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How To Get Out Of Debt-What Are My Options?

April 28, 2009 by DebtGeniusNo Comments Tweet this post

Somehow, there is this misnomer out there that if just make your monthly payments on debts such as your credit cards, that you’ll eventually get out of debt. Eventually……..that is the keyword here.

In todays market where banks are falling left and right, banks are bumping interest rates on consumer credit cards at an astonishing rate. How does this affect you and I? Remember the word “eventually” and getting out of debt? Well “eventually” just got a whole lot longer!

The facts are that less than 5% of the people that make minimum monthly payments actually get out of debt in their lifetime. Saddening isn’t it?

Relax! There is good news here! You do have some options. Assuming that if you are still reading this, then you don’t like the “eventually” alternative please read on for some great alternatives to get you out of debt.

Option 1: File Bankruptcy. Bankruptcy is an ugly word by most peoples standards and should be used as a last resort option. There are ramifications with this option, including, but not limited to negative information on your credit report for up to 10 years. (see word “eventually” this is pretty close!)

Option 2: Consult with a professional! Most people with major car troubles probably wouldn’t attempt to rebuild their car and fix the problem. Why would one want to attempt to rebuild their financial life without a professional? For several years now Debt Settlement companies have been able to significantly decrease their customers debt load legally and swiftly. Some customers have reported a 70% permanent reduction in debts within the first few weeks of signing up for the program. But the good doesn’t end there! Debt Settlement professionals will negotiate with your interest rates down on your behalf too. Between a 70% reduction in total debt owed and a significant reduction in interest rates this will put you on the right track to get out of debt permanently. My favorite part about this program is that their aren’t any direct costs to you, the consumer. So really, there is nothing to lose here.

To reweigh our options you have:

1. Keep Making the minimum monthly payments and hope you get out of debt before you become a member of AARP

2. File Bankruptcy and kiss buying a house or car in the next 10 years.

3. Contact a Debt Settlement specialist and ask them to put together a customized debt reduction plan for you.

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