What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we don't know how we're going to get out. There are many different options that you have for quick relief with benefits and consequences. You can look at the overview and see which option is the best option for you.

Consolidation

1. Benefits

  • Lower monthly payments

  • No worry of paying multiple debt collectors every month, pay only one agency

  • Percentage of debt charged by consolidation company

  • Costs for Loan

  • Cost for counseling or negotiation

2. Negatives

  • Appears on your credit like bankruptcy

  • Requires you to get another loan

  • If you own a home loan will be tied to your equity

  • Takes between 5 and 10 years to pay off the loan

  • First few years no big change in debt reduction

  • Does not always prevent creditors from future legal collection action

Bankruptcy

1. Benefits

  • Costs between $700-$3000

2. Negatives

  • On credit report for ten years

  • Finances made public record

  • No assets are allowed with Chapter7

  • Creditors can file adversarial hearing that costs $3000

  • Credit severely damaged

Debt Relief Program

1. Benefits

  • Payments can stop as soon as the program starts

  • Credit Repair available after a short time

  • Good credit repair options available

3. Negatives

  • Usually only credit card debt and unsecured signature loan

About The Author

Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products.

waresbus@waresbusiness.com

In The News:

pen paper and inkwell


cat break through


Debt Negotiation and Debt Settlement

Debt negotiation and settlement can give you a drastic reduction... Read More

Debt: Dont Pay Your Minimum Balance

Almost all Americans carry credit card debt. Actually, over 40%... Read More

Personal Bankruptcy ? If Its Unavoidable, File Now

The Bankruptcy Abuse and Consumer Protection Act, signed into law... Read More

New Bankruptcy Law Makes it Harder to Stop Foreclosure

On October 17, 2005 President Bush's sweeping bankruptcy reform law... Read More

Mandatory Credit Counseling for Those Considering Bankruptcy

Most Americans are aware of the sweeping changes in U.S.... Read More

Personal Bankruptcy: Last Option To Legally Stop Bill Collectors

Do you have stacks of unpaid bills?Are you in debt?Are... Read More

Secrets to Why Debt Reduction is So Vital for Your Financial Health

Living with debt is never a good idea if you... Read More

Bankruptcy As An Option

If your financial worries are preventing you from sleeping at... Read More

Help to Get Out of Debt

Debt Help is the stepping stone to debt elimination and... Read More

The Effects of Consumer Debt

Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More

Bankruptcy Reform

There are some new bankruptcy laws going into effect before... Read More

Free Quick and Easy Money Saving Tips ? Part 2

Although many consumers would argue differently saving money doesn't have... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

Personal Debt Reduction Practices

Personal debt reduction practices, the steps people take to relieve... Read More

Debt and Financial Optimism in the UK Continue

With £1.3 trillion pounds worth of debt in the UK,... Read More

Purchase Your Future Now While It Is Still Inexpensive

Leaving school, getting a new job, or even a raise... Read More

How to Negotiate Debt Settlements

Knowing how to negotiate debt settlements is the key to... Read More

Top Ten Reasons People File for Bankruptcy

1. Eliminate the legal obligation to pay many of your... Read More

Debt Elimination 3

Planning To Achieve Debt EliminationOnce you have started the process... Read More

Dont Drown Your Debts, Manage Them!

Are you among the millions of people who have found... Read More

Is Independence Overrated?

Happy Independence Day from The Money Motivator!If you don't celebrate... Read More

What is Bankruptcy?

Personal bankruptcy is a legal way to give people with... Read More

Debt Elimination 2

The First Step To Debt EliminationRegardless of your personal and... Read More

Two Ways To Debt Relief

There are many debt relief programs out there both off... Read More

Debt Reduction, a Necessary Endeavour

Massive debt is something many Americans face. Debt reduction is... Read More

How to Negotiate Debt Settlement

People over extend themselves financially as a result of a... Read More

Debt Elimination

If you're reading this article right now I'm sure that... Read More

Your Secret Weapon... A Budget

For many, the word 'budget' immediately sends shivers down the... Read More

Debt Collectors; And what you can do to Get Them Out of your Life

FTC opinion letter on validation Section 809(a) of the FDCPA,... Read More

Debt Relief -- Why Most Programs Have A 75% Failure Rate

Debt consolidation, equity loans, credit counseling, debt management plans, even... Read More

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know... Read More

Creating A Realistic Budget

Budgeting -- ooh, what a scary word! If you want... Read More