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Home » Debt Relief » Debt solutions

Debt solutions - 5 legal options to get out of debt fast

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Consumer debt has turned out to be one of the major concern in the United States. Many don't even realize how overwhelming debt situations can be, till they actually face it themselves. If your debt loads have been bothering you for quite sometime and you're unable to get rid of them on your own, debt solution companies might help you. The companies can offer you professional guidance about legal debt solutions, so that you can achieve the desired result as soon as possible. Read along to know about the available options which can solve your payday loan and credit card debt problems. Compare them to determine which will be the best debt solution to suit your financial condition.

What are the popular debt solutions?

5 types of relief options can show you the way to a debt free life. For this reason, these 5 debt solutions have become popular among people who're struggling to get rid of their debt loads. Check them out to see how they can be of assistance:

  1. Budgeting – Save to pay off your bills over time
  2. Debt management – Eliminate debts with affordable payments
  3. Debt Consolidation – Combine multiple bills to make repayments easy
  4. Debt Settlement – Pay less than what you owe
  5. Bankruptcy – The ultimate debt relief solution

Budgeting – Save to pay off your bills over time

Simple household budgeting can work wonders if done correctly. It helps to plan your finances, so that you can balance your income and expenses and still have enough room for savings. Effective budgeting can help you to make regular bill payments, and with enough savings, you can gradually get rid of your outstanding dues.

Budgeting can act like a boon, if you're struggling with your finances. Check out the advantages and the limitations that this debt solution comes along with:

Advantages:

  1. Helps in financial management
  2. Prevents wastage on unnecessary items
  3. Encourages savings, which can be used to pay off debts and avoid further credit
  4. Ensures steady credit score with regular bill payments

Disadvantages:

  1. Is a slow and gradual process
  2. Might not work as expected, with excessive debt amount

Debt management – Eliminate debts with affordable payments

Professional companies offering debt solution services can assist you to get rid of your outstanding bills and dues through a debt management program or DMP. After you sign up for their program, financial counselors associated with the company chalk out an affordable payment plan to help you manage your debts effectively. They not only offer you guidance about maintaining a budget, but also try to lower your debt payments by negotiating with your creditors for reduced interest rates. Find out the benefits that a DMP can promise and what are its disadvantages:

Advantages:

  1. Can help you to avoid further borrowing
  2. Reduced interest rates can result in affordable payment plan.
  3. Budgeting tips from counselors can help you save and make regular payments
  4. Debt solution companies can arrange single monthly payments with DMP

Disadvantages:

  1. Doesn’t work if creditors are unwilling to negotiate
  2. Stretching the repayment term might make you pay more as interests

Debt Consolidation – Combine multiple bills to make repayments easy

This form of debt solution can help you to merge your multiple debts together to form an affordable payment plan. As a result, your debt repayments seem easy, since you'll need to pay only once a month for your outstanding obligations. Once you enroll into a debt consolidation program, the counselors associated with the company also try to lower your interest rates, waive off the penalties, to make your payment plan more reasonable. Know how consolidation can help you and what can be its disadvantages:

Advantages:

  1. Combines multiple bills together and reduces hassle
  2. Arranges single affordable payments in a month
  3. Negotiation through consolidation programs can reduce payments and eliminate extra charges
  4. Interests can be reduced with credit card balance transfer or consolidation loan, if you do-it-yourself

Disadvantages:

  1. Can't serve its purpose if you keep on incurring new debts
  2. Minimum payments may extend repayment time-period and be expensive in the long run.

Debt Settlement – Pay less than what you owe

Settling your debts might be an extremely beneficial option if you feel you won't be able to repay your debts in full. A settlement program involves intensive negotiation with the creditors and collection agencies. As a result, not only the interests, penalties, extra charges get reduced or eliminated, but the debt principal can also be scaled down. It's a legal debt solution and is popular among debtors too, since it reduces debt amount significantly. Have a look below to understand some benefits and limitations of this option.

Advantages

  1. Brings substantial reduction to debt amounts
  2. Can help to eliminate the extra charges like penalties, late fees etc
  3. Can help to avoid collection attempts and calls
  4. Can let you dodge bankruptcy

Disadvantages:

  1. Taxes are imposed on the forgiven amount
  2. Credit scores may drop since debts aren't paid in full

Bankruptcy – The ultimate debt relief solution

Bankruptcy is the only alternative left to you when all other debt solution services fail to work for you. The process follows the federal Bankruptcy Code and allows a debtor to discharge or reorganize his debts with a payment plan. Though there are several bankruptcy options, two of them finds most use when individuals file their personal bankruptcy cases. While Chapter 7 involves the liquidation of debts and can help you to get rid of the unsecured debts, Chapter 13 readjusts individual debt amounts so that they can be repaid, as much as possible. Find out about the benefits offered by the bankruptcy process and why it's the ultimate option.

Advantages

  1. Can let you get rid of all your unsecured debts
  2. Can help you to avoid or postpone a foreclosure
  3. Can give you a fresh financial start

Disadvantages:

  1. Credit scores take immediate plunge
  2. May affect future financial decisions for a considerable time period

Professional companies usually don't offer free debt solutions services, and may charge you for the assistance they provide. Moreover, all of the above mentioned debt solutions might not be appropriate for you. So, you need to do your own research and analyze your financial condition before choosing the one which suits you best.

Top Questions
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What should you possibly do to fix your credit score?

My credit score is 512. I have made some wrong decisions in the past and my credit score is the proof for it. It will take some time to fix my credit score. I have almost $10000 in medical debt. What should I possibly do to fix it? ... Read more »


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bank business plan change

i wanna request to bank our business plan change. because there is minimum balance charge for maintain minimum balance . so please provide one format ... Read more »

Category: Debt Scams

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When will I receive my credit score?

I'll be making my fourth payment on a credit card in this month. I'll also be making my second payment on a secured loan. Can you please tell me when will I get my credit score? I am using the credit card since November 2013. ... Read more »


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Should you pay in full or try to settle a collection account?

I have a collection account on my credit report. Can you please tell me which one will be a better option in terms of credit score? I mean should I pay off the collection account in full? Should I try to settle the collection account for less than what I owe?... Read more »


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Find out more about bankruptcy adversary proceeding

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In an effort to better our services, we conduct an ongoing survey. Check out the survey results and see what the existing and past clients have to say about us:

  • Overall satisfaction
    The graph below shows the percentage of people satisfied after they spoke to us.
    Client Satisfaction Rate
    Very satisfied: 71%
    Satisfied: 13%
    Undecided: 6%
    Dissatisfied: 3%
    Very Dissatisfied: 7%
  • Ways to Contact
    The graph below shows the percentage of people using different mediums to contact us.
    Contact Medium Usage Rate
    Telephone: 52%
    Support Request: 17%
    E-mail: 27%
    Fax: 0%
    Other: 4%
  • Customer service
    The graph below depicts the satisfaction level for the less time taken by our team to solve various queries.
    Customer Service Quality Rate
    Very satisfied: 71%
    Satisfied: 14%
    Undecided: 5%
    Dissatisfied: 3%
    Very Dissatisfied: 7%

*Client names have been changed to protect privacy
**Represented feedbacks have been randomly selected from clients who took part in survey organized by OVLG
By Client DL*
profile pic Financial Coach:Phillip Kennedy
Rated by client: 
Client Relationship Manager:Simon Green
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Satisfied
DL's Feedback: they did a good job with creditors. don't remember talking to Philip Kennedy.
Suggestion: just get back a little quicker.

By Client RP*
profile pic Financial Coach:BG
Rated by client: 
Client Relationship Manager:Anthony Robbins
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Satisfied
RP's Feedback: Outstanding response and professionalism

By Client SF*
profile pic Financial Coach:Sara Perez
Rated by client: 
Client Relationship Manager:Kevin Anderson
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
SF's Feedback: I love that I get a response in a timely manner

By Client ML*
profile pic Financial Coach:Adam Augustine
Rated by client: 
Client Relationship Manager:Harry Miller
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
ML's Feedback: Great job. Took care of one big stress today!!!!
Suggestion: Absolutely None

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