Either find ways to make more money or learn to live on less.
If you want something different (you) have to do something different!
Aside from that some creditors are open negation and will lower interest rates on a debt, other businesses provide a consolidation payment programs where you essentially have all your credit debts paid off by getting a loan and then you only have one creditor to make payments to. Ideally at a lower interest.
Last but not least depending on where you live and level of debt we're talking about in the U.S. one has the option to file bankruptcy.
The laws vary from state to state and there different versions of bankruptcy; Chapter 7, 11, and 13. Whichever one you choose it will effect your credit rating scores for years to come. Meaning you will have a more difficult time getting credit from anyone and if you do you will be charged a higher interest rate.
Chapter 7 wipes the slate clean except for government student loans but it will stay on credit score for 10 years.
Some folks have gotten around the student loan issue by using credit card advances to payoff student loans prior to filing for bankruptcy.
Chapter 7 isn't horrible if one is age 25 or even 35 because you have time to recover during your prime years of employment.
The other versions of bankruptcy are on your credit for less years. However you are required to pay your creditors back.
Basically it allows you to restructure your debt; possibly eliminate all interest on the loans allowing your payments to apply directly to principal and in some instances creditors will settle for a portion of the debt and write off the remainder. Best wishes!
Read Dave Ramsey's book "Financial Peace University" or Suze Orman's The 9 Steps to Financial Freedom
by Research Analyst 6 years ago
How to remove a Bankruptcy from your Credit Report?
by Nerdjoy 16 months ago
Does paying creditors in a chapter 13 bankruptcy start my SOL over?I was dismissed from my Bankruptcy. My creditors now have the right to pursue me again. Does the last payment I made to them start the SOL over to that date? I noticefeom the time I stopped making payments to going into the chapter...
by M Carnahan 4 years ago
What do you think should be done to fix America's student loan crisis?What do you think should be done first to try to alleviate this huge problem? Is anyone in particular to blame?
by Thomas Byers 5 years ago
No we didn't fall off the cliff but the Debt Ceiling Crisis is still looming out there and will have to be dealt with sooner rather than later. I'll bet you this is waking up many politicians including the President in the middle of the night. What do you think?Who do you blame for the Debt Ceiling...
by sir_tallest 6 years ago
What exactly do you think is the best way to solve your finaicial problem without moneyi read an article that talked about how to handle a financial problems without money and I have been thinking how that is possible....please share your ideas here
by Journey2244 8 years ago
I think the wealth should be shared by the Rich. Let's put an end to hunger in our own country.
Copyright © 2019 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|