Get Off Debt Today!

2007-03-08 10:33:40

( Financial )



Life today is stressful enough by itself but add to that your debt problems and you can’t help feeling distressed. But things are not as hopeless as they seem. There are ways to get off debt,find out how.


Where To Begin

Have a clear picture of your financial state. This will enable you to correctly plan what actions to take . Make a list of all your debts: personal debts, auto loans, mortgages and most importantly, credit card accounts. Ask financially savvy relatives and friends for assistance if the math is getting too dense. You might feel disconcerted or even shocked after you find out the extent of your plight but it is a necessary first step to get off debt.

Some Options To Consider

You can choose from several options available just be rational in your decision making. Picking an option depends on the gravity of your debt troubles and your level of commitment and readiness to make sacrifices..

Debt Consolidation

A debt consolidation loan is an alternative option if your principal reasons for indebtedness are your credit card accounts. Credit card debts can be difficult to control because of high interest rates coupled with a host of fees and charges. Debt consolidation is the process of obtaining credit in order to pay other loans. It is often secured against an important asset, which in most cases would be your house. Before signing up for a debt consolidation program, consider if you are willing to take the risk of losing your home. Take note as well that debt consolidation will not get rid of debt just by itself; it’s your commitment to the program that will spell your success or failure to get off debt.

Improve Your Credit Rating

This is crucial for everyone. Obtain a copy of your credit report and find out how you can improve your credit score. One way is to dispute inaccuracies or even truthful negative items on your credit report with the credit bureaus. This might take a while to bear fruit but the rewards will come in the form of lower interest rates for your debts!

Bankruptcy Filing

This is considered the most radical option to take. Consider this only after other alternatives have failed. Consultations with a bankruptcy lawyer are necessary before filing for bankruptcy. But bankruptcy is far from becoming a dead end to your dreams of financial freedom, its effects can be far reaching and overwhelming but they also open to new opportunities to start anew and be a better money manager.

These options, no matter how promising, will only benefit you if you make the required sacrifices. But to get off debt, these sacrifices are essential. So take a proactive approach and commit to the process. With enough effort and a lot of discipline you will be on your way to a less stressful life.


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