Christmas is over and you find yourself just a little bit deeper in debt than you had planned. So what is your get out of debt plan for the new year 2010?
Over the past 2 years, I’ve read over a dozen personal finance books on how to get out of debt. I’ve read through all the different debt elimination methods. All the debt cures you can think of.
They all have their place.
No debt elimination plan will work for everyone.
There are too many different scenarios to account for.
But if I had to rank the top 5 ways to eliminate your credit card debt this is how I would do it:
4. Debt Snowball/Pay It Off
Used effectively, debt settlement can help you slash your credit card debt by at least half. You can do this on your own.
You can get rid of all your unsecured debt in as little as 6 months.
Even the best debt consolidation plans can take 3 to 4 years to complete. The only real downside is your principal balance is not reduced, only the interest rate.
The Debt Into Wealth system can help you become debt free in 5 to 7 years and also includes your mortgage loan.
The debt snowball is from Dave Ramsey and has helped thousands become debt free. It can take several years to finish paying off all your bills.
Bankruptcy is a last resort. Use it only after you have exhausted all your other options.
Think hard about the consequences of having ruined credit for 7 to 10 years. You can limit your job prospects among other things.
So what to do next? What do you do with these debt cures?
Learn more about debt settlement. The Zipdebt program is the best source I’ve found on how to do it yourself debt settlement and debt negotiation.
If you feel it is not for you then check out the Debt Into Wealth system. They have a special offer now where you can get the best debt elimination plan for under $10.
If you want to find out if debt consolidation will help, get a free online quote from Care One credit Counseling.
You can search this site for more details about the debt snowball.
I wish you the best start to the New Year.
You don’t have to suffer from credit card debt any more. There is so much help out there.
Let me know your thoughts or opinions.
Thank you for reading,
Debt Cures Reviews