My Options For Clearing Debt - 1114 Words

Your Options for Clearing Debt Debt is something most of us will experience at one point or another in our lives, but very few of us actually discuss. Not only is it sometimes difficult to admit (to others and to yourself) that you ve fallen into debt, but it s a topic that few of us are actually qualified to talk about impartially. It s also something that s very specific, and will differ greatly from person to person, so here, instead of seeking to answer all the questions, we ve instead decided to offer some more general advice. These are some of the general options you might want to consider if you are dealing with debt and are struggling to understand what your next step should be. Note, however, that before you go through with any of the options listed below, you ll want to open a dialogue with your creditor and see if you can reach an agreement with them directly. Debt Management Plan (DMP) – As the name suggests, a DMP is effectively a plan setup with a provider that will take all of your disparate debts and compile them into one, simple monthly payment. This is particularly helpful if you have managed to build up a lot of smaller debts (credit cards, overdrafts, etc) and want to keep them organised in one place so you don t forget about them. You d be surprised how often that happens! You can set up a DMP either with your existing creditors, or with a third party firm, but whomever you use, there will be setup and handling fees to consider. As previouslyShow MoreRelatedThe Real Estate Agents Of The United States1301 Words   |  6 PagesHomeowners who were hit badly by the economy several of years ago were forced out of their homes. I know, because I was one of them. Ours is a rather long story, but to keep it short, my husband and I were both real estate agents. 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