Getting Out of Debt - Financial Information
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Get Out of Debt

For most Americans, debt is a fact of life. Whether it's a monthly payment on a home mortgage, or a seemingly endless battle to pay down the credit card bill, most Americans live each day owing some kind of debt.

Sadly, everyday debt can quickly spiral out of control, often because of circumstances you can't control. Complicated contracts, unscrupulous lenders, money-hungry lenders and unmanageable fees can all contribute to quickly multiply your debt.

Regardless of the circumstances that led to your seemingly insurmountable debt, there are debt assistance programs available that may help you get your life back under control.

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Options to Eliminate Debt

We'll take a look at some common programs and options that may provide debt relief. Not all debt assistance programs are created equal, and not all may work for you. What's important is that you find a debt relief program that provides that fits your needs and is:

  • Safe: Will your money and personal information be protected?
  • Sound: Does it actually work? Will you get the relief you need?
  • Protective: Will your plan prevent long-term damage to your property, finances and future plans?
  • Lasting: Is this is a quick-fix or a long-term solution?

Take a quick look at some of these issues with our free debt relief options chart.

If you’re income can’t keep up with your bills, you may need serious debt relief. You have options. Learn how bankruptcy can help by speaking with a local bankruptcy attorney.

Debt Assistance Programs:

Filing Bankruptcy

Pros: Can eliminate almost any type of debt, including debt related to credit cards, mortgages, car loans, payday loans, and medical bills.Offers complete discharge of many types of debt, including credit card and medical debt. Filing bankruptcy offers protection against foreclosure, wage garnishment, repossession and lawsuits. Bankruptcy has different chapters that work to help people in different situations. You may file and bankruptcy and still be able to keep your home, car and other property.

Cons: If you recently filed Chapter 7 bankruptcy you may not be able to file Chapter 7 again. You will still need money to pay filing fees and some nominal lawyer fees.

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Debt Settlement

Pros: Could help you reduce or eliminate your credit card bills for less than what you owe. In rare cases, may work on medical debt.

Cons: Won't help you with multiple types of debt or your mortgage. Offers no protection against foreclosure, repossession, wage garnishment or lawsuits. You will still need a significant amount of money to pay off your debt. You must work with a debt settlement company. These companies charge for their services, so you'll need cash to pay them. Also, your settlement money is often held by the company while they work towards a settlement. If the company goes out of business, as recently happened with Debt Settlement USA, then you could lose your seed money without seeing results.

Use Credit Cards and Loans to Eliminate Debt

Pros: If you faced a short-term setback, like an injury or job loss, using a credit card to cover small payments could buy you some time until you recover.

Cons: This solution isn't recommended because you're basically robbing Peter to pay Paul. While using a credit card or loan to eliminate one expense may clear one bill off the books, you'll only be complicating your problems. Plus, with interest rates and fees, your debt could quickly expand and you'll be owing more than you originally did.

Making Payments Yourself

Pros: This can be a painfully slow process, but it can also be worthwhile. As you make payments your credit score will rise, and you'll also take some personal satisfaction in watching your debt shrink.

Cons: Sometimes, this just isn't reasonable. The minimum payment on a credit card or loan may not even cover that month's expense charge. Also, this process can take a very long time, and time may not be on your side. If you're facing foreclosure, wage garnishment or repossession, you may need to take action quickly to protect yourself. Also, because of late fees and charges and your monthly income, your debt may have reached a point where it truly is out of control and you are simply unable to repay it without help.

Examining Your Debt Options

If need to get out of debt, but aren't sure of the right course of action to take, consider speaking with an attorney. A personal bankruptcy attorney can offer legal advice, and answer any questions you have about your debt relief options. You can also learn how filing bankruptcy and debt relief laws may apply to you.

To speak with a bankruptcy lawyer near you, simply complete the free case evaluation form on this page or call, toll free, 24-hours a day, 877-349-1309. We'll put you in touch, right away, with a bankruptcy lawyer near you.

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Remember: You don't have to live with debt. There is help available, and you can get a fresh start.

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