Credit-Yogi

Best Ways to Get Rid of Debt Quickly

 
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Phoenix, AZ -- (SBWIRE) -- 12/17/2013 -- Someone who takes what he owes his creditors seriously should find out the best ways to pay off debt. That’s why Credit-yogi.com is here, offering some suggestions about what those techniques are, including:

- Debt Consolidation
- Settling the Debts
- Debt Management Companies
- Utilize a Savings Account

Consolidating Debt

One best way to pay off debt fast is consolidating it. This can be done through most lenders, and there are companies that do only this to help folks get out of debt. It’s basically just getting one loan that is enough to pay off all the balances owed to creditors. The lender generally disburses the payments each month on behalf of the borrower. The borrower then has to make a single payment to the lender. Putting this method to work can get one out of debt in several months, rather than several years.

Offer Debt Settlements

Among the best ways to pay off debt is offering settlement propositions. One doesn’t need to hire a debt settlement company to accomplish this. He can get in touch with the creditors himself and ask if he can have late fees and other costs waived, lowering the amount he owes. From there, he can politely request a settlement amount that will appease the creditor. Most creditors will accept a sensible offer, as they’ll get their money back and will no longer have to pay a collections agency to keep after the debtor.

Hire Professional Help

Here’s another best way to pay off debt fast: Hire a debt management company. These businesses set up meetings for credit counselors to learn exactly what the client’s financial situation is, including how much he brings home monthly and how much of that amount must go to debt repayment. The credit counselor then enrolls the consumer in financial education classes. Shortly after completion of these classes, the client sits with the counselor and devises a debt management plan that the client must stick to so he can eradicate his debts.

Use Some Savings

Many people put a great deal of time and determination into building a savings account “for a rainy day,” but it never occurs to them that, when they’re in debt, it’s pouring! Truly, using a portion of one’s savings to eliminate debt is one of the best ways to pay off debt. One can pay off several high interest debts with some of his savings, easing his burden while still allowing for a safety net.

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