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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:

Fighting in key Yemen city dies down after ceasefire
Tue, 18 Dec 2018 07:50:00 +0000
Yemen's key port city of Hodeida was calm on Tuesday, hours after a ceasefire came into effect between government-allied forces and the country's rebels.

Brit arrested over cannabis oil in Bali could face death penalty
Mon, 17 Dec 2018 21:56:00 +0000
A British man who could face the death penalty after he was arrested in Bali for allegedly smuggling cannabis oil has admitted he has been "very stupid".

'You sold your country out': Judge tells Trump's former adviser
Tue, 18 Dec 2018 15:58:00 +0000
A judge has told Donald Trump's former national security adviser Michael Flynn that "you sold your country out" as he delayed his sentencing for lying to the FBI.

Trump wishes Flynn 'good luck' ahead of sentencing
Tue, 18 Dec 2018 14:26:00 +0000
Donald Trump has wished his former national security adviser Michael Flynn "good luck" in court as he awaits sentencing for lying to the FBI.

BA to resume Pakistan flights 10 years after hotel bombing
Tue, 18 Dec 2018 16:19:00 +0000
British Airways is to resume flights to Pakistan more than 10 years after a deadly terror attack at the Marriott Hotel in the capital Islamabad.



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