Every month, millions of Americans struggle to meet the minimum repayments due on their credit card and personal loan debt. It’s a problem that gets much worse as time passes by because debt can continue to mount up higher and higher unless swift action is taken.
If you’re looking to move on with your life without the burden of debt, there are a number of things you can do.
So what are your options?
1. Continue paying the minimum payments, if possible.
The problem with this option is that it is very expensive and takes a long time. If you are paying just the minimum payments on your debt, then roughly 90% of what you pay each month is going towards the interest. It may take you almost 10 years to pay off that debt. Here’s an example:
If you owe $15,000 in total unsecured debt, and you are making $300 payments each month, it will take you 9 years to pay off that debt and you will end up paying over $17,000 just in interest. That’s $32,000 total for just $15,000 debt.
2. Inherit a lot of money or win the lottery.
Hoping for a miracle to happen is not a good strategy for anything. This is really just a delaying tactic to avoid having to face your problems and look for a real solution. The sooner you come to terms with that and look for a solution for yourself, the sooner you will be able to face your problems and come out ahead.
And for the record, the odds of winning the lottery are around 1 in 175 million, so the chances of this being your way out of debt are almost zero.
3. File bankruptcy.
You could file Chapter 13 Bankruptcy. In Chapter 13 Bankruptcy the banks simply tell borrowers that they must pay back some or all of their debts to all unsecured lenders. Repayments under Chapter 13 can range from 1% to 100% of the amounts owed to unsecured creditors, based on the ability of the debtor to pay. Repayment periods are 3 years (for those who earn below the median income) or 5 years (for those above), under court mandated budgets that follow IRS guidelines, and the penalties for failure are more severe.
Basically you will end up paying most or all of your debt, under more threat and stress of not making a payment, and it will STILL be on your credit report for 7 years.
4. Seek help from a debt relief service.
Using a reliable debt relief company is the cheapest and fastest way to eliminate your debt problems. With the right company, your debt gets paid fast, through easy, hassle free payments – and a large portion of your debt could be totally written-off by creditors. This is the most effective way to become debt-free quickly and it won’t tarnish your credit score.
But be careful, as there are a number of debt relief companies out there that claim to have a solution but instead provide expensive consolidation programs that turn out to involve costly upfront and monthly fees. Therefore it’s very important you use a debt relief company with the right credentials, industry knowledge and consumer friendly guidelines.
One such company is CuraDebt. They were formed in 2000 and have been working for the past 14 years to create a complete debt relief solution for their clients. In that time they have forged strong relationships with creditors such as credit card and loan companies, and they can negotiate better deals to make your life easier. Plus you don’t pay any fees until your debt is paid off.
CuraDebt remains the no.1 rated debt relief counselor by top consumer reviews and has hundreds of positive reviews verified by Consumer Lobby. They are also very transparent and publish debt settlement letters on their website showing successful debt reduction negotiations they have had with major financial institutions and banks.
So if you are struggling with debt of more than $7,500, get a free savings estimate from CuraDebt today. You may very well be shocked about just how much money you can save. Click here to see if you qualify.
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