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3 tips for getting rid of debt when you're in over your head

When you have a large amount of debt, the last thing you want to do is answer calls from debt collectors or spend all you have on a payment that lasts only one month. People get into debt for all kinds of reasons, from losing a job to suffering from medical emergencies that land them in thousands of dollars in debt. If you've found yourself in that situation, you may want to consider paying down your debt with some of these tips.

Getting out of debt doesn't happen overnight, but with some of these tips, you can tackle high interest rates and high payments that make it hard to get ahead. Consider negotiating with creditors, working with a debt-settlement agency or call your attorney to learn more about the ways you can get out of debt faster.

1. Negotiate with creditors

The first thing that you should do when you find that your bills are hard or impossible to pay is to call the creditor. Many will be willing to work with you to reduce your interest rates or monthly payments so you can catch up on what you owe. Some have grace periods where they'll forgive penalties or payments if you've lost a job or had a major, life-changing event occur. It's worth calling and talk to the creditor to find out what they can do for you.

2. Work with a debt-settlement company

A debt-settlement company negotiates with creditors for you. This company helps consolidate all your payments into a monthly payment that is affordable to you and easier to pay, since it's all in one lump sum and not multiple payments. You pay the company, and you no longer have to worry about harassing phone calls or letters. These agencies often take a fee, and there are some that do more than others. Look into their reviews before you decide, or talk to your attorney about companies he or she has worked with in the past.

3. Talk to your attorney

Your attorney can help you with a number of debt-relief options, from choosing a bankruptcy to looking into a short sale to sell a home you owe more on than it is worth. Your attorney can help you negotiate with creditors directly, helping stop the phone calls and letters that you are tired of seeing.

With the right help, you can get ahead on your debts and see a real change in your life. Your attorney can help.

Source: Nov. 30, -0001

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