Some Key Alternatives to Personal Bankruptcy - Everyone in life faces adversity especially when it comes to mounting debt for families. Consumers need to find the best solutions for their situation which may include debt negotiation or bankruptcy. |
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You are here: DIME Home > Debt Relief & Management > Some Key Alternatives to Personal Bankruptcy
Everyone in life faces adversity especially when it comes to mounting debt for families. Consumers need to find the best solutions for their situation which may include debt negotiation or bankruptcy.
Author: Amy Fontaine
Date: May 11, 2010 - 7:01:25 AM
For people serious about improving their debt situation, sometimes they consider bankruptcy as an alternative. For many who had unfortunately fallen into debt, seeking professional help is the key first step. This means they need to consult a certified professional who knows what alternatives are available for them.
Reasons why People Fall into Debt
The ways in which people fall into debt can be varied. Most of these are very subtle such as the teaser rates used by banks and other financial institutions. For example, financing companies entice you with a low rate or even zero-interest rate for the first year. They knew that 98 out of 100 people would use the credit card to buy something. In the end, these 98 people typically pile up huge card balances, which they can ill afford to pay off. This is when they kicked in the butt. High interest rates start to suffocate them and reflecting in increased revolving outstanding balance. The best solution for them is debt elimination. The first key step to debt elimination is an honest assessment of the individual's financial situation. Then next is drawing up a realistic financial plan that will balance the budget. All expenses must be equal to or less than all incoming funds (salary income, bonuses, investments, donations, side line income, etc.). Debt elimination is a gradual but slow process. The crucial element is the realization that it will take a few more steps to stay out of debt completely.
Hope and Redemption from Debts, Forever!
When in a debt quandary, it’s best to seek some professional advice. Those suffering from debt overload may look at their situation as something hopeless. There are solutions available to consumers actively looking to get out of debt. Many use debt negotiation as a means to alleviate this stress.
What is meant by debt negotiation?
Basically, it alters the original terms and conditions of your
debt. For example, some portions of the
outstanding amount may be forgiven or terms altered, which allows people to pay
it off a bit easier. Or, the interest
rates can be lowered to something more manageable with charges and penalties
can be waived. What it all boils down to
is helping make debt repayment easier.
Debt negotiation is a better alternative to declaring personal
bankruptcy for some people. The trick
is to get back on your feet as quickly as possible with the least amount of
long-term damage.
Debt Relief NW, Inc. has trained Debt and Bankruptcy Consultants that will discuss the best possible debt strategy to fit your financial needs. To be debt-free, call now at 877-492-4109 or visit www.debtreliefnw.com
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A Quick House Sale Can Be The Answer If Facing Serious Financial IssuesMar 20, 2011 - 3:24:42 AM Let's face it; the recession still haunts many individuals across the UK who are still suffering the severe effects, having either lost money on their property or through losing their income as job cuts and redundancies became strife as business closed down and still continue to close down. For many the unfortunate situation has already presented itself and homeowners have lost their homes because of being unable to afford their payments.... [Read the full story] |
Abusive Debt Collection PracticesJan 19, 2011 - 4:57:55 AM Not too long ago I was having a very typical morning; I was reviewing my morning emails from clients and opposing counsel, sorting through the mail and having a meeting with staff and associates regarding our daily work assignments. However, later that morning I stumbled across a blog published by a well-known and heavily circulated debt collection organization, InsideARM. The blog was shockingly titled, "Guns Don’t Kill People, Debt Collectors Kill People?" Intrigued (and always interested in reading up on the industry to find out the new tricks and tips they use to try and deceive consumers) I read on.... [Read the full story] |
How to get out of credit card debtDec 29, 2010 - 6:05:59 AM Credit card debt is a major problem in the U.S these days. Statistics reveal that personal bankruptcy rates have increased tremendously and every family in the US carries almost $8000 credit card debt on an average. Credit card debt can get on your nerves and can very well turn you bankrupt. So you need to know how to tackle the situation before it is too late. Here are a few tips which would help you to get out of credit card debt before the situation gets out of control:... [Read the full story] |
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