Debt is never a good thing. Sure, there is bad debt and not-so bad debt (like mortgages and student loans), but generally speaking, it’s always best to eliminate your debt when you can and avoid it in the future.
Debt is especially bad in times of economic distress. Recessions often lead to job loss and lack of raises which result in less income. Less income may mean less ability to pay off your current debt or it may make it harder to live within your means, causing you to rack up more credit card debt.
Whatever your situation is, it’s best to face up to it and change your behavior to avoid being in the same situation again in the future. But simply changing your behavior will not always be enough to get you out of debt. Some times you need a Debt Management Program.
If you find yourself in need of such professional assistance, you may want to check out DebtGuru.com. DebtGuru.com is the website for American Credit Foundation®, an IRS 501 (c)(3) non-profit consumer credit counseling organization.
DebtGuru provides debt restructuring and credit card debt consolidation, which doesn’t change who you owe money to and it is not a new loan. DebtGuru provides a counselor to work with you on a personalized repayment plan that can eliminate your debt in up to 1/3 of the time it could take otherwise. Once you agree to be part of the management plan, they will contact your creditors and negotiate the best repayment situation for you. That may me lower payments, lower interest rates, lower total amount owed or all of the above.
In my opinion, it’s best to avoid getting yourself in a position where you need such a service. But we sometimes find ourselves in situations not of our design. DebtGuru may be your solution for just such a situation. Hey – they offer a free, online quote so why not check them out?
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