What Are The Benefits and Consequences
Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we don't know how we're going to get out.
There are many different options that you have for quick relief from debt with benefits and consequences.
You can look at the overview and see which option is the best option for you.

Debt Consolidation

1. Benefits

• Lower monthly payments
• No worry of paying multiple debt collectors every month, pay only one agency
• Percentage of debt charged by consolidation company
• Costs for Loan
• Cost for counseling or negotiation

2. Negatives

• Appears on your credit file like bankruptcy
• Requires you to get another loan
• If you own a home loan will be tied to your equity
• Takes between 3 and 7 years to pay off the loan
• First few years no big change in debt reduction
• Does not always prevent creditors from future legal collection action

Bankruptcy

1. Benefits

• Costs between $700-$3000

2. Negatives

• On credit file for seven years
• Finances made public record
• Creditors can file adversarial hearing that costs $3000
• Credit severely damaged

Debt Relief Program

1. Benefits

• Payments can stop as soon as the program starts
• Credit Repair available after a short time
• Good credit repair options available

2. Negatives

• Usually only credit card debt and unsecured signature loans

The author, Marcus Ware, is the webmaster of waresbusiness and promotor of affiliate products.

Debt Consolidation Loans