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Unsecured Debt Choices

Author : Mortimer Hudoba

When an unsecured debt problem is attempted to be solved, consumers could decide among several unique methods. This problem debt comes most often from credit cards, which have a well-deserved reputation for charging interest rates that can best be referred to as excessive. As opposed to some other types of debt like home equity lines of credit and mortgages, there's no silver lining of offsetting advantages that can be claimed, such as possible tax benefits. It ought to be eliminated as quickly as possible and at the smallest possible cost because it is debt in their worst form. The only possible qualifications to this statement are that there might be certain other priorities, such as an emergency fund or retirement funds, that might need to be taken into consideration also. But as far as paying down unsecured debt is concerned, personal credit card debt is normally the one with the highest interest rates and consequently needs to be paid off first.

In order to pay back their credit card and other unsecured debt, the 2 main methods consumers are able to use are to use a debt relief company or to attempt to resolve the issue on their own. Consumer credit counseling (also referred to as debt management), bankruptcy (Chapter 7 or Chapter 13) and debt settlement are the debt solution possibilities open through the various credit card debt relief companies. The simplest way to decide which solution is most suited for the given situation is to make an effort to solve the problem themselves first. Consumers need to make certain that the strategy they used was well thought out to be able to make this determination. Many consumers didn't apply their payments in the most advantageous manner or lacked a consistently applied, well defined strategy and ended up failing on their own for this reason. The amount they really paid monthly towards their debt was enough to have worked.

Always making the biggest payment each month on the account charging the biggest rate of interest is considered the most efficient technique you can use in paying off your credit balances. The other accounts should only get the minimum payment amount. Timely payments are mandatory to avoid cost. lt late charges, so stay on top of the due dates for each account. The debt can be paid down even faster by freeing up some extra money to apply to the debt. Adding another source of income and reducing expenses can make this possible. If implementing this strategy still proves to be unsuccessful, then contacting a debt relief company should be your next step. Credit card debt settlement and bankruptcy are options that are best set aside until it can be determined if consumer credit counseling will solve your debt problem.

Author's Resource Box

Mortimer Hudoba is an expert debt analyst and has been assisting consumers with debt consolidation for over 12 years. He intends to inform indebted consumers about the numerous debt relief help solutions offered.

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Tags:   debt consolidation, unsecured debt solutions, unprotected debt, debt options, debt remedies, debt alternatives, debt choices, credit card debt, credit card debt relief

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Submitted : 2010-10-15    Word Count : 870    Times Viewed: 400