Is Your Debt Too Overwhelming? 3 Debt Relief Options to Consider
Wednesday, March 26, 2014, 1:00 AM | Leave Comment
If you are in a lot of debt, you have a few solid options. Of course, not all choices are great for your situation. On the other hand, it is wise to consider what you can do as it is possible to pay off your debt or otherwise live a debt-free lifestyle.
With this in mind, here are three debt relief options to consider.
-
Bankruptcy
Now, if you have too much debt, you will struggle to pay your monthly bills. When this happens, some consumers will have a nearly impossible time recovering.
While this is a significant choice to make, you should consider bankruptcy if you have a hard time meeting monthly obligations.
At the same time, when considering this strategy, you should look at multiple options.
Furthermore, it is wise to speak to a professional like Exelby & Partners Ltd even though they focus on bankruptcy in Alberta, they surely can direct you to someone who can help guide you through the process.
Either way you look at it, if you want to get out from underneath your debt, you should consider this as a last option.
-
Lump sum payoff
If you have some cash in the bank, you should consider calling the credit card company and offering a lump sum.
Of course, when using this option, you should remember to get a pay for delete entry on your credit report as this will help you improve your score.
When offering some money, you should try to lowball the creditor and take it from there. Then, if you reach a good amount that works for you, it is possible to sign the paperwork and move on with your life.
This is only a good option if you have cash on hand as most creditors will not negotiate if you only offer to make payments.
-
Long-term payment plan
Now, if you have a nice income but do not have cash in the bank, you should consider a long-term payment plan.
One way to save money on interest is to ask the creditor to give you a break on the rate.
With a six month break on the interest, you can knock out the principal and pay off your debt fast.
Remember, this is a great option if you have some income and do not want to consider bankruptcy.
Luckily, when increasing your income and paying off debt quickly, you can fix your problem in no time.
With these three debt relief options, you can clean up your credit report. Furthermore, you can fix your issue in both the short and long-term.
Throw us a like at Facebook.com/doable.finance
