Unfortunately, many consumers aren’t even aware of what solutions are available to them, so they are left searching for help. Given how high the interest charges on credit cards can be, climbing out from being buried in credit card debt can be a difficult task. Unless you are able to afford to pay more than your minimum payments, getting out of credit debt can take as much as 20-30 years and thousands of dollars in interest charges.

Debt Settlement

Is an innovative way to lower your debt and save money. It involves negotiating with creditors to reduce your debt by as much as 40-60% of the outstanding balance. In a settlement program, your monthly payment can be reduced dramatically and you can be debt free in as little as 12-36 months.

Credit & Financial Debt Counseling

Credit counseling involves working with credit card companies to lower your interest charges. By reducing your interest rate, you can be debt free faster, typically in as little as 4-5 years.

Getting Rid Of Debt Questions, Advice, & Tips

1. I have business debt. Are counseling and other credit card programs able to help me?

It depends. For sole proprietorships, debt settlement and credit counseling can typically help because it is individually guaranteed and still considered personal debt. Corporations, on the other hand, will have to seek out services specific to commercial or business debt.

2. I want to get out of debt now. Is this possible?

No, even filing bankruptcy takes several months before your debts are finally discharged. Along the same lines, it isn’t possible to get out of debt for free either.

3. I have bad credit. Can I still enroll in a debt settlement or credit counseling service?

Absolutely. Bad credit only prevents you from being able to obtain a loan, which isn't a recommended course of action for paying off your debt anyway.

4. What is the fastest way to pay off debt?

Other than bankruptcy, the quickest way is through debt settlement or negotiation.

5. Why does everyone recommend that I steer clear of declaring bankruptcy?

For starters it is possible that bankruptcy is your best option, particularly if you lack the income or resources to pay off your balances through debt settlement or credit counseling. So you shouldn't avoid it just because everyone is saying to. You should do your own research and determine which is the most appropriate option in light of your individual circumstances.

That being said, there are many downsides to filing personal bankruptcy that should be considered before choosing this route for credit credit card relief. First, the effects on your credit can be long lasting and severe. 7 stay on your credit for 10 years, and Chapter 13 remains on your credit report for seven years. Even worse, both can stay on your legal records for 20 years. With more and more employers doing credit checks it could have more far reaching credit consequences than being turned down for loans. Needless to say, life after bankruptcy is not necessarily pleasant.

6. I want to get rid of my debt through settlement, but I cannot find the money to get this done. Do you have any suggestions?

There is a wide array of ways to find the money to settle your debts. Some common ones are borrowing from friends or family, borrowing against your 401(k), using your tax refund, or selling an asset. If one is truly committed to finding a way, it is amazing how creative and innovative they can be when trying to find the funds necessary.

7. How can I get started with a company? Do you have any recommendations about the top service to use?

If you want PayingPaul.Com to refer you to a legitimate and honest provider of debt help, simply fill out a form. It's really that easy.