Start Living Debt Free, Where Do I Start?

Many of us as consumers look into becoming debt free only after we are in over our heads and drowning in debt. Most of us may think someday there will be a “magical” lump sum of money we may receive at some point in our life and then we can pay off all of our bills and debts. Unfortunately, for many of us, this day may never come and may find that retirement is further away then we think.nnOk, so you may ask yourself, I want to live debt free, so where do I start? For a few, bankruptcy may be an option but after the reform laws of October 2005, it has become nearly impossible to declare bankruptcy, not to mention the damage you will cause to your credit because it will stay on your report for the next 7-10 years. nnThere is also credit counseling, in this case, firms are hired by the creditors to help alleviate the interest rates on credit cards. They can usually lower the interest to around 11%, but a lot of companies “claim” they are for non-profit, when in fact, they are for profit and there has been companies having their non-profit status revoked by the IRS. nnThe most common method in living debt free is debt consolidation, although this is not a method of becoming debt free but merely putting a “band-aid” on the situation. Many of us may think to use home equity to pay off debts. Why would you want to put your home in jeopardy? Foreclosures are on the rise more than ever before because of this method of trying to become debt free. nnLet’s take a look at debt settlement. Many experts say this method should not be used and consumers should be aware. The reason for this is because there are too many debt settlement companies that do not have credible accreditations to be in business and later on find out they cannot deliver on their promise. While debt settlement programs may temporarily impair credit, all of your debts will be marked as paid in full or paid and settled. In most cases, having the marks removed by a credible credit repair company is a simple process. As far as we know, this method is the fastest and most feasible method to becoming debt free and finding financial freedom.nnFor more information or to receive a free debt analysis and consultation visit Vision Debt Solutions, a premier debt settlement company and also members of the Better Business Bureau at www.VisionDebt.com or call Vision Debt at 1-877-501-DEBT.n