There are plenty of options for getting out of debt. Colorado Debt Help will find the right one for you.

US consumers collectively owe over $2 trillion in debt. For some people their level of debt is manageable. However, for many householders debt can become crippling and their fear of debt collectors and wondering how they are going to find the money they need to settle their debts can begin to take over their lives.

If you are struggling with debt and can’t see a way forward then there are many options to consider.

Step 1 – Talk to Your Creditors

The first step should be to talk to the creditor directly. This isn’t easy; however, you’ll often find that they want to help you find a way of paying off the debt if they can. Sometimes – but not always – they will agree to a lower monthly payment that you can afford. They might also agree to freeze interest or to remove some of the extra charges.

Step 2 – Consider a Debt Management Plan

Another option is a debt management plan. These programs can help you to budget your money and work out how much you can pay your creditors every month. Moreover, they can talk to creditors for you, and in some cases it might be possible to reduce the debt and get financial charges and late fees cancelled.

Step 3 – Debt Settlement may be an Option

If your debt has been sent to collection agencies, then you can consider debt settlement. Debt settlement is where you offer the collection company a lump-sum payment that is less than your current balance in order to resolve the debt.  There are companies you can hire to help with debt settlement.  However, it is advisable to take caution when using some of these companies, so do some research and find a reputable debt settlement service.

Step 4 – Credit Counseling or Debt Consolidation might Work

Credit counseling is another viable option for people that are struggling to manage their credit cards. However, the services usually aren’t free so make sure you inquire about costs first.  Also, sometimes the payments with credit counseling are too expensive.

Debt consolidation offers a way of managing your debts. However, it means your home would be put up as collateral, meaning if you missed a payment, or if you were late paying, you could face losing your home.

Debt management plans, credit counseling, debt consolidation, and debt settlement are things you should think about carefully; you’ll need to consider all of the pros and cons, and seek expert advice before making any agreements.

Step 5 – Look at Bankruptcy for Getting out of Debt

If your debt really has become too much, then it might be time to consider bankruptcy. Many consumers are unwilling to do this because they fear what other people will think of them. However, declaring yourself bankrupt doesn’t have the same stigma as it once did and some of the biggest names in business have had to declared bankruptcy themselves.  Similar to other debt relief options, bankruptcy has its strengths and weaknesses.

There’s no need to guess or speculate as to the best way to get out of debt.  The best thing to do is call Colorado Debt Help and schedule a free consultation.  Colorado Debt Help will assist you with the various options for getting out of debt and find the right solution for you.  After all, not everyone is going to have the same situation. Call (720) 526-9509 for a free consultation today or use our Calendar Link.  At Colorado Debt Help, we offer solutions and peace of mind.