Free Help And Advice On Dealing With Debt Problems
There are thousands of people who end up in serious debt every year. They may not know where to turn for debt when they need reliable debt advice you can always check reputable resources such as DebtAssistanceSite.com. They may not know that there are options for them. If you are one of these people you may need to get debt advice from a debt consultant. They can tell you all about the different options that are available to you. Some debt consultants work for no fees or for low fees so they do not put a bigger burden on you. Other consultants will work for a percentage of what you pay your creditors. Sometimes this money comes from the creditor instead of from you.
One thing that you can do on your own or with the help of your consultant is to work out a new budget which you will be able to stick to. Make sure you put your top priorities such as utilities and mortgage payments first on the list. You then can list your medical bills and credit card bills. Make sure you make the new budget realistic. You have to remember there will always be a need for money. You will have to buy food and clothing as well as gas for your car. A new budget will work if you have a good and a steady job. It will work if your debts are not too high. Restructuring a budget is for people who have just started to get into debt.
Besides a new budget you can consider a debt consolidation loan. You will be able to get this loan if you own a home or other such property. A debt consolidation loan will give you the money to pay off all of your medical bills and your credit cards. You will then have one low monthly payment instead of trying to pay several. The interest will be much lower than what you were paying on your credit cards. Your credit will remain intact. It will not take a negative hit from a debt consolidation loan. If you need debt help and you own property you may want to consider a consolidation loan.
If you are in serious debt because of credit cards or medical bills, you may have to consider a debt settlement plan. With debt settlement you will pay back a small portion of what you actually owe. You will normally have to pay it back as one lump sum, however. If you do not have the funds to pay it back as one lump sum you can work with a debt settlement company to save up until you have enough to meet the lump sum payment.
The debt settlement company will give you debt help by working with your creditors to get the lowest payment possible. They will then collect your money each month and put it into a trust. When enough money is accumulated they will take the money and pay your creditors off. This does have a negative impact on your credit. Your credit score will drop significantly and there will be negative reports from your creditors. It can stay on your credit for up to seven years. It is a way to get out from under the stresses of being in debt and your credit will get better in time.
Sometimes you have no other choice but to file for bankruptcy. This should be a last resort for you. You may want to try other options first if they have a chance of working for you. If your situation is so bad that you know nothing else will work then it is time to file bankruptcy. You will want to hire a bankruptcy attorney to handle your case. They know the ins and outs of bankruptcy and will get you the best deal on your bankruptcy. A bankruptcy attorney can give you good debt advice on the different types of bankruptcies that are out there.
The two most common bankruptcies are chapters 7 and 13. Each one has its own plusses and problems. Your attorney will know best which one is right for you. A bankruptcy will affect your credit for about ten years. In that time period it will be difficult to purchase anything on credit. This includes a house and automobile. If you have come to a point where you have run out of choices, only then should you file bankruptcy.
One thing that you can do on your own or with the help of your consultant is to work out a new budget which you will be able to stick to. Make sure you put your top priorities such as utilities and mortgage payments first on the list. You then can list your medical bills and credit card bills. Make sure you make the new budget realistic. You have to remember there will always be a need for money. You will have to buy food and clothing as well as gas for your car. A new budget will work if you have a good and a steady job. It will work if your debts are not too high. Restructuring a budget is for people who have just started to get into debt.
Besides a new budget you can consider a debt consolidation loan. You will be able to get this loan if you own a home or other such property. A debt consolidation loan will give you the money to pay off all of your medical bills and your credit cards. You will then have one low monthly payment instead of trying to pay several. The interest will be much lower than what you were paying on your credit cards. Your credit will remain intact. It will not take a negative hit from a debt consolidation loan. If you need debt help and you own property you may want to consider a consolidation loan.
If you are in serious debt because of credit cards or medical bills, you may have to consider a debt settlement plan. With debt settlement you will pay back a small portion of what you actually owe. You will normally have to pay it back as one lump sum, however. If you do not have the funds to pay it back as one lump sum you can work with a debt settlement company to save up until you have enough to meet the lump sum payment.
The debt settlement company will give you debt help by working with your creditors to get the lowest payment possible. They will then collect your money each month and put it into a trust. When enough money is accumulated they will take the money and pay your creditors off. This does have a negative impact on your credit. Your credit score will drop significantly and there will be negative reports from your creditors. It can stay on your credit for up to seven years. It is a way to get out from under the stresses of being in debt and your credit will get better in time.
Sometimes you have no other choice but to file for bankruptcy. This should be a last resort for you. You may want to try other options first if they have a chance of working for you. If your situation is so bad that you know nothing else will work then it is time to file bankruptcy. You will want to hire a bankruptcy attorney to handle your case. They know the ins and outs of bankruptcy and will get you the best deal on your bankruptcy. A bankruptcy attorney can give you good debt advice on the different types of bankruptcies that are out there.
The two most common bankruptcies are chapters 7 and 13. Each one has its own plusses and problems. Your attorney will know best which one is right for you. A bankruptcy will affect your credit for about ten years. In that time period it will be difficult to purchase anything on credit. This includes a house and automobile. If you have come to a point where you have run out of choices, only then should you file bankruptcy.