When I was a child, there was a program where one of the characters could “pluck his magic twanger” and make something magical happen. If you’re having a serious problem with debt, I’ll bet you wish you had a magic twanger you could pluck and make it disappear. Having to deal with debt, especially a large amount of debt, can turn your life into a living nightmare. You can be harassed by debt collectors or even see your wages garnished. Fortunately, there is help available for consumer debt relief. In fact, there are several different ways you could achieve this relief.
Increase your earnings
You could pay off your consumer debts in probably half the time if you were to get a part-time job or find some other way to increase your earnings. For example, let’s suppose you have $20,000 in credit debt at 18% interest and your payments were $400.00 a month. In this case, it would take you 94 months to pay off your debt. However, if you earned extra income so you could pay $600.00 a month, you’d be debt free in just 47 months or exactly half the time.
Take out a loan
Another way to get relief from those obnoxious debt collectors is to get a loan from your bank or credit union and use it to pay off your debts. Of course, unlike the example given above, this does not get rid of your debts. It simply moves them from one set of lenders to another. However, you will have a much lower monthly payment than the sum total of the payments your making now as you will have a lower interest rate and more time to pay off the loan. In fact, you could probably swap credit card debts with interest rates of 18%, 20% or even higher for a loan with an interest rate of 8% or less – depending on whether you get a secured or unsecured loan. Of course, it could take you five, seven or even 10 years to pay off that loan, which is a very long-term commitment.
Did you know that you can negotiate with many of your creditors to get your balances reduced? In fact, you might be able to get them cut by as much as 50%. You will need to stop making even your minimum monthly payments for probably six months before contacting your creditors to negotiate settlements. You’ll have to convince them that it’s in their best interests to settle or you’ll file for bankruptcy and they would get nothing. You also need to have the money available to pay off the debts you settle. So if you were to settle a $5,000 debt for $2,500, you would need to have that much cash available to immediately wire your creditor or to send it in the form of a cashier’s check.
Do-it-yourself debt negotiation
If you think of yourself as a good negotiator or salesperson, you might be able to negotiate with your creditors, which would provide some relief. You’ll need to contact each one of them individually and convince them that you are in dire financial straits and need their cooperation. Some might be willing to reduce your interest rates, give you a “timeout” for several months of no payments or waive any late fees or overcharge fees you’ve been assessed.
Debt consolidation done right
We believe the best help for consumer debt relief is to let our debt consolidation providers’ help. We are so sure they can help you become debt free in a reasonable amount of time that we offer a simple 100% satisfaction guarantee. If you don’t like the debt consolidation plans you’re offered, you can cancel out and pay no fees or penalties.
Call our toll-free number today to learn more about debt consolidation done right and how it could help you. Since it costs you nothing to give us a chance, you have absolutely nothing to lose