Often, when a person has a great deal of debt, they feel like they are living in a prison - even though debtor's prison went out a very long time ago. When you have a large amount of debt, there is no spare money for anything, you cannot get credit because you are already carrying too much credit, and life just is not any fun. However, when it comes to serious debt, what choice do you really have?
Actually, you have numerous choices. These choices include debt settlement, debt consolidation, credit counseling, a home equity loan, and even bankruptcy or self help. Of these choices, the best options are usually debt settlement or debt consolidation, combined with credit counseling.
The worst options are bankruptcy, home equity loans, and self help. First, getting out of financial issues with the self help method typically adds a great deal more stress to your life, and on top of this, in the end you really haven't resolved very much. With bankruptcy, the end result is being debt free, but you have the black cloud of a bankruptcy hanging over you for at least ten years. With a home equity loan, you haven't really done anything other than to move your debt from your current creditors to another creditor.
Again, the best options are debt settlement, where your debts are drastically reduced, and then paid off with one lump sum, or debt consolidation where your debts are combined into one affordable loan, with just one payment due each month for a longer period of time. While debt consolidation does not rid you of your debt, it does bring your debt back down to a manageable level.
As you can see, you don't have to live in the prison called debt any longer. There are choices and options open to you, and you should take advantage of those options as soon as possible.
There has really never been a more advantageous time for consumers to try and eliminate unsecured debt. Creditors are very concerned about collecting and most have government money to make eliminating some of your debt financially feasible.
Check out the link below to locate legitimate debt relief companies in your area:
Free Debt Advice
Article Source: http://EzineArticles.com/?expert=Morgan_Laronte
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