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How Does Debt Consolidation Stack Up Against Other Methods of Debt Relief?



Debt consolidation is a better solution than bankruptcy; however, in most instances, it is not the best solution for resolving your debts. Many of the debt consolidation programs will exhaust the limited funds by incurring fees for using their service. Their solutions will also put you at risk of loosing your belongings.


Debt consolidation programs will also charge high rates of interest for their services. There may even be a monthly charge attached to the plan. The best solution for resolving debt is to contact the creditors and ask for extensions on your repayment plans. Some creditors will negotiate, offering you lower fees if you pay the debt off sooner. Some creditors will even drop the debts owed, realizing that the chances of getting their money is nil. You never know until you ask.


If your bills are lowered, it will grant you time to land some extra cash to payoff the debt owed. Some creditors may charge the amount, but lower your monthly installments according to your wages. This will allow you room to repay the debts at lower rates. Be aware that paying lower balances on debts may lead to costly IRS obligations and taxes, since if you are a "write off" or else reduction candidate, the information is posted with the IRS.


When it comes to debt, it can become frustrating, since it appears there is no way out. When you are working to restore your credit, you are working toward a brighter future. Remember, each bill you pay off subtracts the amount owed. Debt consolidation is like cutting grass, in that the lawn looks fresher once the weeds are whacked. It makes no sense to ignore your debts; rather working toward debt relief means working now to get rid of your debts.

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You can sort it one of two ways: by the balance o the cards, from highest to lowest, or by the interest rate they charge, from highest to lowest. This will show you the cards that are the most expensive to keep. Do you start by paying off the highest interest rate card first? Or the highest balance? Some debt repayment programs will suggest that you start by paying off the credit card with the highest interest rate first.
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Other credit counseling programs will tell you to pay off the card with the lowest balance - this can make you feel like you're off to a great start! Plus paying off and closing one account will have a fast impact on your overall credit report. (Be sure to close the account after paying it off!) The best course is to do whichever makes you feel like you've accomplished more. Once you have your list, now you can repay the cards and start rebuilding your credit.
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Affordable Debt Relief Information

Bush Urges Quick Passage of Bailout Package - Washington Post

Sun, 21 Sep 2008 00:57:00 GMT
In this photo provided by ABC News, Treasury Secretary Henry Paulson appears for an interview with George Stephanopoulos on ABC's This Week, in Washington, Sunday, Sept. 21, 2008. (AP Photo/ABC News, Fred Watkins) (Fred Watkins - AP) Sen. Christopher ...


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