Debt Elimination – What Other Options Exist Besides Bankruptcy For Debt Elimination

December 30, 2009 by  Filed under: Bankruptcy 

Have you ever heard of killing a mosquito with an elephant? It could well be the same with your debt elimination program. You need to use the correct solution to eliminate your debt so that you can make a fresh start. Remember, bankruptcy is always the last resort. Use it as a trump card. Remember, always save your fire power for the last fight. You may never require it at all.

In general, people believe that the best way to win a war is to never fight it but postpone it forever. Bankruptcy will be war with your credit. If you can win it without fighting it, why not do so. There are a large amount of solutions to credit card debt.

The safest way to fight your debt relief is to stop using your credit cards at all. This way you will make sure that you are not adding fuel to the fire. Make a monthly plan and decide on the bare essential thing you need to purchase. Say bye to the rest for the time being. This will make your life more disciplined. Saving is all about being disciplined. If you need finer tips look for credit card debt counseling. The counselors will help you to get organized to fight the debt.

The next option is to go in for a consolidation. Get all your debts under one head. Firstly they are simpler to manage. You can negotiate for a lower rate of interest. By doing this you will be saving a lot of money on interest. Bargain for a low rate of interest. Knowing that you have many options open your creditors are bound to agree.

If consolidation does not help and your debt is simply huge, look for a settlement. Your creditors too are equally worried as you are. They prefer to recover some money from you as long as you can do so. They will agree to waive almost 50 percent of your outstanding amount. Use this as the best option for debt relief prior to bankruptcy.

If you are in debt over your head, the best solution at this point is to obtain a financial settlement. However, you need a great deal of research before going with the first company willing to deal with your debts. Remember that it is imperative to get rid of your debt as soon as possible, since you never know what the economy will bring and when will it be too late to change anything.

If you want to find out more about research and advice on debt relief topics, simply follow this link:

Free Debt Advice

Article Source:

http://EzineArticles.com/?expert=Lisa_Archer-Jones

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