Drug testing

Debt Elimination 1

If you have multiple debts, you may well be wishing you had a debt elimination wand to wave and make all the debts disappear. You would probably wish even harder for that magic wand if you were falling behind with, or at least struggling hard to keep up with, the monthly payments on those debts.

The notion of debt elimination, though, is in most cases a fanciful one, at least in the short term. If you have debts of $15,000, where will you suddenly find $15,000 for the elimination of those debts? If you have debts of $30,000, how can you suddenly just wipe out that amount? Realistically, you have little hope of reducing your debt balance to zero in the short term, if your debts are anything like that sort of level. Unless they win the lottery, or come into some inheritance money, the average person cannot suddenly find such sums.

If your debt situation is really bad and out of control, then you may be considering bankruptcy. That may wipe out your debt, but it can be a very unpleasant process to go through. The laws vary greatly between countries, but can sometimes be quite draconian, and greatly inhibitive for your future actions relating to money. Debt elimination by bankruptcy is an extreme which, if at all possible, is to be avoided by those who have pride and wish to make a genuine attempt to resolve their debt problems and plan a better financial future.

Also, if you have debts out of control, you may be considering debt negotiation. While this will not lead to debt elimination, it may help reduce the immediate pressures and make it easier to eliminate those debts some time in the future.

Of course, with lower amounts of debt, you have more of a chance, so it really does depend on both the debt level and your personal situation as to whether it is feasible to reduce your debts to zero in the foreseeable future. In the longer term, it is definitely possible, but there again the difficulty level will depend on the amount of debt and other personal circumstances.

What Are The Steps To Eliminate Debt?

Your precise steps to debt elimination will depend on your current financial situation and other personal circumstances. However, there are some broad steps that you can follow which can help you achieve debt elimination with patience and determination.

The follow up article will discuss the steps you can take

This debt elimination article was written by Roy Thomsitt, owner and part author of the Eliminate Credit Card Debt Now website.

limousine chicago service
In The News:

Bankruptcy 101

Bankruptcy still remains a mystery in the eyes of many... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

New Bankruptcy Law ? Targeting the Wrong People?

Last April, President Bush enthusiastically signed into law the oddly-named... Read More

How to Get Triple A Credit in 25 Days

Good credit is everyone's dream. A wise use of credit... Read More

Bankruptcy - The Easy Option?

Incredibly, since the changes in the bankruptcy law in April... Read More

Establish Money Saving Goals For Added Success

Having something tangible to strive towards can work wonders for... Read More

How to Deal with Bill Collectors

So you've screwed up. You're drowning in debt. Maybe the... Read More

IVA Advice

An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More

Worried About Debts?

Having trouble paying your bills? Getting dunning notices from creditors?... Read More

Student Loans Can?t Be Swept Away Through Bankruptcy

Bankruptcy is in the news these days, as Congress has... Read More

Help for the Single Mother with Managing Credit and Debt

Today's consumers benefit drastically from the usefulness of credit. Credit... Read More

Is There Any Way To Get Out Of Debt?

In this era where we are bombarded daily with commercials... Read More

Bankruptcy: What You Need to Know

Personal bankruptcy is a legal way to give people with... Read More

What Is A FICO Score?

Your FICO score or credit score as it's commonly called... Read More

Bankruptcy Interest Increases as Deadline Approaches

Congress recently passed sweeping legislation that will significantly reform American... Read More

How Do I Lower My Debt Burdens?

How do I lower my debts?There are several ways of... Read More

Debt Reduction, a Necessary Endeavour

Massive debt is something many Americans face. Debt reduction is... Read More

Life on a Debt Management Program

Signing up for a debt management program is easy; it's... Read More

Fast Track Out of Debt

You go to the mail box and scan - a... Read More

Bank Like a Banker

The business of banking has changed dramatically over the last... Read More

Hide That Car! Fighting the Repo Man

Vehicle repossession may appear justified in circumstances where a person... Read More

New Bankruptcy Law ? Five Essential Things to Know

Last April, Congress passed the Bankruptcy Abuse and Consumer Protection... Read More

Bankruptcy Reform

There are some new bankruptcy laws going into effect before... Read More

Deal with All Your Debts with Care!

Lots of people take a large ammount of loans and... Read More

Benefits and Drawbacks of Bankruptcy

Outlined below are some of the benefits and drawbacks of... Read More

top led manufacturers dimmable led light bulb Pete's produce ..