Ways to Deal with Debt
Four Basic Methods to Deal with Debt
- Pay in FULL (no more interest and finance charges).
- Consolidate the debt into monthly payments.
- Settle the debt for less than owed.
- File bankruptcy.
Consolidate Your Debts
There are many debt consolidators available, but with most your likelihood in succeeding with a Debt Consolidation is dismal. You will likely pay for the average 4-6 months, be unable to pay further and will have lost all the payments made with little effect on reducing your debt.
Settle the Debt for Less Than Owed
If you owe a lot of debt, many times creditors will accept less than what you owe in full settlement of the debt. We may be able to assist you in the negotiation with the creditors. The advantage, of course, is that you are paying less than you owe. The disadvantage is that you will need to come up with a lump sum of money to pay the settlement and you may have to pay income tax on the debt that was forgiven.
File Bankruptcy
It isn't as bad as it sounds. Bankruptcy does NOT destroy your credit. You may have better credit after bankruptcy than before. You can rebuild your credit. You may be able to buy a house six months after you finish your bankruptcy. Remember, a bankruptcy may be on your credit for seven to ten years, but a judgment may be good for 20 years. There are many types of bankruptcy.
To learn more about how we can help you deal with your debt, contact us online or by calling 888-321-4039.
