If you are one of the millions of Americans struggling with debt, rest assured that there are several ways to facilitate your struggle thought the tunnel towards the light. Today there are hundreds of companies which specialize in helping people in these situation. In the following segment we will be talking of two solutions to a debt free life.
Solution One: A Debt Management Program.
These are designed to work with your creditors to provide you with more affordable monthly payments. This provides the ability to continue a good standard of living while continuing to make your payment toward a debt free future. The downside is that since the payment amount drops, the time it will take to be debt free will increase.
This solution is typically more suitable for those who are under $14k in debt, if not the next solution might be more suitable.
Solution Two: IVA (Individual Voluntary Agreements)
IVA's were introduced as a more palatable solution to bankruptcy for people who fall into the high level of debt category. An IVA is a legally binding contract between you and your creditors in which you agree to make a set of affordable payments for 60 months to your IVA, in turn your creditors will write off the difference owed. It is however crucial that you fulfill each payment as on time as possible in order to avoid bankruptcy.
These are only two solutions that the many companies offer. Where there is a will there is a way so don't give up your search for solutions to the problem.
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