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What Consumer Debt Relief Solutions Are Available?

There are several debt help relief solutions available to consumers. What’s best for you depends on your own financial situation.

  • Do you have a home that’s worth more than you owe?
  • How much unsecured debt (most common type is credit card debt) do you have?
  • How much income do you have?
  • How important is your credit score to you?
  • How bad is your situation?
  • Are you currently behind on any payments?
  • Could you possibly give up your credit cards?
  • Have you ever filed bankruptcy before?

So as you can see there are many factors you want to take into consideration. Your first job is to determine the best consumer debt relief solution for you. The basic most common solutions are:

  1. Debt settlement to reduce your unsecured debt balance
  2. Debt management to consolidate your debt and lower your interest rates (if you do not have a home with equity)
  3. Refinancing your home to consolidate your debt (if you have equity in it) to pay off your credit cards
  4. Bankruptcy

Each solution should be considered based on your individual circumstances. I suggest you continue to do research on this website to see which option may be suitable for you and then contact a few companies to ask questions and get quotes. Use my interactive tool and watch this video on debt help to help get you started in determining what debt solution is best for you.