There is nothing as distressing as having a debt. The good side is that there are a number of programs that can help you in getting out of it. The programs include:
Debt payments
Also known as "DIY" credit repair, this program requires you to budget and make payments in order to reduce your debt and improve your credit over time. The good side with the program is that it doesn't involve any extra fees or additional debt and it only affects your credit score positively.
The program allows you to pay your debts using two strategies: snowball and avalanche. Each of the methods requires you to choose one credit card or loan and make extra payments to it so that you pay it fully while at the same time making minimum monthly payments on your other cards or loans.
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The snowball method suggests that you should first pay off the card with the lowest balance, while the avalanche method proposes that you should first pay off the card with the highest interest.
Credit counseling
If you find that you are unable to manage your debt repayment, you can make use of credit counseling agencies that help you to develop debt management plans (DMP).
Here you need to make a lump payment to the counseling agency very month and then the agency distributes the money to all of your creditors. Other than helping you to manage your debt payment, the agency also helps you to determine the best move that you should make in every situation.
Consolidation loan
This involves you taking a low-interest loan to pay higher-interest loans and as a result you end up with one manageable payment per month instead of several. The low interest of the loan means that you pay less over time.
This program helps you to improve your credit score while at the same time it makes you look like a risk to other creditors.
Debt settlement
Here you need to negotiate with your creditors so that they can give you lower rates. While there are many companies that promise that they will negotiate on your behalf, you should be very careful with them.
This is because most of them are usually scammers. Instead of involving third parties, it's good that you contact your creditors directly and request a settlement yourself.
Bankruptcy
If everything goes against you, you should file for bankruptcy. There are two types of bankruptcies that you can file for: chapter seven and chapter 13. Chapter seven clears you of your debts but reclaims all your unpaid assets. Chapter 13 on the other hand allows you to keep your assets while paying off your debts.
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