How Do You Spell Debt Relief?

Of all the problems possible in a marriage, finances cause the most marital discord. Many singles consider finances to be their most worrisome issue. Many times this is due to a heavy debt burden. Several options exist to help people get debt relief from their unsecured debts. (Unsecured debt is not linked with a physical asset. Therefore, credit cards and medical bills are unsecured debts; a car loan or a mortgage are secured debts.)

One option for debt relief is bankruptcy. While unsecured debts are indeed discharged, the long-lasting black mark on your credit report (up to ten years) makes bankruptcy less than ideal as a form of debt relief. Further, changing bankruptcy laws will make it more difficult to file. Bankruptcy should only be a last resort. It is not a quick fix.

Another option is debt consolidation. Debt consolidation combines your existing loans into one loan. While this does away with late fees and over-the-limit fees, very little is done to reduce the amount of debt or to renegotiate interest rates. Further, this uses something as collateral, such as your house. If you still have trouble paying, you could lose your house to foreclosure.

A third option of debt relief is debt settlement. The debt settlement company negotiates with credit card companies to agree to settle for a lesser amount owed, often pennies on the dollar, of both the interest and the principle. A debt settlement company also acts as the middleman between the debtor and the credit card companies, eliminating phone calls that border on harassment. A downside to debt settlement is that many debt settlement companies advise you to stop paying your monthly bills altogether in order to force credit card companies into settlement. While this may work for some credit cards, others may be just as likely to take you to court for non-payment, and debt settlement companies take no responsibility for such action.

A fourth option for debt relief is through credit counseling services. This is similar to debt consolidation in that you pay only one bill to the counseling service. They in turn take over all your debt payments. The benefit of this is that any communication with the creditors is handled by the counseling service. The downside is that credit counseling services work primarily for the credit card companies. While they may work for a reduction of interest, they probably won't work for a reduction of principle.

No matter which option you choose for debt relief, all are better than doing nothing and falling further and further behind. Check out all your options before making a decision.

Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt consolidation, credit counseling, repair and free debt relief information that you can research in your pajamas on his website.

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Google News Updated : Sat, 11 Oct 2008 05:49:35 GMT US Near Changing Stance on North Korea as Terrorist - Wall Street Journal BBC News US Near Changing Stance on North Korea as Terrorist Wall Street Journal - 1 hour ago By JAY SOLOMON WASHINGTON -- The Bush administration is hoping to announce as soon as Saturday that it is tentatively removing North Korea from its list of state sponsors of terrorism, in a bid to kick-start a stalled nuclear disarmament agreement, ... AP: US to remove North Korea from terror blacklist The Associated Press US May Remove North Korea From Terrorism List, AP Reports Bloomberg Los Angeles Times - Voice of America - Financial Times - The Miami Herald all 1,714 news articles Publ.Date : Sat, 11 Oct 2008 04:02:40 GMT Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' - Bloomberg Telegraph.co.uk Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' Bloomberg - 1 hour ago By John Brinsley and Rebecca Christie Oct. 11 (Bloomberg) -- US Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile. US planning to buy equity in financial institutions Reuters Treasury Weighs Investing In Banks Washington Post International Herald Tribune - MarketWatch - CNNMoney.com - Bizjournals.com all 1,783 news articles Publ.Date : Sat, 11 Oct 2008 04:21:05 GMT Genomics project unites four Wisconsin research institutions - Milwaukee Journal Sentinel Genomics project unites four Wisconsin research institutions Milwaukee Journal Sentinel - 19 minutes ago By KATHLEEN GALLAGHER Wisconsin’s four biggest academic research institutions will collaborate on an initiative aimed at giving the state national stature in the fast-emerging field of individualized medicine, Gov. Marshfield Clinic gets biggest donation yet Chicago Tribune Wis. governor unveils gene research triangle Forbes Bizjournals.com - GenomeWeb News (subscription) - WJFW-TV - WISN.com all 51 news articles Publ.Date : Sat, 11 Oct 2008 05:29:44 GMT Democrats Are Gaining, Registration Data Shows - New York Times Los Angeles Times Democrats Are Gaining, Registration Data Shows New York Times - 2 hours ago By NICHOLAS CONFESSORE and GRIFF PALMER Some longtime Republican strongholds in New York are becoming increasingly Democratic, a striking change driven by demographic shifts, intense voter registration drives by Democrats and allied groups and sagging ... Campus registration drives in full swing KARE Ott, Hook face off for open county office St. Joseph News-Press The News-Press - Winston-Salem Journal - Tampabay.com - Beaufort Gazette all 739 news articles Publ.Date : Sat, 11 Oct 2008 03:20:33 GMT G-7 Commit to `All Necessary Steps' to Stem Global Meltdown - Bloomberg Voice of America G-7 Commit to `All Necessary Steps' to Stem Global Meltdown Bloomberg - 1 hour ago By Simon Kennedy Oct. 11 (Bloomberg) -- Group of Seven finance chiefs, meeting after stocks plunged and as a global recession looms, vowed to prevent the failure of vital banks while failing to unveil new initiatives for thawing credit markets. Group of 7 Nations Seek Coordination in Rescue New York Times In latest bold step, Treasury will buy bank stakes The Miami Herald CNNMoney.com - The Associated Press - Boston Globe - FN Arena News all 890 news articles Publ.Date : Sat, 11 Oct 2008 04:03:42 GMT McCain Lauds and Attacks Obama in Same Day - New York Times CBS News McCain Lauds and Attacks Obama in Same Day New York Times - 41 minutes ago Senator John McCain of Arizona and his supporters at a rally on Friday in La Crosse, Wis. By ELISABETH BUMILLER LAKEVILLE, Minn. - After a week of trying to portray Senator Barack Obama as a friend of terrorists who would drive the country into ... McCain Moves to Soften the Tone at Rallies Washington Post John McCain, speaking to supporters, tries to defuse an anti ... Los Angeles Times Reuters - DetNews.com - Austin American-Statesman - The Miami Herald all 304 news articles Publ.Date : Sat, 11 Oct 2008 05:08:14 GMT Bush: US authority able to solve financial crisis - People's Daily Online Telegraph.co.uk Bush: US authority able to solve financial crisis People's Daily Online - 1 hour ago US President George W. Bush arrives in the Rose Garden at the White House to makes a statement on the economy in Washington, October 10, 2008. President Bush vows action on financial crisis Los Angeles Times Bush's Lullaby to the Markets Washington Post Birmingham Star - Wall Street Journal - CNN - Bloomberg all 1,302 news articles Publ.Date : Sat, 11 Oct 2008 04:12:49 GMT Create Blog RSS to HTML

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