An old Arabic saying says that debts can weigh more than a mountain, and anyone who has ever experienced mounting bills, credit card and mortgage payments can feel the weight of this truth. Unfortunately, not all of us get into trouble because we have been living beyond our means; there are those of us who have led a model life, saved for a rainy day yet the economic doldrums have pushed them into a tough spot. So are we doomed, or is there respite in sight? There is, you can make debt relief a reality with a little bit of careful planning, disciplined living and curtailed spending. Let’s see how:

Looking for immediate relief, are the people who are neck deep in bills, your debt might have been piling for last few weeks or years, either way, you can get quick debt relief. Initially, you need your credit report. If you haven’t asked for one yet, you can get one free report each year. Not leaving out even the most minuscule amount, use the report to make a detailed list of all your debts.

The next step is to look at consumer counseling options; there are several non profit and for profit organizations that offer credit counseling services and they can help you to get immediate debt relief. You will have to meet a debt counselor with your debt list in hand, so that he can carefully evaluate your options.

With a credit counselor negotiating the lowest payments for you, you will end up paying substantially less than what you originally owed. The monthly payments will be affordable. You will pay the counseling service on a monthly or weekly basis and they in turn will forward the money to your creditors.

Compare the interest rate on your retirement account with the outgoing interest rate; if the latter is significantly more, you are losing more than what you are making through the interest on your retirement account. If that is the case, cash in a portion of your retirement fund; however, understand that any profit on these funds are subject to capital gains tax.

Taking in a second mortgage on your home is also a good way to pay off your loan in full and more often this alternative will be cheaper than a debt consolidation loan. A low monthly payment is required on your second mortgage but that advantage here is that your debts like your credit card bills will be removed instantly.

If you have a sympathetic employer, attempt to approach him for an advance to pay off the smaller debts. But, you will have to be prepared to live without this portion of your income.

By now you see that there are many alternatives for debt relief but it is important that you are willing to do what it takes to be debt free.

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