A Brief Introduction To Debt Help Options

If you are browsing through www.ZeroDebtGuide.com you are probably going through a bad debt situation or know someone who is and want to help them deal with the situation. It is so easy to get into debt but it is so very hard to get out of, thousands of Americans are caught hopelessly in the debt treadmill, desperately trying not to sink under the burden of their mounting debts. When we find out we are unable to make payments on many of the bills that are due and end up defaulting on loan payments it is time to think about debt help options. One of the mistakes that we do is to ignore the situation until it is too late. If we accept and acknowledge the fact that we need help in resolving the bad debt situation we may avert possible consequences such as a devastating bankruptcy or forclosure. They are not only emotionally scarring but leave their mark on our credit reports for a long time to come ensuring that the only kind of credit that we qualify for is sub prime credit with their very high interest rates. Instead of being paralyzed into inaction we must make an earnest effort to get debt-free as fast as possible.

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Debt Relief

We have the option of trying to manage our debts by working out a budget and sticking to it or if we are not sure we can get debt-free without help from experts we can try various debt help options such as credit counseling, debt consolidation, debt management and debt settlement. These options may help you resolve bad debts and set you on the path towards a debt free future. You can get detailed information about the various debt relief options at www.ZeroDebtGuide.com.

 

Credit Counseling

There are many firms that offer these services for free or as a part of their debt consolidation, management or negotiation plans. Trained and qualified individuals will analyze every aspect of your financial situation, help you plan a budget and motivate you to stick to it. They will help you have more control over your finances, will help you curb unnecessary spending and ensure that you make payments on time. Many people have benefited from their services as they learnt to manage finances and in the event they needed credit they borrowed only as much as they could comfortably repay each month.

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Debt Consolidation Loans

www.ZeroDebtGuide.com is a great place to find all you want about debt relief options such as debt consolidation. Some of us end up with multiple debts that we default on certain occasions; it can be tough trying to make several payments each month with varying interest rates. Monthly repayment becomes a burden and we find that we are no longer able to afford making these payments. Creditors will soon come calling; some may even opt to sell your debt to debt collection agencies or may consider taking action legally. One of the options available is to consider firms that offer debt consolidation loans. They offer loans that will help you consolidate all your debt into one with a rate of interest that is much lower that the interest rate of all your debts combined. You can negotiate with the firm to get easy repayment terms, affordable monthly payments that will help you repair your credit as well. You no longer have to deal with the irate creditors instead can positively focus on getting debt free by making the payment on time each month.

 

Debt Management

There are firms that offer debt management services to those seeking debt relief. They offer to help you plan a budget, negotiate with your lenders and negotiate with them to get you lower rates or get better terms. You now have to make payments to the firm who will pass it on to the creditors. You no longer have to deal with the creditors or worry about answering the phone or the door! The one thing to beware of is that there are some fly-by-night operators who have cheated many people by not making the monthly payments instead they have absconded with the money they were supposed to pay to the creditors.

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Debt Settlement

If you do not feel you can afford to make the monthly payments for a debt consolidation loan you may want to check out debt settlement firms. Learn more about them at www.ZeroDebtGuide.com.

 

Debt settlement firms will work with your creditors and ensure that a significant portion of your debt ranging from 25-65% is written off. They will then work with you until you have saved enough to make a single payment to the creditors and people will find that they are able to become debt free within a couple of years to a maximum of about 5 years. Most firms also offer credit repair services as debt settlement can leave its mark on your credit report. With their credit repair service you will be able to clear your reports in a shorter time. This will help you get credit at better terms in future if you needed a loan to buy a house or a vehicle. You must remember that it will be easier to erase the after effects of debt settlement rather than that of a bankruptcy or a forclosure.

 

No matter what find of firm you approach we at www.ZeroDebtGuide.com recommend that you opt for a firm that is reputable and is registered with the Better Bureau of Business. It pays to compare the rates, services and terms of several firms before making a choice. There are many options to help you get debt free consider their advantages and disadvantages before selection the option that best suits your needs.

 

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