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Debt reduction takes hard work and some sacrifices

Created: On November 8, 2010 @ 1:40 pm In

Sticking with a debt reduction plan often means making sacrifices. Don’t expect a quick fix solution to your [1] credit card debt woes no matter what you hear on TV, the radio, or the Internet. Take time to carefully research debt solutions to find one that can give you real results.

Debt consolidation

Consolidating debt has helped many people struggling with huge levels of debt, and while there are many companies out there who claim they can help you with this process, you can accomplish the same thing on your own. There are several ways you can restructure your debt, including applying for a [2] debt consolidation loan or making use of low-interest credit card balance transfer offers.

Debt settlement

Try contacting your creditors and negotiating a debt settlement that allows you to pay off a reduced level of debt, but be aware that most creditors won’t discuss a debt settlement plan until you’ve missed a few payments. Also, you may have to come up with a lump sum of cash to pay off the debt. Skip using a debt settlement firm as a middle man to avoid fees or potential scams.

Debt counseling

If you can’t figure out how to get out of debt on your own, find a reputable [3] debt counseling firm to help. Debt counseling can help you figure out where you went wrong with your finances and help you begin to recover. Debt counseling should include strategies to cope with spending issues, budgeting, saving, and other tips to help you improve your overall financial situation.

Article printed from DebtHelp.com Blog: http://www.debthelp.com/blog

URL to article: http://www.debthelp.com/blog/2010/11/08/debt-reduction-takes-hard-work-and-some-sacrifices-2/

URLs in this post:
[1] credit card debt: http://www.debthelp.com/blog../2010/09/22/debt-consolidation-options-and-credit-counseling-no-instan
t-fix/

[2] debt consolidation loan: http://www.debthelp.com/blog../../debt-consolidation/
[3] debt counseling: http://www.debthelp.com/blog../../debt-consolidation/credit-counseling.html