It is hard to clear debt for two reasons, interest and penalties. A method known as the "snowball" effect can happened to you and with your debt. it is called a snowball because a loan can turn into debt and then constantly build up and increase in size, just like a snowball going down a hill. If you stop it before it gets to big it is OK, but if you let it build for a good period it will be to big to be stopped alone, and you will need help.
You can find such help by looking into debt relief options. These are ways in which the government is trying to help consumers clear debt. They come as an alternative to bankruptcy and can be used for various amounts of debt.
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Bankruptcy can also be used to clear debt. You can hire a lawyer and go present your case before a court. You will have to show legal document and prove that you are unable to pay your debt and that you have no other way out than bankruptcy. The process will take about a year during which you will constantly be stressed about money and about lawyer fees. It is not the best option for a consumer without money. Don't think that you will be able to get a loan when the process is complete so that you will get back on your feet. Bankruptcy results in a low credit score.
Debt consolidation is one of the great debt relief options available on the market today. You can find a debt consolidation company online and you can see if this method is the one for you. Debt consolidation can give you the money you need to pay back the creditors and get rid of your credit card debt. You will have to pay the consolidation loan back of course, but at least you won't have to worry about high interest, big penalties and those harassing phone calls from the collection agencies.
The risks of debt consolidation is that you can fall back into debt if you don't pay the second loan. But why wouldn't you? The interest is low and that makes the monthly payment lower.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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