3 Steps to lead a debt-free life

By Maria Smith
Are you knee-deep in debt? Are your debt accounts being turned down to collection agencies? Are you getting warning notices from your creditors? If the answer to all these questions is yes, then perhaps you must be looking for some options that can help you get rid of debt. There are many ways to http://www.debtconsolidationcare.com/forums/clearing-debt.html">clear debt. You can easily get rid of debt by adopting some easy steps on your own, but it is often advised to take some professional help so that you can pay off your debts systematically and legitimately. Read on to know about the steps you can take to clear your outstanding debts.

1. Enroll yourself in a debt consolidation program

The best way to get rid of debt is to enroll in a debt consolidation program. In a debt consolidation program, your debt consultant will negotiate with your creditors and attempt to lower the interest rates on your credit card debts. Lower interest rate will reduce the monthly payments and thereby make it easier for you to repay your debts. The biggest benefit of paying off debts through a debt consolidation program is that you have to make a single monthly payment. Instead of writing multiple checks to multiple creditors, you just have to make a single monthly payment to the debt consolidation company. Pay off debts with the help of a debt consolidation program to help you clear debt.

2. Take help of a Debt Management Program (DMP)

Debt Management Program (DMP) is almost similar to a debt consolidation program. Here also, if you sign up with a debt management plan, then you can reap the benefits of lower interest rates, low monthly payments and you can get rid of harassing creditor calls. For using the services of a debt management program, you need to make a monthly payment to the debt management company. All your savings will be accumulated in this debt account and your debt consultant will disburse the money to your creditors when needed.

3. Go for a debt settlement

If you have no option left other than filing bankruptcy, then you may go for a debt settlement. While you go for settling your debts, your debt negotiator will consult your creditor where he may settle your debts to an amount much less than the actual outstanding amount. The cut off amount may range up to 40-60%. Generally debt settlement affects credit score to a certain extent as the creditor reports the credit bureau as “settled”. Therefore think twice before taking recourse to this option.

So, if you are looking for some easy way to clear debt, then take into account the above mentioned steps and pay off your debts in affordable monthly payments.

How to get out of debt

June 12 2010 written by http://investingport.com/ staff        
The most common and stressful disease in the world right now is the master epidemic call "debt", debt is easy to acquire but hard to treat or get rid off, a lot of people that tried to eliminate debt found them self sinking in debt even more because of lack of strict plan to pay off the debt.  For anyone to be able to pay of their debt without filling a bankruptcy, they will have to be very carefully focused and dedicated to a new form of cheap life style; that is all that it will take to be successful at getting out of debt.
Cut off unnecessary spending.
        Majority of debtors still found them self sinking in debt because they are used to lifestyle of unnecessary spending. Unnecessary spending are money spent on things that are not needed for survival. Imagine spending over $100.00/week on coffee from Starbucks or other name brand coffee stations, couple of hundred dollars on fast food or lunch when you can easily save money by bringing your own lunch,
to catch up on debt you Must do the stick to the following steps so you can get out of debt fast.
*Make your own coffee or get free coffee at work
*Stop spending money on fast food, cook your own food
*Take lunch to work from home
*Eliminate all phone accessories fees
*Stop shopping for expensive clothes
*Cut down on drinking and have a budget for what you need to survive daily
*Follow the above advice and you will pay off your debt in little time.

What is Debt

Debt is the terms used to describe money owed to a lender. Companies, individuals and consumer can be in debt, as long as you own anyone money you are in debt with them. A commonly discussed type of debt is the usually creditors debt.