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Becoming Debt Free - The Three Options

Aug 17, 2007
We know that to be come debt free is quite a struggle, especially when you are seriously in debt. In short, you have 3 options. One is bankruptcy or another sort of arrangement with your creditors that effectively wipes out your debt over a pre agreed period. That option can get quite messy and you will certianly have spending and credit restrictions imposed upon you during that wipe out period. The second more palatable option is to reduce your level of outgoings to below that of your incomings i.e. spend less than you make. This will have a two fold effect because not only you will no longer be creating a BIGGER debt, you will also be reducing the size of your debt and thereby reducing the interest paid on that debt. This is a double edged sword, because the more you save, the less interest you will pay, the more you will save. The other alternative is to increase your level of income and this may well be the most and more interesting alternative. Sure you are probably going to have to work a lot harder and a lot longer than you currently are, but as long as choose the right opportunity and you're not just flipping burgers, then you will be making positive strides on a daily basis towards your goal.

Even though there are many reasons why to consolidate your debt, one of the better reasons is to get a better rate. If there is a way to get lower rates on a current consolidation, then you will have no reason to consolidate your debt. Anytime you are able to consolidate your debt and save yourself a bit of money - you should never hesitate to do so.

If you are in debt right now I'm sure you could imagine just how much better you would feel if you had zero debt. Not only should you look at ways of cutting debt and expenditure but also explore many ways of raising your income. After all, there are only two ways to reduce debt, one is to cut your expenditure, the other is to increase your incomings or earnings. Of course, if things are really bad then bankruptcy is always an option and you should explore the pros and cons of that too. You should also scout around the financial markets and find the best deals, both from an investment and borrowing point of view.

I think the important message here is for you not give up. There are definite ways out of your situation, no matter how bad or dire you see your circumstances as. I think Donald trump was at one stage $700 million in debt and he got out of his predicament. If he can do it, surely you can too.

If you are looking to consolidate your credit card debt, you should not hesitate to let the professionals help you. There are a lot of companies and banks that specialize in consolidation, and would be more than willing to help you. Before you make your decision though, you should always research your options available and find the best one for your needs. You should also make sure that there are no hidden fees or other problems as well. If you take the time to research, you will save a lot of money in the future.

A lot of people who turn to credit card debt consolidation, let their credit cards get the best of them. A credit card can be great to have, although it can be easy to abuse as well. If you are not careful in your spending, you can rack up debt before you know it. Once you get yourself in credit card debt, it can be really hard and very stressful to get out of it. Normally, it will take you months and possibly even years to get out of debt.

If you have made the decision to turn to credit card debt consolidation, the first thing to do is to look at your debt, and see exactly how much you owe. If you know what you owe and who all you owe it to, it will be much easier to contact the professionals and get them to help you. When you contact them to help you, you should not be afraid to ask them any questions, as you should always be looking for the best deal possible. Although credit card debt consolidation is a great thing, you should always do yourself a favour and wait until you find the best deal possible.
About the Author
Allen Jesson is the owner of several sites including http://www.0-debt.com, a site that specializes in getting people out of debt and a site that specializes in home based net marketing businesses.
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