Debt relief – A brief idea to segregate among the popular solutions

Being a financial writer and helping people deal with debt problems, often I see people getting confused regarding the debt relief solutions. Therefore, I thought of discussing about the debt relief solutions, in brief, in this post.

Credit counselling

When you start facing problems with your personal finance, you can schedule an appointment with a credit counselor. He/she can analyze your financial situation and offer you suggestions following which you can bring your financial life back in order.

Debt management

The credit counselor might offer you a debt management plan if you’re not able to solve your financial problems on your own. This is a professional program wherein you get complete guidance to repay your debt and manage your finances efficiently.

Debt consolidation

In debt consolidation, the primary advantage is to make just one payment towards paying off your multiple bills. Also, by opting for consolidation, you make payments on your cards on a reduced interest rate. When you consolidate bills, you actually repay your outstanding balances in full.

Debt settlement

When you decide you settle your debts, it means that you cannot repay your outstanding balance on your cards in full and therefore, you opt for this debt relief option. However, this is a suitable option when your main intention is to get rid of your debts and stop annoying calls from creditors and collection agencies.

Bankruptcy

This is usually a last resort to solve your debt problems. However, sometimes it might benefit you when you want to make a fresh financial start.

Amongst these debt relief solutions, you need to choose one that suits you the best.

As I’ve already mentioned, this is just a brief idea regarding the debt relief solutions and amongst these, you can choose DIY as well as getting professional help. Keep reading as I will discuss about these options, in details, in my future posts.

Any questions? Please don’t hesitate to ask!

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