The Road Out Of Debt
We are going to talk about this over the next few days. A lot of the concepts will seem simplistic, but the truth is that the way out of debt is easy to learn.
There are truthfully only about 4 ways to resolve your debt issues.
The first is of course to pay the debt. If you can come up with some extra cash and pay it all thats the easiest, fastest and best way. Can you go without something this month, or for the next couple of months and just muster up enough cash to pay off the debt. If you can’t pay it all, can you pay enough so that the monthly payment becomes manageable? If not, there is the second way.
You can just walk away. If your judgment proof (meaning you have no assets or income), and you don’t care about your credit report (which is probably already damaged) or your reputation, there isn’t much a creditor can do.
You can declare bankruptcy. This is the cleanest way to make a break really. The debt will be discharged in the bankruptcy, and your finished. Of course the damage to your credit will be nearly impossible to repair. It will remain with you for at least 10 years.
Finally you can negotiate. This is the way that I advocate. The way that I have found as the method that produces the best solution, that is the easiest to recover from. You can reduce the crushing burden of debt, negotiate a settlement, pay the debt and even get your creditors to help you recover your financial and credit rating.
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