Posted on
July 17, 2009
at
4:39 am
Is there such a thing as a free debt reduction?
ck Rep Points:
Posted on
July 17, 2009
at
4:51 am
Reduce debt for free is a vague or wide concept. It sounds like a tag line for debt relief industries. When one says "reduce debt for free" one is maybe referring to not spending anything -yet- on debt reduction, as he/she is still on the consultation stage of reducing the debt. Initial consultations on debt reduction is usually free. While we are at it, you may fill out one of the forms that you see here, and avail of that free consultation.
Posted on
July 17, 2009
at
4:53 am
thank you, i'd consider that..i didn't think for one minute that there's such a thing as free debt reduction--anything that has "free" in it scares me. how do you reduce debt though without going bankrupt?
Posted on
July 17, 2009
at
4:57 am
Well it depends on the type of debt that you have. You have to sort them via secured or unsecured. You can reduce debt on your own by saving or drawing up a budget plan. You may try to also negotiate your debt with the creditors--that is if your account is already past due. You may also try getting a loan that can pay off all of your debts (but of course that would just add up to your debt instead of reducing it).
Posted on
July 17, 2009
at
5:02 am
I agree with foolishgames. You can also consider borrowing from your 401(k)..because that is like borrowing from yourself. Although it is not really something that is highly recommended, just for discussions sake, you can take out money from it--it's as if it's free.
Posted on
July 17, 2009
at
5:21 am
Perhaps the closest to free debt reduction that you could get is...all of a sudden acquiring a huge sum of money. From an inheritance perhaps or an investment return. You may also raise funds by selling some of your valuables. You may also try producing from your talent or skills and then market them. As a last resort, and it depends on your relationship with them, you may also try borrowing money from a loved one/s. That way it won't have interests and you can pay it back anytime.
Posted on
July 17, 2009
at
11:44 am
To reduce debt for free, I would say that you would have to negotiate with your creditors to settle the balances for a reduction of what is owed. A debt has to be past due in order to settle it though- so it isn't technically free- considering that late charges and interest are being tacked on until the debts are resolved.
Posted on
July 20, 2009
at
2:48 am
how abt doing it the non-profit way? that IS free, right?
Posted on
July 28, 2009
at
8:05 am
Non-profit credit counseling agencies still charge a small monthly fee in most cases. It is usually around $25-30 per month.
Posted on
September 8, 2009
at
6:31 am
reduce debt for free --the counseling is free, in fact if you fill out a form here at destroydebt.com, a debt consultant will give you an initial assessment and give you debt relief options.
