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Debt Reduction - Solutions to Eliminate Debt

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					Debt Reduction - Solutions to Eliminate Debt Debt reduction is quickly becoming a top
priority for many Americans. With today's volatile economy, people are losing money in
investments and losing their homes to foreclosure. Many people are beginning to realize
that debt is their worst enemy and are looking for options to unlock the ball and chain
holding them back from achieving their financial goals. While debt reduction might seem
like an overwhelming task, there are several ways to relieve the heavy burden. The first
step of any debt reduction plan requires a thorough review of your finances. Once you
obtain a good look at where you stand, it will be easier to determine which type of debt
elimination plan best suits your needs. Â Popular debt reduction programs include credit
counseling, debt consolidation, debt settlement, debt management, budgeting and
bankruptcy. Each requires dedication to comply with the principals of the chosen
program. Most require an upfront fee along with monthly payments while subscribed to
the service. Although hiring a financial consultant or debt management company to
handle your finances might sound tempting, careful consideration should be given before
embarking on this path. Â Unless you are sinking in debts, there is no reason to spend
additional money to reduce debt. Good old fashioned budgeting is one of the best ways to
regain control of your finances. All that is required is to examine your financial situation
and create a plan to get out of debt. Numerous free resources are available online to guide
you through the process of creating a household budget. The library is another great
resource for obtaining information on personal money management. Â Credit counseling
is a relatively inexpensive way to reduce debt. While most credit counselors charge a fee,
non-profit organizations use a sliding scale to accommodate consumers who are
struggling financially. The U.S. Trustee Program provides a comprehensive list of
nationwide credit counseling agencies, along with a list of debt education providers. Â
The U.S. Trustee Program is managed by the Department of Justice. When debtors file
for bankruptcy protection, they must undergo counseling through an approved agency.
Debtors who are contemplating filing bankruptcy should consider using one of the U.S.
Trustee approved agencies. If you do end up filing for bankruptcy protection, you will
have met the credit counseling provisions outlined in the new bankruptcy laws. Â There
are many organizations offering debt reduction services. Unfortunately, many of these
companies charge outlandish fees or participate in predatory lending practices. Should
you decide to use debt reduction companies, it is imperative to conduct research to ensure
they are reputable. A good place to verify credentials is through the Better Business
Bureau at www.bbb.org. Â Debt reduction can place you on the path to financial
freedom. However, it is important to realize that it took time to create a mountain of debt
and it will take time to overcome it. With patience and persistence, you can chip away at
debt and break free of the financial chains that bind you. Â Take time to educate yourself
about the various debt reduction options. Determine which is best for you. Create a plan
and put it into action. Then enjoy the rewards of your efforts as you watch your debts
disappear! Simon Volkov is a private investor who specializes in helping individuals
facing foreclosure and bankruptcy. Simon's website offers a comprehensive library
focused on debt reduction, bankruptcy, personal money management and investing.
Learn more by visiting http://www.SimonVolkov.com.

				
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Marijan Stefanovic Marijan Stefanovic Digital Imagery http://proart-13.blogspot.com/
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