Scared by growing debt? Find help now

Years of maxing out credit cards and making only minimal payments has left many people under a growing mountain of debt, particularly as the safety net of their once-stable jobs may no longer be there.

If opening the mailbox makes you cringe, waiting to see what bills await you, you're not alone. Americans average $16,680 in debt, according to the Experian National Score Index. Certainly those that you owe money to will want you to pay it back. How to do it is another matter.

There are many ways to get out of your debt, and finding out which is right for you is important.

Paying the minimum on your credit card each month may seem like a reasonable step to take, but it will turn out to be awfully expensive for you. Credit card companies make more money the longer you stay in debt. Minimum payments usually cover little more than interest charges, which means a $10,000 balance could take more than 20 years to pay off while paying about $18,000 in interest alone.

Debt settlement, on the other hand, is a faster and less expensive way to get out of debt without filing bankruptcy.

Debt1Options.com offers a free, no-obligation interview if you have at least $10,000 in debt. The sources of the debt come can from:

• Credit cards
• Medical/Hospital bills
• Department store credit cards
• Oil/gas credit cards
• Personal unsecured loans
• Overdue rent
• Repossessed autos
• Local merchants
• Past-due utility bills

After filling out an online questionnaire, a solutions provider will contact you -- often within an hour -- to discuss your options. The only personal information taken in the initial questioning is how much debt you have.

During the program, professional negotiators work with your creditors to reduce your debt to a fraction of what you owe. Your debts are settled in an orderly manner as agreements are reached with each of your creditors.

Typically the program is completed in 1 to 3 years.

Knowing which option to take is crucial when considering which debt relief options are best for you. As with any financial decision, you need to carefully consider those options.


Is it time for you to get debt free? Go to Debt1Options.com to get a free analysis. Copyright © ARAnet, Inc.