Getting out of debt is becoming a big issue for many people. In May 2020, US consumer debt hit a new record of $14.3 trillion dollars. Yes, that’s TRILLION, not billion or million. For some people their level of debt is manageable. However, for many householders, debt can be crippling and overbearing. If you are struggling with debt, then there are many options to consider.
Call Your Creditors
The first step for getting out of debt is to talk to the creditor directly. This isn’t easy; however, you’ll often find that they want to help you. Sometimes – but not always – they will agree to a lower monthly payment you can afford. They might also agree to freeze interest rates or remove some extra charges.
Debt Management Plans
Another option is a debt management plan. These programs can help you budget your money and work out how much you can pay your creditors every month. They can talk to creditors for you, and in some cases, the debt and get financial charges and late fees cancelled. Keep in mind this option typically only applies to credit cards.
Debt Settlement
Debt settlement is when you negotiate to pay a lower amount than the debt you owe. You must make a lump-sum payment and pay taxes on the amount of debt written off by the creditor. There are companies to help you with debt settlement, but there services are not free and takes considerable time to build up enough money to settle your debts.
Debt Consolidation
Debt consolidation offers a way of managing your debts. This is where you take a loan and consolidate all of your debt. Usually, your home is collateral for the debt consolidation loan. Be careful because if you are late paying, you could lose your home.
Bankruptcy
Bankruptcy is a federal law that helps people get out debt. Yes, it is a federal law, which means you have a legal right to eliminate your debts. It’s not a crime to file bankruptcy. Sometimes it is your best option as it gets rid of most debt and allows you to keep the things that are important in your life.
Colorado Debt Help will get you out of debt with a solution that is right for you.
Call Us for Getting Out of Debt
Debt relief, credit counseling, debt management plans, bankruptcy and debt consolidation are things you can consider for getting out of debt. You need to consider all the pros and cons of each one. Seek expert advice before making any decisions.
Colorado Debt Help is here to help you. If you have too much debt and it’s difficult to make the minimum payments, then it’s time to call and schedule a free consultation. The right solution depends on your situation. Some people are afraid to get help. Don’t be one of them. Schedule a free consultation to determine your best option today.
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