Whenever a person is drowned knee-deep into the huge burden of unpaid debt (may be of bills, loans etc.), the thing he or she is badly in need of is an option……which can make his debt paid, and take him out of this ongoing anxiety and pressure. We know, that Debt consolidation programs offered by many companies have already gained enough fame and publicity as a useful means to pay off our debt. However, other options are also there in market…and they are as good as the 1st option at the task of managing the payment of your unpaid bills, and protecting your financial set up. I have worked a lot on different bill management options so far, putting my endeavour in finding out every possible option, and counting the total number…and as per my findings, there are total 5 options including debt consolidation, to help you for your debt elimination and set your life free.
A) When you have huge amount of different unpaid bills you are unable to pay off, a debt consolidation loan from a consolidation company can be just the required to help you out. This loan, actually, works as a fine, single replacement of your different bills. How? It consolidates your different unpaid bills and converts them into a single payment scheme……that means, your making just one payment actually pays off all your bills. According to the terms, the loan company gives you a convenient, affordable monthly payment scheme to pay back your company. What are the benefits of this? We already know…
1) it helps us to avoid bankruptcy
2) Does not leave a negative impact on our credit report & credit score
3) helps to chalk out our budget each month as the repayment amount is fixed each month
4) No need to deal with several creditors at a time.
5) Helps us get rid of harassing debt collection calls
B) This is a very useful option for consolidating the debt of only different due bills. In fact this option had specifically been made to meet the need of fixing the unpaid bill debt problem.The process is almost similar to that of loan consolidation. You approach to any bill consolidation firm, which then starts negotiating with your creditor to get your interest rate reduced. And, then all your due bills are consolidated and converted into a single monthly repayment scheme.
C) I think, we are already pretty aware of the usefulness of debt settlement, and perhaps some of us have already been through this process…..so I desire here just to remind you of this available option. This process works best to get your debt paid off whenever you are shouldering a huge amount amount of debt, and unable to pay the total amount. The settlement companies, who gives this service actually negotiate with your creditors to get your total due debt reduced….at least by 40%-60%.....thus your total payable amount is settled at an amount pretty less than original amount. Pay that, and you are fee from debt!!
D) Bankruptcy is always an option to take you out of your debt. But frankly speaking, it is not very preferred, or recommended one. Rather as a man of finance world I would tell my readers not to go for a bankruptcy filling, because a single bankruptcy may be enough to disrupt you credit profile, or to leave a permanent negative impact on it. However as a consumer, you may file either Chapter 7 or Chapter 13 bankruptcy. Actually it depends upon what type suits you and which one you are going to qualify for.
E) You can manage the payment of all your bills, and pay them off even without any professional debt assistance. Sounds tough, especially under the post recession financial situation, but trust me it is possible. But to do that…1st you need to become an efficient manager of your own finance and monthly expenditure. You need to analyse your true financial set up and capacity, and based on that need to prepare your own monthly budget. Then stick to that, and follow a repayment plan accordingly. I myself have done it!!