To get help when in debt, you can opt for one of the many options you have. You can file for bankruptcy, pay it back or use another debt relief option that is meant to reduce your interest rates and make your payments easier. There are more than one ways to do things and some will prove to be a better option than others.
Any creditor will tell you that you can pay back your debt if you agree with the minimum payment each month system. This makes your monthly payments affordable and you can keep on paying until the whole debt is gone. This might sound like a good thing but in reality, it is just another way for the creditors to get more money from you. First of all, for such a small payment, the interest rates are very high but as the sum remains the same, the only thing that can change is the duration of the payments. You will soon realize that with such interest rates, it will take 30 years to pay back a debt of just five digits.
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Bankruptcy is yet another option you should avoid. It is costly because you will need to hire a lawyer to represent you in court while you present a lot of paperwork to prove that you can no longer pay the creditor and that this is your only option. It will take you almost a year to complete if everything goes right and although you will clear your debt, you will also damage your credit score to such an extent that will take a decade for it to reach good standards and make it possible for you to get a loan.
Other legitimate alternatives to bankruptcy are debt relief options out of which, debt settlement seems to be the most profitable one for the debtor. It is used by consumers on the verge of bankruptcy and it can reduce unsecured debt by 40-70%. Unlike bankruptcy, it doesn't affect your credit score but you will need to pay a part of your debt back. This shouldn't take you more than a few years and the interest rates will be smaller so that you can clear your debt as soon as you save enough money.
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