How To Legally Eliminate Debt Without Costly Consequences

If you’ve been feeling overwhelmed by the burden of personal debt lately, then I completely sympathize with you. The going has truly been tough. But do you want to know the good news? There really are ways to legally eliminate debt, and, you can do so without the costly consequences that plague certain debt relief options. Let me explain.

In the past, when faced with crushing debt, you’d almost certainly have to consider bankruptcy as a way out. This didn’t pose too much of a problem back then, because it’s impact wasn’t as far-reaching. Today however, bankruptcy is a totally different ball game. It stays on your credit record for up to 10 years, leaves you virtually unable to borrow a loan of any kind, and to add insult to injury, prevents you from even getting a job in certain instances. Bankruptcy, for the purpose of utter clarity, is really bad news.

So What Are The Present Options?

Well there are two main options that you can consider. The first is debt consolidation and the second is debt settlement. Both have their advantages and disadvantages, but where negative impact is concerned, they offer the best alternative to legally eliminate debt.

Consolidation works by pooling all your debt under one manageable amount, usually spread over a long repayment period, and is handled by a debt settlement company. This option works more on the principle of making debt easier to handle, as opposed to giving some immediate relief from the debt.

Settlement works by eliminating a large portion of the debt. This is usually achieved through negotiations with the creditor (credit card company etc), and the process is usually handled by a qualified debt settlement company. Where this relief option is set head and shoulders above others, lies in the fact that you get immediate relief. Once a substantial portion of the debt is written off (up to 80%), you never have to worry about that amount again. The balance that is left can either be paid in a lump sum or in installments.

If you really want to legally eliminate debt, without the long term negative effects associated with options like bankruptcy, then debt settlement is a very real solution. There are hundreds of companies online, and getting started is as easy as entering a name and email into an online form. In other words, you could easily get started today.