With so many people finding themselves in credit trouble in today?s society, the debt relief industry is flourishing.? Scores of different companies offer many different options to help people just like you regain their financial freedom and leave debt behind.
Not every option is ideal for every person, but here are a handful of the more common ones.
Bankruptcy
Even though bankruptcy is typically a ?last resort? kind of option, it is an option and it will certainly relieve your debts.? When you file for bankruptcy, all of your unsecured debts will be wiped away and you can start over from scratch.
The unfortunate part is that you will no longer have a credit history at all, you may have to give up some of your possessions and the record of filing might follow you around for several years.?
Consumer Proposal
A consumer proposal is a debt relief option where a trustee works with each of your creditors to come up with a deal for you to pay off a percentage of what you owe.? If the majority of creditors accept this proposal, it becomes a legally binding process that all parties are bound by.? You make your monthly payments to the trustee and the trustee pays the creditors.
When you?re finished you are marked as paid in full, but your credit rating will be affected for a while moving forward.? The reason that creditors accept this type of deal is because they don?t want you to file for bankruptcy, as they will get nothing.
Consolidation
Consolidation is a common debt relief option that a lot of people pursue.? Basically, you will take out a loan that incorporates all of your different debts into one.? Then, you can stop making multiple payments each month and dealing with multiple creditors and just focus on one.
With consolidation, you?ll probably have to close up all or most of those other credit avenues so you don?t start the problem all over again.
Credit Counselling
Credit counselling services like the ones provided by CCSAC, may end up giving you the broadest selection of choices when it comes to debt relief.? In the end, you might opt for consolidation or even bankruptcy, but there won?t be a sales person trying to push a particular product.
A counsellor will sit with you and review your financial situation, then advise you on the best ways to turn it around.? Of course, real counselling has to include tips and techniques on how to manage your finances in the future so the same thing doesn?t happen again.? It?s definitely a process, but? well worth it in the end.
debt management, debt reduction, education, tips
Source: http://www.solveyourdebts.com/blog/what-are-my-debt-relief-options/
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