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There are so many people around the world who are living in severe debt. Credit cards and medical bills have put them in a hard spot. Medical bills are the main reason for people to fall into severe debt with credit cards bringing in many of the others. Everyone dreams of living debt free and you can with a little time and some hard work. You have to be willing to go without to become debt free. It is possible, however.
You may find in order to be living debt free that you need the help of a debt settlement company or debt consultation company. These companies will work with you and your creditors to get rid of your debts. They know the ins and outs of how credit card companies operate. If credit cards are your main source of debt then hiring a debt settlement company may pay. They will be able to set up a lower payment arrangement with your creditors. They do this by getting your interest rate lowered and by getting your monthly payments lowered. Credit card companies will often times accept a lower amount than is due them. They are happy getting some money than none at all.
In order to start living debt free you may have to take out a consolidation loan. You have to remember with a consolidation loan that you will be paying on it for many years. Ten to twenty years is the average home equity loan. It is possible to be living debt free of credit cards and medical bills with a consolidation loan, though. A consolidation loan will take all of your debts and put them on one low monthly payment. The interest will be a lot less than what you are paying for credit cards.
Another thing you must remember is that you can lose your home with a consolidation loan if you don’t make the payments. A consolidation loan is a secured loan that generally will use your home for collateral. Home equity and refinance loans are consolidation loans. If you are sure you can make the monthly payment on time every month then it would pay to use this method to get out of debt. If you worry about paying it back then you should use another method. As long as you make the payments on time your credit will not be affected in a negative manner. This is not true with other methods.
Getting a consultation company to help with a budget that will work for you is another way to start living debt free. If you are willing to work hard, a good budget can get you paying off your loans and credit cards. If you stick to your new budget you will be living debt free in no time.
If you have lost your job or your debt has gotten so out of hand you can no longer deal with it, you may want to consider bankruptcy. Bankruptcy should be a last resort for living debt free. It may clear away all your debt but it will leave you with bad credit for up to ten years. Bankruptcy is something that can be complicated so make sure you hire a bankruptcy attorney to help you. He will know what type of bankruptcy would best suit your needs. He will know everything that has to be done. You will have to pay for a bankruptcy attorney but it will be well worth the expense.
Living debt free is not easy. You first have to pay off all of your debts and then you must keep from going back in debt. You can start off right by destroying your credit cards. They are the most common cause of debt in the US and the UK. Try to pay cash for everything you purchase. Every time you purchase something on credit you go back into debt. By doing the right things you can live debt free and start to save your money. Remember if you need to settle your debt you may want to use a settlement company. You will pay for their services, but if you get a good company they will be upfront about their fees and do the job you hire them for. Check out the company you plan to use.
Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.