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Understanding How To Clear Your Debt

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And What Is The Definition Of Debt Consolidation

Read About How Do I Consolidate My Debts

Clear My Debt - What Are My Options?

The first step toward becoming debt free is to understand the options open to you and how they work. Many people set off on the wrong road simply because they are not properly informed about the various options open to them. Having a good understanding about debt solutions before you start will put you in a position to choose which option is likely to be best for your particular situation.

There are various solutions available to help you clear your debt, but the right one for you will depend on how much you owe, who you owe it to and where you live. Debt consolidation is a commonly used mechanism to tackle debt, but this term can mean more than one thing, and it can also make things worse if you make the wrong choice, or work with an inappropriate company.

Debt consolidation is a system for simplifying the management of your debt payments, and reducing the monthly cost of your debts at the same time. Many people choose to do this by taking out a new loan large enough to clear all their old debts. The main alternative is to use a debt management plan, which also leaves you with only one single payment, but does not involve borrowing any money. There are other options too, which we will look at next.

Clear My Debt – Where You Live and How Much You Owe

If you live in the UK and your total debts are under £15,000, then your best option is likely to be debt consolidation (see below). If you owe £15,000 or more and are really struggling to keep up with repayments, you may be eligible for an Individual Voluntary Arrangement (IVA). This is a formal agreement that allows you to write off a large part of your debt. Visit the main IVA page to find out more.

If you are in the US and you owe under $10,000, you are likely to be best looking at debt consolidation (see below). If you owe more than this and are in genuine hardship, you may be able to use debt settlement to settle your debts for much less than you owe. Find out more on the debt settlement page. There is also the option to learn how to negotiate debt yourself.

Clear My Debt – Should I Pay Off My Debt With A Loan?

Using a loan to pay off debt is a far more common practice that it ought to be. It is a widely known mechanism to clear lots of existing debts and is often the only solution people are aware of. This does not make it the most appropriate solution, so you need to understand the pros and cons.

If you have debts that are at a very high rate of interest, and you have a decent credit score, you may well be able to get a loan that is at a lower interest rate than your existing debts, which will work out cheaper for you. The danger comes when you do not properly compare the cost of your existing debts with that of your new loan.

It is not uncommon for people to end up paying much more in the long run by taking out a new loan. This is because they only look at the lower monthly payment, and forget to consider the fact that they may be making those payments for much longer than they would have been paying for their old debts. Many consolidation loans are for very long periods of time, so you must work out what you will have repaid by the end of the loan, and compare that to what your old debts would have cost you.

Clear My Debt – What Is A Debt Management Plan?

Setting up a debt management plan, or debt payment plan, is also widely understood as being what debt consolidation means. A debt management plan is a way you can clear your debt over a fixed period of time, without borrowing any more money. The advantage over a loan is that you are not adding to your debt and all efforts go toward actually repaying what you owe.

These plans are set up through debt management companies, who will work with all your creditors to set up new agreements for repaying your debts. This will involve negotiating reduced payments, so that you can make a single, smaller payment to the debt company instead of paying all your debts separately.

The most important aspect of opting for a debt management plan is to carefully select the company you want to set up the plan for you. Not all companies are equal, and some care should be taken to find a reliable and effective one. You can shop around and apply to a few to compare what proposals you get back. You can find a list of some of the most reputable organisations (for UK and US) on the Best Debt Management Companies page of this site.

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