We have all experienced getting so far in debt we don't know how we're going to get out. There are many different options that you have for quick relief with benefits and consequences. You can look at the overview and see which option is the best option for you.
Consolidation
1. Benefits
Lower monthly paymentsNo worry of paying multiple debt collectors every month, pay only one agencyPercentage of debt charged by consolidation companyCosts for LoanCost for counseling or negotiation2. Negatives
Appears on your credit like bankruptcyRequires you to get another loanIf you own a home loan will be tied to your equityTakes between 5 and 10 years to pay off the loanFirst few years no big change in debt reductionDoes not always prevent creditors from future legal collection actionBankruptcy
1. Benefits
Costs between $700-$30002. Negatives
On credit report for ten yearsFinances made public recordNo assets are allowed with Chapter7Creditors can file adversarial hearing that costs $3000Credit severely damagedDebt Relief Program
1. Benefits
Payments can stop as soon as the program startsCredit Repair available after a short timeGood credit repair options available3. Negatives
Usually only credit card debt and unsecured signature loanAbout The Author
Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products.
waresbus@waresbusiness.com