Techniques to Get Out of Debt Now
If you’re fed up with mounting credit card bills and calls from creditors, then you may be looking to get out of debt now. While eliminating debt typically takes months or even years, there are a few ways to dramatically reduce or even eliminate debt overnight. Keep reading to learn the most effective techniques to get out of debt now.
Negotiate to Get Out of Debt Now
Debt negotiation is a technique that can instantly reduce the amount of debt you owe on a credit card by as much as 70 percent. The tactic involves calling a creditor – or hiring a debt negotiator to call them for you – and asking to negotiate a lump-sum settlement. The amount of debt a creditor is willing to absolve depends on factors such as your total amount of debt and amount of time since you’ve made a payment. However, in general the average debt settlement results in a savings of 50 percent.
Keep in mind that a lump-sum settlement requires you to have the proper funds on hand for immediate payment. If you don’t have adequate savings for a lump-sum debt negotiation, then consider asking for a reduced payment plan instead.
File for Bankruptcy to Get Out of Debt Now
There are plenty of negative connotations that come with bankruptcy. However, no other technique has the power to clear you of all previous debts in such a short amount of time. In fact, filing for bankruptcy typically means that all or most of your outstanding balances are wiped clean – without you having to pay another cent on your debts.
Bankruptcy is not available for everyone, and should only be considered as a last resort for debt relief. This is because of the significant impact on your credit score that severely limits your ability to acquire credit cards or loans in the future.
Use a Debt Counselor to Get Out of Debt Now
Borrowers looking to get out of debt now often choose to hire a debt counselor. These experienced individuals will look through your debts, help you make a budget and recommend the fastest road to financial stability. Thanks to their significant expertise, they can typically deliver a cost-effective solution for eliminating debt that can often have you saying goodbye to debt forever in a matter of months.