Consider Your Options For Debt Relief
If you are becoming or have already become over-burdened by our debt situation, there are several debt relief options available to you. These include debt settlement, credit counseling, debt consolidation, bankruptcy and making minimum payments. Each of these debt relief options has its own distinct approach to getting rid of debt.
At The Debt Store, we strongly believe that debt settlement is the best solution for the majority of people in financial hardship. We also believe, however, that it’s important that you are as educated as possible about the other options available to you and how they compare to each other.
Two of the main debt relief options that come to people’s minds are credit counseling and debt consolidation. Both of these options require a significant time investment (usually over 5 years) and usually require you to pay more than your debt in total costs.
Credit counseling agencies negotiate your interest rate but rarely can they reduce your total cost on any of your debts. Debt consolidation companies allow you to pay only one monthly payment, but they usually require collateral and can cause you to get more into debt.
Only paying the minimum monthly payment on your credit cards is one of the worse things you can do. Doing this can cause your total costs to nearly triple, and with this method it take decades to pay off your debt. Finally, bankruptcy is considered a last resort option because it is so destructive to your credit rating.
Bankruptcy filings stay on your credit for 7 years and can make buying a home, car or other large purchase next to impossible. It’s vitally important to know what you are getting into when choosing how to get out of debt.
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