What Are The Benefits and Consequences Of Getting

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754 - What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

by: Marcus J Ware

We have all experienced getting so far in debt we don?t know how we?re going to get out. There are many different options that you have for quick relief with benefits and consequences. You can look at the overview and see which option is the best option for you.
Consolidation
1. Benefits

Lower monthly payments
No worry of paying multiple debt collectors every month, pay only one agency
Percentage of debt charged by consolidation company
Costs for Loan
Cost for counseling or negotiation

2. Negatives

Appears on your credit like bankruptcy
Requires you to get another loan
If you own a home loan will be tied to your equity
Takes between 5 and 10 years to pay off the loan
First few years no big change in debt reduction
Does not always prevent creditors from future legal collection action

Bankruptcy
1. Benefits

Costs between $700-$3000

2. Negatives

On credit report for ten years
Finances made public record
No assets are allowed with Chapter7
Creditors can file adversarial hearing that costs $3000
Credit severely damaged

Debt Relief Program
1. Benefits

Payments can stop as soon as the program starts
Credit Repair available after a short time
Good credit repair options available

3. Negatives

Usually only credit card debt and unsecured signature loan

About The Author

Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products.

waresbus@waresbusiness.com

This article was posted on September 01, 2004

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