What Are The Best Ways To Get Out Of Debt?
Posted on July 9, 2009 at 12:20 am
Any suggestions are highly appreciated. THANK YOU
Posted on July 9, 2009 at 3:57 am
Sell assets.
Obtain funds from 401(k).
Apply for credit counseling.
Budget, budget, budget.
SAVE.
Posted on July 9, 2009 at 4:25 am
If you want the process to be quick, I suggest that you settle the loan with your creditors. Debt settlement allows you to pay a certain percentage of your loan (40-60%) in 12-36 months' time.
Posted on July 9, 2009 at 5:00 am
dont get any more debt
Posted on July 9, 2009 at 6:38 am
You can't really ask what are the best ways to get out of debt without sharing some information about your situtation. The best way to get out of debt depends on many things, for instance, how much you owe, are you current or past due and what financial resources you have access to.
Feel free to give us some insight as to your circumstances and we can try and help determine what the best way to get out of debt is for you.
Posted on July 10, 2009 at 1:43 am
Oh.... OK. Right now I have $46,000 in debt for credit cards and medical bills. I am also behind on my utilities, my car has just been repossessed, and I just might file for bankruptcy.
Posted on July 10, 2009 at 4:28 am
Well in terms of getting rid of your debt bankruptcy may be a good option for you, BUT take note that it has long-term effects. In a Chapter 7 bankruptcy, for instance, You may totally have no obligation to pay back your bills, but you'll have to endure having that notated on your credit report for ten years. On a Chapter 13, on the other hand, you'll still be obliged to pay for your loans for 3-5 years. And that will stay on your file for seven years. Bankruptcies will also remain on your public records for 20 years.
Posted on July 16, 2009 at 2:49 am
What can settlement do to make my debt go away?
Posted on July 16, 2009 at 3:54 am
A portion of your balance--typically 40-60% of that--will be the amount that you need to pay in order for it to be settled. It can also be paid from within a space of 12-48 months. It makes your debt go away in the sense that you'll be paying for less than what you actually owe.
Posted on July 23, 2009 at 2:56 am
To answer your question "what are the best ways to get out of debt?" another solution to the debt problem is thru enrolling the account in a credit counseling program. By doing so it allows you to make create a feasible budget and create a long-term financial plan. Also, credit counselors may enroll you in a debt management program. You'll be making one consolidated payment to all your creditors, and in turn, they will distribute these payments to your creditors.
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