Other Debt Relief Options
Living underneath a mountain of debt is stressful, but there are options other than bankruptcy. Choose an option based on your credit score and the amount of debt you have.
If you have good credit, consider a debt consolidation loan. You will take out a loan, pay off your debts, and then pay off the loan. The payment will be smaller and more manageable since you will only owe one creditor instead of numerous ones. You can even get a lower interest rate if you go this route.
Along with having good credit, you need to have a steady income, so you can make your payments if you get a debt consolidation loan. Also, if you owe lots and lots of money, you might have trouble taking out a debt consolidation loan.
A debt settlement is another option, and unlike a loan, you don’t need good credit. The process is pretty simple. A company like Debt Defenders negotiates with your creditors on your behalf. The creditors accept a settlement offer, so you can get out of debt for less. You can pay the settlement in a lump sum or with monthly payments. Either way, you can get out of debt quickly.
A debt settlement will impact your credit some, but it’s not nearly as significant as the impact of filing for bankruptcy. This makes it a viable option if you have $7,500 or more in debt.
Choosing a Debt Relief Solution
The solution you need depends on your specific situations. For some, bankruptcy is the ideal choice. However, you have to keep in mind that it’s also permanent. You cannot change your mind after your debts are discharged. You’ll have to live with a bankruptcy on your credit report for seven to 10 years. Yes, it provides immediate relief, but the long-term impact can be harmful.
Before you move forward with bankruptcy, see if a debt settlement will work for you. Call Debt Defenders at (888) 333-3851 for a free consultation today. If you are a good candidate, you can settle your debt for less without tanking your credit score. If we can’t help you resolve your debt, we’ll refer you to a bankruptcy attorney who can help.
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