Getting Out Of Debt - What Are The Best Debt Relief Options For Consumers

There are several debt relief options to help consumers get out of debt. If you want to find out whether your lender or credit card issuer will be keen on offering debt settlement, you just have to make a phone call and explain that you are finding it difficult to make repayments on time.

After you have discussed you situation with a customer service representative you should ask for a senior employee. The employee will be more courteous, more understanding and more enthusiastic about working together to solve the problem. No matter what your creditors tell you consumers should realize that just about all creditors of unsecured debt are open to debt settlement deals.

Consumers would be wise to take advantage of the massive creditor fear in this market and eliminate their unsecured debt. What are the various debt relieve options available in the market? Everyone of these debt relief options will help consumers get out of debt but debt settlement is probably the best option in this market.

The only real difference is how much debt consumers are able to eliminate. When you opt for debt consolidation it will allow you to get a 5% - 10% discount on your debt balance. Stopping the interest payments will allow consumers to pay back the principal amount much more quickly.

Loan moratorium is another option which allows consumers to skip a couple payments but they have to accept a higher interest. Debt settlement is probably the best debt relief option in the marketplace today and will eliminate around 50% of a consumers unsecured debt on average. Many creditors of unsecured debt are prepared to settle you debts for as little as 30 % of what you actually owe.

If none of these relief options help you, then you have the option of declaring bankruptcy. New bankruptcy laws however have made bankruptcy the absolute last option for debt relief. Instead, it makes sense to opt for a debt settlement.

With all these debt relief options available consumers should be assured that there is legitimate help to get out of debt.

If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Debt relief networks allow consumers to ensure the validity of their debt settlement company and make sure the company is legitimate and proven success in debt negotiation. They are free to use and a good starting point to begin your debt relief process