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Paying Down Bad Debts in less Time

Updated on May 17, 2012

There are many wise people in this world even in the time before credit cards. One example, is from hamlet, William Shakespeare advised, neither lender nor borrower be. Even though, he lived well be for the age of plastic and mass consumerism, he still understood the fundamental concept of debt between friends and business associates.

In today’s economy, there are many people that are digging themselves into a burden of debt, that there is no possible way to get away from these financial burdens. Since, the debt is already there the only things we can do is get down to basics and remove it. There are many different programs out there that will be able to assist you in relieving you of this financial burden. Granted, it is not going to be an easy road, but at the end, you will have triumphed over money and will better know how to manage within your means. Using available debt counseling services to help you work out a plan to let you become debt free.

Debt consolidation is an acceptable alternative to filing out right bankruptcy. Bad debts are ones that are unlikely to be repaid normally. Normally bankruptcy will generate a report for seven years on you, which is a hard shadow to break once you have it. It can take all of these debts and consolidate them into a single monthly payment. With this restructure, you can then have one payment and the stress of having to meet the payments of all your debts is easily more manageable. Most of the time, debt collectors are willing to take a lower percentage from these debt consolidation companies because they see that you are trying to get out from the heavy burden that you had gotten into.

Once you have arranged a credit counseling agency to work out a payment structure, which both you and your creditors agree on they will start paying them. They will work to lower your interest rates on your behalf with your creditor, further allowing you to catch up on these payments instead of continuing to dig a hole. They can negotiate the lowering of balances on adverse credit accounts that are facing collection. Once these payments have been made on time they will help you generate a positive and healthy credit pattern. You will also learn valuable tips for the future, when you are faced using a credit or faced using a credit card to make that unneeded purchase. This is just one way to help you understand the value and importance of your future credit.


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  • Kadmiels profile image

    Kadmiels 8 years ago from Florida

    Thanks! sarovi, The majority of credit agency tend to charge a nominal fee for their service it can range anywhere from 30 dollars a month to a couple of hundred. they deal with all kinds of debt weather it is write-offs of bad debt for credit cards or even doctor bills, or personal loans that you have made with businesses in your areas, those are good questions and I will add that information to the hub as well thanks for the feed back :)

  • sarovai profile image

    sarovai 8 years ago

    Very interesting Kadmiel.If you are going for Credit couselling agency, how much they charge? It is going to be credit also. Is it not?