There are actually 3 or 4 methods that are available for us to reduce our debt. To mention the most popular there is debt consolidation, debt settlement, bankruptcy, and another which is growing for its benefits known as debt resolution. If the debt has got as far as the debt collection agencies, there is likely to have been some unpleasant letters and phone calls. These people rely on making you feel guilty and that you have some obligation to them. In many cases this is simply not true. When asked to prove their right to ask for the money (as long as this is done in the correct legal fashion), they will usually simply go away. They have easier targets to chase. This may all sound a bit technical and far away from the needs of someone in the grips of lenders and collection agencies chasing a debt, but you need to know this to get free of them.
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Different methods can be used to get out of the huge debt that has built up. Self-discipline always works and the first step is to start reducing all expenses and using the cards. Negotiating with creditors to reduce the interest rate in a hardship situation may help. Some creditors will reduce the interest rate on cards and accept lower payments. However, this may not help you to get out of debt quickly.
Another option is to negotiate with creditors and pay them a lump sum to settle the debt owed. While this is certainly feasible, consumers may not be aware of the laws involved and also of what would constitute a fair and just settlement. In order to get the settlements professionally done, using a good debt settlement company would be a wise choice.
There are lots of companies offering ways to get out of debt involving paying off the largest interest cards first, taking out consolidation loans, taking a loan secured on property and so on, but these only prolong the agony and are no use to anyone already swamped with debt they cannot pay. To many of these people it may seem that bankruptcy is the only way out, but it does not have to be that way.
The one I find to be most beneficial, different, and totally transparent is the debt resolution. Expect to pay about $500 up front, regardless of debt amount, to establish the paperwork and accounts as well as to compensate the lawyer for his efforts to cease collection calls, etc. Some customers may balk at paying an upfront fee, but compared to what a debt settlement company charges, it more than pays for itself within just 2-3 months on average.
Finally, one of the biggest differences that debt resolution offers is in the write off tax burden that traditional debt settlement companies frequently neglect to mention. Since a tax penalty really is an IRS & creditor issue, not part of their program. Most people don't even know that the balance left from their total balance less the settlement amount is taxed as income. It's a lurking surprise, and can have serious consequences just as people feel like their regaining the financial footing. So there is NO tax penalty to pay!
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