Do you want to get out of debt legally? Here are your options for getting out of debt in different financial scenarios.
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Getting out of debt legally - How to do it in the best way

You’ve jumped on this article simply because you’re in debt and want to get out of it. You’ve failed to control your reckless spending behavior and dropped into a pool of financial troubles. Or, you were unprepared for an emergency situation and ended up with an enormous credit card debt. Whatever may be the reason is, you’ve lots of debts, and they need to be eradicated as soon as possible.

Get out of debt options for different scenarios

Scenario 1.

Credit card debt has superseded all your expectations and badly hit your bank balance.

This means you’re in credit card debt. Don’t get worried. Millions of people get into this problem every year. So, you’re not the only one.

Solutions:

Credit card debt settlement: This option helps to slash the outstanding balance on your credit cards. You can get out of credit card debt legally.

Pros

  • You won’t have to pay the total amount
  • You can avoid asset liquidation
Cons

  • You may have tax liabilities
  • You’ve to be delinquent

Choose credit card debt settlement

Credit card debt consolidation: This option gives you a structured and affordable monthly payment plan.

Pros

  • Won’t have to manage multiple bills
  • You can reset your financial life
Cons

  • It won’t help if you can’t make one payment each month
  • You can only pay off unsecured debts

Consolidate credit cards to one bill


Scenario 2.

Payday loans are eating away your paychecks like a monster.

Oh! This is bad. Payday loans can destroy your emergency funds and bank balance within a few months because of high-interest rates. Still, there are ways to take control of the situation.

Solutions:

Payday loan debt settlement: This works best when you want to reduce drastically the principal amount and save on fees.

Pros

  • You can ditch cash advance within 2-3 years
  • You’ll have disposable cash for other needs
Cons

  • Your credit score will go down
  • You may have to pay a tax

Settle payday loans now

Payday loan debt consolidation: This debt repayment plan helps you pay only one time every month on pdls.

Pros

  • No need to manage multiple pdls anymore
  • Late fees and fines will evaporate
Cons

  • Need to avoid fresh debts
  • Have to follow a budget

Consolidate and lower your pdl payments


Scenario 3.

Medical bills are pushing you towards bankruptcy

A sudden medical emergency can make you bankrupt with a series of huge bills. The only way to pay off medical bills is through debt consolidation or settlement.

Solutions:

Medical bill settlement: Here you negotiate to reduce the outstanding balance on medical bills with a hospital.

Pros

  • Have to pay a fraction of the total amount
  • Can avoid bankruptcy
Cons

  • Hospitals may not agree to settle
  • May have to pay tax on your profit

How to settle debts

Medical bill consolidation: Here you club your multiple medical bills into a single and affordable payment plan.

Pros

  • You may not have to entertain collection calls
  • You can save a huge amount
Cons

  • You need to love a frugal life
  • You can’t incur new debts

How to consolidate debt


Scenario 4.

Student loans are not letting you begin a good financial life.

The biggest problem with a student loan is that you can’t discharge it through bankruptcy. But does this mean you can’t get out of this loan? You have lots of other options.

Solutions:

Student loan debt consolidation: It helps you combine private student loans into a payment plan that best suits your financial situation.

Pros

  • It helps you enjoy small monthly payment
  • It helps you improve credit score with time
Cons

  • It urges you to stop living in luxury
  • It may take time to pay off debt

Use Brunner test to discharge student loans


Other debt relief options

  • Income-based repayment option
  • Student loan debt forgiveness
  • Loan rehabilitation
  • Automatic debit option

What is the best way to get out of debt?

OVLG helps you in getting out of debt in the best possible manner. Curious to know how is this possible? Just have a look below:

  • You can get free counseling online
  • You can pay off debt at reasonable fees
  • You can get 12 kinds of solutions
  • You can get refunds for unsatisfactory results
  • You can get debt and legal advice from attorneys
  • You can stay updated on your progress anytime

Why you can trust OVLG


How to get out of debt free of cost


There isn’t a way to get out of debt free of cost. However, OVLG does offer you a FREE consultation wherein our FC suggests various ways to tackle your debts. Other than this, there are a few non-profit debt relief companies that may help you restart your financial life at nominal fees.

Medical debt consolidation

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Want to overcome money mistakes and get out of debt? Trust OVLG!

Want to overcome money mistakes and get out of debt? Trust OVLG!

Date: 09:48 pm 8th Jun, 2016 Article Rating: 
Rating: 
5
Average: 5 (1 vote)

Being in debt is dreadful. Anyone who has been in debt knows that feeling well. Debt is not that bad if you can pay it off within the given time. But, paying off debt on time is a tough job. However, it’s not impossible. You just need to overcome your habits that are keeping you away from paying [...]... Read more


Zodiac and Debt - Select your preferred get out of debt option

Zodiac and Debt - Select your preferred get out of debt option

Date: 03:12 am 14th Jan, 2015 Article Rating: 
Rating: 
2
Average: 2 (1 vote)

When the question is to get out of debt, there's no harm in trying out every alternate option. You never know - following tips as per your zodiac sign might be the most suitable option for you. Check your most preferred get out of debt option as per your sun sign [...]... Read more



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