If you're in debt, you may be hoping that there is a way to get out. You might not be able to increase your income, or you could be doing your best to limit expenses and have little left you can do. Lots of people have been in your position.
Debt relief is something you should look into. With the right types of relief, it's possible to change the terms of your debt, so you can manage it better. There are a few kinds of debt relief to consider including debt settlement, debt consolidation and bankruptcy.
Bankruptcy can be a good option if the majority of your debts are on unsecured credit cards or loans. These debts are discharged in bankruptcy. Although many believe that bankruptcy means you'll lose everything, the truth is that there are many exceptions and that you may be able to keep your home, vehicle or other assets.
Another way to relieve yourself of debts is to look into debt settlement. You may be able to reach out to your lenders and seek a lower payoff amount if you can make installment payments or a lump-sum payment. Your attorney can negotiate a rate that may work for you as well.
Finally, look into debt consolidation. For student loans and other debts unable to be discharged, a consolidation could lower your monthly payments to help you get on track with your finances. Consolidation may extend the life of your loan but help you when you need to make room in your budget to pay for other items you need.
Source: NerdWallet, "Debt Relief: Understand Your Options and Consequences," Bev O'Shea, accessed May 02, 2018