1 – Debt Settlement
Call your creditors and explain that you are in a difficult circumstance and require assistance. If they agree to assist you, you may be able to reduce your loan balance and pay it off in a single payment. The problem is immediately resolved.
2 – Debt Relief
If you are unable to make a single payment to resolve your debt problems, seek credit counseling. This will enable you to negotiate a plan with creditors with the assistance of a financial specialist.
3 – Debt Consolidation
Take all of your balances and combine them into a single monthly payment. This allows for lower interest payments and may also result in reduced debt.
4 – Bankruptcy
This will discharge your debts and you work out a payment plan with your creditors. After 2-5 years, you are fully free of your debts and the slate is wiped clean. However, this hurts your credit score immensely, so think carefully before bankruptcy.
5 – Combination Of All The Above
If you have different lenders, and different types of loans, this might be your best bet. Some loans cannot be discharged in bankruptcy court, nor will all lenders agree to a debt settlement. You have to take your own financial situation, and the particular loan, into account.
It’s not fun to be in debt, but it’s a great feeling to pay it off. If you’re having trouble paying off loans or managing your debts, contact your lenders right away. It is far preferable to devise a strategy than to be in debt and constantly harassed by creditors who want to know where your next payment is.
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