Debt can be devastating to both men and women, and most people live their entire life in debt, but they don't have to. In fact did you know that the average freshman college student has at least $4000 in credit card debt and that debt continues to grow as they get older. So as you age the more that debt becomes, until you hate to go home, or to go to work for fear of facing those creditors on the phone.
But there are solutions out there. Unfortunately most people think the only solution is bankruptcy and they go for this option believing it to be the easiest way, but in reality it is the hardest option and the one that has the longest lasting consequences.
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When you declare bankruptcy your credit becomes seriously affected, often you cannot take a mortgage or a loan out for years. The bankruptcy blacklists you to all lenders. Yet you may think: " Well that doesn't matter because I will get rid of all my debt, and I won't have to worry anymore." Unfortunately this thought couldn't be further from the truth. Bankruptcy laws have changed a great deal in the last few years. Today in most bankruptcy cases you are still liable for the debt and still have to pay it back, although over a longer period of time, plus you get the added costs of court and of lawyers.
The other option to help you get out of debt is getting a debt settlement done. In these cases a debt settlement company will negotiate with your creditors, and try to reduce or eliminate some of the fees, high interest and late charges then they will consolidate all the debt and help you find a loan to cover that debt.
Often when you take debt settlement you end up paying one smaller monthly payment than all the combined payments you were making to all your creditors. Because you don't have any more late fees being added on, or additional interest, you are able to pay of the debt much faster.
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