Thanks to the recession, many more American families are facing a mound of bills that they just cannot pay; they are in debt.
If you are one of these individuals, it may seem as if all hope has been lost.
After all, you can't pay your debt if you don't have extra money to spend.
While it may hard to associate good news with consumer debt, I do have some; there are more get-out-of-debt options available for consumers like yourself.
In fact, keep reading on to familiarize yourself with two popular choices.
Debt Settlement: Debt settlement is the process of eliminating a portion of your debt.
For example, if you owe $15,000 on your credit cards, you may be able to get that total reduced to $8,000 or $10,000.
Basically, your creditors are willing to accept less.
Why would they do this? It really is simple: getting a percentage of their money is better than getting none at all.
Debt Consolidation: Debt consolidation involves using the services of a consolidation company.
You will need to gather information on your debts, as well as your current finances.
If you are deemed an ideal candidate, the consolidation company will pay your overdue credit card bills.
You are then responsible for repaying them.
The difference is that they use your current financial information to settle on a fair loan term, which should include a low internet rate and monthly payments you can afford.
Whether you opt for debt settlement, consolidation, or if you are still unsure which approach is best for you, use the services of a debt relief network.
They are a valuable research tool for not only examining all of your options but finding a legitimate company to help you get out of debt.