Monday, January 23, 2012

Manage and Reduce Debt

Many people view bankruptcy as a quick and simple way to get out of overwhelming debt. While bankruptcy is, in fact, a solution for many, it should be viewed as a last case alternative. If there is a way to reduce your debt to a manageable level, or eliminate it altogether (yep, debt free), this is almost always favorable to filing bankruptcy.

Toward this end, how can one get a handle on reducing debt. First, one should be aware of scam artist. There are many organizations that will be happy to take your money with the promise of paying off your credit cards. It usually involves a company paying your credit cards, as they can work something out with the credit card company, as they collect your money. Of course, they collect their fees from your money before paying anything. The question I always have is, does the organization you are sending your money to, do something you can not do yourself?

Recently, I received a link to a CNN Money article about the reduction in the average credit card debt, and included a link to CNN Money. The article list 6 online solutions to debt relief. While they do have some drawbacks, they should be looked at. Best of all, they are free. You don't send them any money. They simply try to give you a game plan. Their web sites are as follows:

I DO NOT endorse any of these sites! They are simply here to show you some of the sites referenced by CNN Money.  Please beware the internet can be full of scams, viruses, malware, etc.

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