Do Nothing: Let's face it, doing nothing is not really an option. Most people with mounting credit card debt, who do not take action, will struggle to pay off their balances.
Bankruptcy: This should be considered your last resort for debt relief. Bankruptcy will have devastating effects on your credit. In a Chapter 7 bankruptcy, you will generally be forced to sell all non-exempt assets of value. In extreme cases, this could include your home, and every asset you own!
Your assets will be given to a trustee whose job is to liquidate your assets and repay your creditors using the money from the sale of your assets. Most consumers who have filed chapter 7 bankruptcy will advise you that the long term damage just isn't worth it. If you are considering bankruptcy you should contact a bankruptcy attorney to discuss your options.
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Debt Consolidation: Consolidating your debt into one monthly bill may seem like a great way to take control of your debt. The fact remains however, you are still in debt! You may even end up in deeper debt due to high interest rates and difficulty qualifying. You just can't borrow your way out of debt. A Home Equity Loan can also be dangerous, since you are securing your unsecured debt with your home. Now, if you can't make your payments, your creditors can take your home!
Credit Counseling: Once you enroll into a Credit Card Counseling program, you cannot use ANY cards while you are in the program. Also, you cannot qualify for any new loans or lines of credit until you complete the program.
Often times, these programs can last longer than 3-4 years. They do NOT lower the amount of debt you owe, just your rates. You are paying service fees and a monthly payment to a third party (the Credit Counseling Company) to control your money and pay your bills for you. This reflects as a negative mark on your credit as it shows you're enrolled in a "CCC" program, which suggests you have trouble managing your money and need a third party to handle this responsibility. This program was designed to help people with $5,000 or less in debt with extremely high rates.
Debt Negotiation: Debt Negotiation can often be your best option for solving your debt problem. Debt Negotiators work each case individually. If you're accepted, your Debt Negotiator will establish a program that allows repayment of your debt through affordable monthly payments.
Unlike debt consolidation and credit counseling, Debt Negotiation lowers the total amount of debt you owe, AND provides you with one low monthly payment. This approach drastically reduces the time it takes to repay your debt. Debt Negotiation is one of the most aggressive and fastest ways to eliminate your debt.*
Debt negotiation can eliminate the debt a client enrolls into the Debt Negotiation program. Enrolled debt is not eliminated until successful program completion. Debt Negotiation is not available in states that prohibit third party negotiations.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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