Posted on July 16, 2009 at 5:28 am A lot of people are in debt..if not all, as if there's no solution to it. That can't be true, can it? I often hear terms like bankruptcy and settlements, are those considered options for getting out of debt?

Posted on July 16, 2009 at 5:59 am There are several options for getting out of debt- and the least of them would be bankruptcy. That should always be the last option.Options for getting out of debt are also known as the alternative to bankruptcy. There's credit counseling, debt consolidation, and debt settlement. Don't expect for those services to be free even if they claim that they are non-profit, specifically the credit counseling agencies.If you want to know what debt option is tailor fitted for your financial situation, feel free to fill out one of the forms here and speak with a debt consultant. It is is free.

Posted on July 16, 2009 at 6:17 am Just to elaborate on the x and y's post, a credit counseling agency offers a debt management program or DMP for consumers. Who qualifies for it? Consumers who are struggling with high interest rates but can make more than the minimum payment consistently. Their debts can be under $7,500--unlike in debt settlement companies. Debt settlement companies have a $10,000 debt requirement and the consumer's account must already have defaulted. Otherwise, the creditors won't agree with settlement. Debt settlement companies negotiate in behalf of the consumers for the balance to be be cut to at least half of the original amount.There's another option for getting out of debt which is very risky and which is not really highly recommended--debt consolidation. It is a loan that asks for collateral. That one loan can pay off all of your debt but if you default on the payment..you may lose whatever collateral that's tied to that loan.Last option to get of debt and is not really recommended at all..is bankruptcy. It can wipe out your debt by liquidating your assets through a Chapter 7 bankruptcy or you can slowly repay your way out of debt through a Chapter 13 plan.There are other options for getting out of debt but those options depend on your financial situation.

Posted on July 20, 2009 at 7:51 am What are the options for getting out of debt? The following are some of the basic choices debtors have: 1) Unsecured consolidation loan. 2) Secured consolidation loan. 3) Credit counseling. 4) Debt Settlement. 5) Bankruptcy. 6) Selling assets of value and using the proceeds to pay of the debts. 7) Get help from a family member or friend (personal loan).

Posted on July 28, 2009 at 4:02 pm what are the best options for getting out of debt for people who don't qualify for Chapter 7 bankruptcy?

Posted on August 10, 2009 at 4:07 am You can go for debt settlement, credit counseling, or Chapter 13 bankruptcy if need be.Can you fill us in more on your current situation so that we can help you out better?

Posted on August 10, 2009 at 4:32 am I am going thru the same thing. Right now i have $25k unsecured debt. I also have rent to take care of, I am almost gonna be kicked out cozz I havent paid for two months now. I got disabled due to an on the job accident and I hope to be able to recover quickly   I have no problem paying my minumum dues but am disappointed at how the debt amount never goes down. What do you suggest I do

Posted on August 10, 2009 at 6:53 am Are you able to afford more than the minimum payments at all? What are your interest rates? The problem with just paying the minimum on $25 K is exactly what you mentioned- the debt never goes down. Instead, the majority of your payment goes towards interest and the bank will bleed you out for more than you owe for years to come. Depending on what you can pay- it sounds like credit counseling or debt settlement would be the realistic options for someone in your shoes. Fill out a form on DestroyDebt.Com for a free consultation.

Posted on August 11, 2009 at 12:53 am To answer the question: What are the options for getting out of debt? The consumer must first state his/her financial situation.  Asking this question is like asking a doctor: What are the options for not getting sick?

Posted on August 11, 2009 at 12:58 am I agree, answering a broad and open question such as What are the options for getting out of debt involves diagnostics. If the consumer is wary of disclosing the details of his/her financial situation in the threads--a debt consultant is waiting at the other end of one of the forms here at destroydebt.com. Initial debt counseling is offered by debt relief companies to consumers who are shopping around for the right solution and the right company--so don't worry, you won't be asked to pay fees. Just fill out one of the forms  here and feel free to ask questions with regards to your debts.