There’s an unfortunate stigma surrounding debt, despite the fact most Americans carry it in some form a mortgage, auto loan, credit card balance, personal loan, student loan, etc. You’d think, given how common it is for consumers to borrow money for one reason or another, that it’d be perfectly reasonable to talk about it. And it should be. But many people still feel like their debt is their “dirty little secret”; something they must shoulder alone and hide from the outside world. Decreasing extra expenses can force your budget and can help you how to getting rid of debt.

* How to Getting Rid of Debt Quickly:

Getting Rid of Debt Quickly
Image by: Flickr

This combination of shame, stress, and secrecy often leaves people feeling like they’re the only ones in the world—or at least their social circles—dealing with significant debt. In reality, the average U.S. household carries over $137,000 in debt, including almost $17,000 in credit cards.

Long story short: If you’re trying to figure out to getting rid of debt in the double-digit thousands of dollars, you’re not alone. Many, many Americans are in a similar boat. There are debt relief strategies available to tackle any level of debt, from a small pile to a mountain.

* Americans Are Seeking Debt Solutions:

Americans Are Seeking Debt Solutions
Image by: Pixabay

Here’s a quick anecdote illustrating just how many people out there are seeking debt solutions for serious debt. Money expert and Freedom Debt Relief co-founder Andrew Housser recounts how, the day after launching an AdWords campaign for FDR’s first website, they were completely surprised by the response. Over 100 people had emailed them overnight, “all struggling with large debt, many over $30,000.”

Since then, the very same debt relief program has come a long way. It’s enrolled over 600,000 clients. It’s settled more than $10 billion in debt at a rate of more than $211 million each month. All these enrollees had an obligation in the double-digit thousands they wanted to eliminate. Many of them have successfully done so—often for less than the original amount owed—through settlement.

Of course, their stories are all different. But the common thing is that they had to acknowledge their debt, explore the options available to them, then reach out for help. Getting rid of debt requires digging in and deciding on a course of action. And overcoming the stigma is often the first step.

* Debt Elimination Strategies to Explore:

Remember the moment in the classic Disney movie Cinderella, when the glass slipper slides perfectly onto the protagonist’s foot? Well, consider it a good metaphor for debt relief. Not every solution will fit every consumer; it will take some work to find the best fit. But once you do, you have a real shot at a “happily ever after”—or at least a life free from so much debt.

Here are some debt solutions worth checking out:

  • Home Equity Loan: Take out a low-interest loan based on your mortgage and use it to pay off high-interest debt.
  • Balance Transfer: Transfer high-interest debt to a low- or no-interest credit card for more manageable repayment.
  • Credit Counseling: Come up with a personalized repayment plan and evaluate your options with the help of a financial professional.
  • Debt Consolidation: Use a low-interest consolidation loan to pay off higher-interest debt.
  • Debt Settlement: Deposit money into a dedicated account until you have enough to negotiate with creditors, aiming to reach a lower settlement.
  • Bankruptcy: Work toward a “clean slate” by declaring legal bankruptcy. Note: You may forfeit some or all of your assets, and it will stay on your credit report for years.
  • Do-It-Yourself Repayment: Prioritize debts from smallest to largest (snowball) or from highest interest to lowest interest (avalanche), then repay them in order.

Many people trying to getting rid of debt in the double-digit thousands of dollars. You also can too. What you need is hope—and the right plan.

A passionate blogger who has been around the blogging community for over 6+ years and still love all things Wordpress. I love to do building websites, writing content, and helping authors self-publish.

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