Get Rid Of Debt Today!

2007-03-08 10:33:40

( Financial )



Having a lot of debt certainly brings a lot of stress and anxiety to anyone. If you feel like your debts are piling up and are becoming unmanageable, then it’s probably time to take action. The sooner you get rid of debt, the better it is for your financial future.

Where To Start

Before you can get rid of debt, you must first have a clear picture of how much you exactly owe. Sit down and make a list of all your debt – all of it. List your personal debts, mortgages, car loans and credit card accounts. Ask help from more financially savvy family members and friends if you get overwhelmed by the computations. Finding out how much you actually owe can be disconcerting or even shocking, but this is an important starting point to get rid of debt. This will enable you to look for the best options to decrease or even eliminate your debt.

What Your Options Are

There are a variety of options to choose from. Choosing what’s right for your situation depends on the kind of debts you have and the severity of your debt burden.

Debt Consolidation

A debt consolidation loan can be a good option if your primary causes of indebtedness are your credit cards. Credit cards can be tricky since they have large interest rates plus a host of fees and charges. Debt consolidation is getting one loan so that you can pay other loans. A debt consolidation loan is most often secured against an asset, usually your house. So before deciding to consolidate, consider first if you’re willing to take that risk. Note that debt consolidation alone will not get rid of debt, it’s the changes you make while in debt consolidation that will determine your success or failure.

Check Your Credit Rating

This applies to everyone. You need to get a copy of your credit report and figure out how you can improve your credit rating. The common way is by disputing errors or even accurate negative items on your credit report with the credit bureaus. This can be a lengthy and frustrating process but which can improve your credit rating resulting on lower interest payments.

Filing For Bankruptcy

This is the most drastic option you can take. This should be considered only after other options have been exhausted. Consult with a bankruptcy lawyer if you are considering to file. If you really have to, don’t despair, it’s not a dead end. While it may close some doors on you momentarily, it will also give you a new opportunity to rebuild good credit

All these options entail you to make certain sacrifices and changes in your spending habits and even your whole lifestyle. But to get rid of debt, these changes are necessary. So make a commitment and stick to it. Do this and you are on your way to a more stable and less stressful life.


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