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Debt Solutions - 6 Ways to Resolve Debt Faster

When you are not in a position to pay your bills on time and are not able to manage your finances comfortably, make sure to come up with an ideal solution. You can participate in free counseling sessions and come up with the right solution ever.

Help from Debt Solutions

Let us take a look at some of the debt solutions that will help you keep off from credit card bills as well as other dues.

  • Debt Consolidation
  • This is one of the well known solutions that will help you get rid of credit card debt as well as other bills. By going in for this debt solution, you will find that the creditors will lower the rate of interest as well as reduce/eliminate late fees. All you need to do is go in for a single monthly payment to your consolidation organization which will be distributed to the creditors.

  • Debt Settlement
  • With this procedure, the organization helps you in negotiating with the creditors and lowering the outstanding debts. You need to make a fixed amount payment every month to the settlement company. The amount that you pay is accumulated into a lump sum amount which will be paid to the creditors in the due course of time.

  • Debt Management (DMP)
  • Here you will be able to participate in a credit counseling session. Here a credit counselor will analyze your debts and finances. The credit counselor will prepare a budget so that you can save enough money. If you have a huge debt by your side, the counselor will help you with a DMP. Besides, he will negotiate with the creditors so that they lower the rates of interest and lower the fees.

  • Self Repayment Plan
  • The self help program will help you make your payments on your own. Here you will be not in need of any professional help. However, this program will be a true success if you follow a stringent budget on a monthly basis.

  • Bankruptcy
  • When it comes to filing bankruptcy, it certainly means that you are under the pressure of a huge debt. However, this is considered to be the last option when all the aforementioned options fail. Hence, it would be best on your part to avoid this option as much as possible.

  • Ostrich Method
  • This process engages no steps for paying off bills. You will have to ignore the debt as well as hope that it will soon disappear. But then, it is not advisable to overlook debts as this may hamper your credit score. Over and above, the creditors can sue you or you may also get harassing calls from the collection agencies.

Comparison of Consumer Debt Solutions

Will creditor or collection calls stop?

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
They will get in touch with your consolidation organization. All communication will be executed through the settlement company. The debt management organization will communicate on your part. Ensure making monthly payments. Creditors are usually barred from collection efforts post your filing.

Will Interest Rates be Lowered?

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
The company will negotiate on your part for lowering the rates of interest. No. The company will negotiate on your behalf for lowering the rate of interest. No. All debts are not included. Hence, interest payment will be removed.

Can you save on principal debt amount?

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
No. You will be able to save. You will be able to save if the rates of interest are lowered. You will be able to save if the rates of interest are lowered. Debts will be discharged, hence you will not be personally liable for any debt.

What are the third party fees?

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
You need to pay the fees on a monthly basis. Instead of many multiple bills, you need to go in for a one time representation fees. You need to pay the fees on a monthly basis. Instead of many multiple bills, you need to go in for a one time representation fees. You can also utilize a small percentage of your savings for lowering your debt. You need to pay the fees on a monthly basis. Instead of many multiple bills, you need to go in for a one time representation fees. No third party fees. Attorney fees and filing fees.

Effect of Credit on Debt Solutions

Impact on credit score

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
Positive At first, the impact is negative Positive Highly positive negative

Entry on credit report

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
Stays on the credit report till the full payment is made Late payment usually stay for seven years. As per report, it is clear that you are making a payment through debt management company or credit counseling agency. Account is reported as paid. Stays on credit report for seven to ten years.

Negative affect on credit score

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
No negative effect. Late fees can bring down your credit score. However, after you have made the payments, your credit score will improve for sure. No negative effect. No negative effect. It lowers your credit score by 200 or even more points.

Availability of new credit

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
It takes some time prior to getting your new credit. Late payments creates a barrier thereby making it difficult to qualify for other credit. It may take some time prior to qualifying for new credit. You will get new credit easily. You will not be able to get new credit for two or four years.

Suggestion

Debt Consolidation Debt settlement Debt Management Self Repayment plan Bankruptcy
There is no obligation that you will have to attend free debt counseling. There is no obligation that you will have to attend free debt counseling. There is no obligation that you will have to attend free debt counseling. Do it on your own. Make sure to keep off from bankruptcy.

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