Debt relief can be a major help in your life. Whether you have credit card debt or medical debts, being overwhelmed by what you owe can cause you a lot of stress. Fortunately, there are many ways to tackle debt, from using the snowball or avalanche methods to choosing bankruptcy.
When you're eliminating debt from your life, the best feeling is knowing that you're not going to be locked down by what you owe into the future. Here are a few different ways that you can reduce what you owe.
Eliminate debts with one of these helpful ideas:
- The debt avalanche method, paying the highest interest rates first
- The debt snowball method, paying the lowest balance first
- Debt consolidation, placing all debts into a single loan for a lower monthly payment
- Direct negotiation with creditors to reduce payments, interest rates or to settle the debt for less
- Chapter 7 Bankruptcy, which allows you to eliminate debt completely through the liquidation of some of your assets
- Chapter 13 bankruptcy, which allows you to eliminate debt after making three to five years of consecutive payments
Every one of these methods could be helpful to you, or you may have one that you prefer. If you haven't looked into debt repayment options in the past, then you may want to reach out to your attorney. Your attorney can help you negotiate with creditors or look into bankruptcy to settle your debts.
Our site has more on debt elimination and how you can resolve your balances and live a life that is free of the stress of debt.