u-turn over expanded 2022 World Cup
Wed, 22 May 2019 20:56:00 +0100
FIFA has said the 2022 World Cup in Qatar will not be expanded to 48 teams and will instead stick to 32.

Moderate Islamic scholars 'to be executed by Saudi Arabia'
Wed, 22 May 2019 11:49:00 +0100
Saudi Arabia is reportedly preparing to execute three moderate Islamic scholars despite the international outrage that followed the murder of journalist Jamal Khashoggi.

N Korea responds to Biden jibe and calls him 'fool of low IQ'
Wed, 22 May 2019 09:08:00 +0100
North Korea has called Joe Biden a "fool of low IQ" and an "imbecile bereft of elementary quality as a human being" after he said Kim Jong Un was a tyrant.

British woman dies on Edinburgh-bound Ryanair flight
Wed, 22 May 2019 21:19:00 +0100
A British woman has died on a Ryanair flight as it was due to take off from Majorca's Palma Airport.

Italian fashion house Prada to stop using fur
Wed, 22 May 2019 13:09:00 +0100
Italian luxury fashion house Prada has announced it will stop using animal fur from next year.



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