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If you have found yourself missing on the debt and credit payments and the fees for being late are starting to add up, then you are really up for a bumpy ride, a ride that can and most likely will result in a crash. Still, there are things you could do to avoid flat out bankruptcy – that’s to be used as a last resort only as it does a world of hurt to your credit ratings and scores.

Debt relief in itself isn’t an easy process and you’d do well to read up on all of your options online and know just what to expect. Make sure you avoid scammers and spammers, there’s been a whole generation of fake debt relief agencies that have popped up as a response of US private as well as national debt spiraling out of control – a real agency always has to provide you with all of the documentation you want to see and you will not be forced to pay the bills to the agency before some of your credits have been settled.

The most common form of debt relief is a debt consolidation, it’s a process where all of your debts (even uninsured ones, like credit card debts and medical care debt) are rolled into one as far as you’re concerned. You will no longer be bullied or harassed by the creditors, no more annoying phone calls – it all goes through the debt consolidation agency. You pay them a monthly fee that you both agree on, and it’s their job to contact the creditors, explain your situation to them and shave down on your debt, interest rates, interest fees and even the amount owed. Debt consolidation agencies sometimes offer loans of their own, but your credit rating is really in trouble if you give the power to pay your bills to a third party and then you botch that deal up as well, at that point it’s just as bad as if you went bankrupt.

Credit repair is also a route you might want to explore, and that is a route you don’t really need to hire a representative for, although you could if you want. It’s a process where you study all of the terms of the loans and credits you’re saddled with, and you do your best to make good on as many of them as you can just to get your credit score up a bit, a really important factor that can bring down your interest rates by a fair margin, if interest rates are the ones doing you most harm.

All in all, there are ways for you to get out of your debt set in place if you’re willing to do some research and some thinking as to what suits you the most and what you can do to make the most out of the situation you’re in.

If you’ve saddled yourself with tons and tons of debt that you have to make monthly payments on without reading the fine print and without checking thoroughly if your budget can support something like that, then it’s more likely then not that you’re on a road that millions of [...] Continue Reading…

With the current economic situation worldwide, the worst thing you can do is try and juggle several debts or max out all your credit cards. Still, many, many people see this as the only, albeit temporal way out of all their problems. The issue arises when they are supposed [...] Continue Reading…