Advantage CCS releases slide show outlining get out of debt options
While there is no "one size fits all" solution to getting out of debt, five common solutions include: do it yourself debt reduction, consolidation, using the help of a credit counseling service, debt settlement or filing for bankruptcy. Each strategy is geared towards battling a different type of debt with a detailed plan of action. Regardless of which plan you choose, it is important you stick to that plan and realize that debt cannot be fixed overnight. When balances become too high to pay off, sometimes a debt settlement plan or filing for bankruptcy may be the best available option.
With DIY Debt Reduction, you focus on eliminating one debt at a time while paying the minimum amount on the rest. Targeting either the smallest balance or the highest interest rates first, debt can generally be eliminated within five years or less.
By consolidating all of your debt into one amount, you may be able to significantly reduce your interest rates. The consolidation method works best when paired with a DIY Debt Reduction strategy and can help you eliminate debt in roughly three to five years' time.
More often than not, seeking the assistance of a certified credit counselor can help you figure out the best debt relief option and help you get rid of your debt as quickly as possible. Enrolling in a Debt Management Plan is often taken as a sign of progress with debt collectors as many will work with a certified credit counselor to reduce your interest rates and waive late and over-the-limit fees. This type of program allows a consumer to have a more affordable monthly payment.
Arranging to meet with a credit counselor can often be a big first step towards conquering your mountain of debt. Many non-profit credit counseling agencies offer a free credit counseling session. To learn more about the different strategies to eliminate your debt, view the slideshow at http://www.advantageccs.org/slideshow-5-options-for-getting-out-of-debt.
Advantage CCS is a non-profit credit counseling agency that provides Debt Management Plans, bankruptcy counseling, financial education, and budgeting services. If you are struggling to eliminate your debt, contact a certified financial advisor at Advantage CCS: www.advantageccs.org.