Options For Paying Off Debt: Consider Credit Counseling Or Debt Settlement & Work Toward Debt Freedom
Posted on | February 25, 2011 | 60 Comments
When looking for tips for getting out of debt, it’s important that you investigate the various options available to you. Sometimes, people only look in the direction of a debt consolidation loan down at the local bank. However, there are other avenues that can be helpful to you as you work toward a debt free life.
Consumer Credit Counseling
One option you can take advantage of is consumer credit counseling.
Through credit counseling, you can get help in the areas of staying away from bankruptcy, budgeting, and option that help repaying your debts easier to handle.
You can access some of these debt consolidation/credit counseling services by way of the Internet, stopping in at a local office for an in-person visit, or by the phone.
These types of services can help you with your creditors when it comes to lowering your monthly payment obligations, eliminating fees for late payments, reducing and/or eliminating interest, teaching you money management skills, etc.
Choosing Consumer Credit Counseling Agency
When choosing a consumer credit counseling agency to work with, consider whether they stick to the standards set up by the Association of Independent Consumer Credit Counseling Agencies (AICCCA), don’t charge exorbitant fees, are a non-profit outfit, and offer you the ability to see the management of your account (as well as get counseling) through the Internet.
Debt Settlement
If you may have access to a substantial lump sum of money, you may want to consider your debt settlement options. This is where you can negotiate with your creditors to pay off your debt for pennies on the dollar. Many times, people have been successful at paying off debt for anywhere between 30% and 75% of the balance owed.
So, if you can take out a second mortgage, have a large tax refund coming, or can refinance your home, etc, then you may want to look at this option. If you’re not sure how to best negotiate, then you can always hire a professional debt settlement company.
Debt Settlement Done For You
A debt settlement company will negotiate for you, as well as help you with a payment plan at first. Once your balance reaches an amount where settlement can be negotiated, then your company will negotiate with your creditor and set up the final, full payment for you.
There are options to help you get out of debt. Your job is to investigate all of them. If you’re not sure you’re ready for consumer credit counseling or a debt settlement company, you can always work your very own plan by paying off your smallest debt first.
Then, apply that payment to your next largest debt. Keep doing this until all your debts are paid off. This is called debt stacking and can be quite effective as a “do it yourself” debt elimination method.
The bottom line when it comes to getting out of debt is to pick the method that suits you and then stick to it until your final goal is accomplished: debt freedom.
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