Title: Debt Relief Options - The Inside Story
1Debt Relief Options The Inside Story
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3Are you overwhelmed by debt?
4In these uncertain economic times, it wouldnt be
surprising.
5More and more people are looking for help to get
their finances back on track.
6There are debt relief options available and help
may be closer than you think.
7Studies show that excessive debt is a heavy
burden for people to bear.
8The negative impact it has on our minds and
bodies is huge.
9So what can you do to get some relief
10from the debt thats sucking all the joy out of
your life?
11There are 3 main debt relief options available,
credit card balance transfers,
12debt consolidation loans, and credit counseling
services.
13They are all there to help you, but like anything
in life,
14you have to know the potential negatives of the
situation.
15Credit card companies offer one option for debt
relief.
16They will often let you transfer the balances of
your
17other credit cards to their card and offer you a
much lower rate.
18Up front this all looks great, but read the fine
print.
19The lower rate is often only for a short time,
then the rate goes up.
20If the new rate is still lower than what you were
paying
21to start with, that could be a good deal.
22In some cases the rate will actually be higher
23than what you were paying before.
24Sometimes a lot higher! So read the fine print
25and know what you are agreeing to before you sign.
26You may be able to get a debt consolidation loan
through your bank.
27By consolidating some of the debt you have
28into one monthly payment you could lower
29your cash outgo by quite a bit.
30Once again, be careful of what youre getting
into.
31Rather than just focusing on the amount per
month,
32you also need to consider what the new loan
33will cost you over the long haul.
34It could be that they stretch the loan out
longer
35making the monthly amount you pay lower,
36but at an astronomical interest rate.
37In this case you will end up paying back far more
38than if you had just paid off what you had to
begin with.
39Credit counseling companies can also be very
helpful
40when you are bogged down in debt.
41They will help you by working directly with your
creditors on your behalf.
42The will negotiate for you and get your monthly
payment amount adjusted,
43sometimes get you a better interest rate,
44and they may even be able to get the amount you
owe adjusted.
45You would make one payment a month to the agency
46and it would be disbursed to your creditors.
47If you choose to use a credit counseling agency,
48be aware that they do get a fee for their
services.
49In some cases you would have to pay,
50in others the lenders pay the fee.
51Make sure you know which type of agency it is
before signing any contract.
52And lastly, dont let the situation youre in get
the best of you.
53Decide which of the debt relief options
54you feel most comfortable with and get the ball
rolling.
55Soon you will be in a better financial place.
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