How Do You Spell Debt Relief?

Of all the problems possible in a marriage, finances cause the most marital discord. Many singles consider finances to be their most worrisome issue. Many times this is due to a heavy debt burden. Several options exist to help people get debt relief from their unsecured debts. (Unsecured debt is not linked with a physical asset. Therefore, credit cards and medical bills are unsecured debts; a car loan or a mortgage are secured debts.)

One option for debt relief is bankruptcy. While unsecured debts are indeed discharged, the long-lasting black mark on your credit report (up to ten years) makes bankruptcy less than ideal as a form of debt relief. Further, changing bankruptcy laws will make it more difficult to file. Bankruptcy should only be a last resort. It is not a quick fix.

Another option is debt consolidation. Debt consolidation combines your existing loans into one loan. While this does away with late fees and over-the-limit fees, very little is done to reduce the amount of debt or to renegotiate interest rates. Further, this uses something as collateral, such as your house. If you still have trouble paying, you could lose your house to foreclosure.

A third option of debt relief is debt settlement. The debt settlement company negotiates with credit card companies to agree to settle for a lesser amount owed, often pennies on the dollar, of both the interest and the principle. A debt settlement company also acts as the middleman between the debtor and the credit card companies, eliminating phone calls that border on harassment. A downside to debt settlement is that many debt settlement companies advise you to stop paying your monthly bills altogether in order to force credit card companies into settlement. While this may work for some credit cards, others may be just as likely to take you to court for non-payment, and debt settlement companies take no responsibility for such action.

A fourth option for debt relief is through credit counseling services. This is similar to debt consolidation in that you pay only one bill to the counseling service. They in turn take over all your debt payments. The benefit of this is that any communication with the creditors is handled by the counseling service. The downside is that credit counseling services work primarily for the credit card companies. While they may work for a reduction of interest, they probably won't work for a reduction of principle.

No matter which option you choose for debt relief, all are better than doing nothing and falling further and further behind. Check out all your options before making a decision.

Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt consolidation, credit counseling, repair and free debt relief information that you can research in your pajamas on his website.

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.freepress.org/doit.php%3FstrFunc%3Ddisplay%26strID%3D379%26strYear%3D2008cid=0ei=EGMlSeauD6CQ6AO575F9usg=AFQjCNFtUi1WGAIeDNtt1TXgWdAlQ46qOwbDebt Relief/b for Impoverished Nations/abrfont size=-1font color=#6f6f6fColumbus Free Press,nbsp;OHnbsp;-/font nobrNov 17, 2008/nobr/fontbrfont size=-1bDebt relief/b or bdebt/b cancellation gives the opportunity for Heavily Indebted Poor Countries (HIPC) to reprioritize funds and focus on development, b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.tmcnet.com/usubmit/-san-mateo-county-district-attorney-california-officials-sue-/2008/11/12/3782189.htmcid=1269666876ei=EGMlSeauD6CQ6AO575F9usg=AFQjCNGdTb7rGWOZFoH4amuNvoNojP70PASan Mateo County district attorney, California officials sue bdebt/b b.../b/abrfont size=-1font color=#6f6f6fTMCnetnbsp;-/font nobrNov 12, 2008/nobr/fontbrfont size=-1At attorney for the companies -- which include Bills.com, Freedom bDebt Relief/b, Freedom Tax bRelief/b, Freedom Student Loans and Freedom Mortgage -- said the b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.norwalkplus.com/nwk/information/nwsnwk/publish/News_1/Legislation-to-target-deceptive-debt-relief2768.shtmlcid=1270476566ei=EGMlSeauD6CQ6AO575F9usg=AFQjCNF8dXEilt4ccF91khsgFhB5uIQZPALegislation to target deceptive bdebt relief/b/abrfont size=-1font color=#6f6f6fNorwalk Plus Magazinenbsp;-/font nobrNov 14, 2008/nobr/fontbrfont size=-1“These ‘bdebt/b negotiators’ are in the business of charging high fees for services that may be performed for a nominal fee or even free of charge,” Governor b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/Home-Warranty-America-Speaks-Tax/story.aspx%3Fguid%3D%257B60F4D5AB-101B-46DF-BF25-717C29FB4D8D%257Dcid=1271929039ei=EGMlSeauD6CQ6AO575F9usg=AFQjCNHEOqa6Uc1pWP-eT12fpVbMzuOunwHome Warranty of America Speaks with Tax Expert about Key Details b.../b/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobrNov 18, 2008/nobr/fontbrfont size=-1b.../b last December Congress stepped in to provide temporary brelief/b in the form of forgiving this bdebt/b, but only for the 2007, 2008 and 2009 tax years. b.../b/font/div/font/td/tr/table
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