subject: How You Can Get Out Of Debt Quickly [print this page] Even though it usually takes most people a while to get into debt, we all want our problems solved quickly and it is no different with our debt. If you have over $10,000 in debt, you may be looking at a year or two. It all depends on how quickly you can make changes in the way you live your life.
Debt settlement is actually the quickest way out of debt, but it should be used only as a last resort. It will ruin your credit and you will have to pay taxes on the amount of debt that is written off. Credit counseling is the best way to get out of debt and still be credit worthy. This is a debt management plan that will allow you to enroll most unsecured debts. You will only have to make one payment each month that will be about 2% of your total enrolled debt.
This plan takes about 3 to 5 years to complete depending on your amount of debt that you have in the program. Now, there are ways that you can decrease your repayment time. How quickly you complete this program depends mostly on how motivated you are to be debt free. You need to look at the way you are living your life and the things that you have. What do you pay for each month that you can live without? What do you own that you can live without? What are you making payments on that you can live without?
Most people have many more resources for paying off their debt than they realize. I worked in collections for a large company and I was always amazed at the circumstances that surrounded the reasons that people were not able to pay their bills. I had access to credit reports and was stunned by the cars that were driven by individuals that could not make a $50 payment.
I am not saying that this is true of everyone, but if your life depended on it you would find the money. It is not necessary to go to this length. But if you are driving a brand new car with a $500 payment and are drowning in debt, you may need to rethink a few things. Increasing your income by $300-$500 goes a long way in shorten the amount of time it will take you to achieve debt freedom. Begin the debt relief process by getting a free quote for debt consolidation!
by: Marjorie Salada
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