DEBT SNOWBALL or DEBT ROLL-UP

The overview for this program is you pay more a month than your monthly minimum on one debt while you stay current on all your other debts. You start applying the extra money every month to the smallest balance, and once that balance is paid off you apply all the money from that debt to [...]

DEBT SETTLEMENT or DEBT NEGOTIATION

You make an offer to your lender to pay off 30% to 50% the current balance you owe. This is pre-collection agency. This process can take 6 months or more and it’s not for the weak of heart.
How it works:
So let’s say your monthly payment is $400 a month on a balance of $4000. You [...]

DEBT CONSOLIDATION

There are actually several different methods that fall under this category. The over all goals are to consolidate all your debt into one payment you can afford. This can be done with a loan, using equity lines, credit counseling or through Bankruptcy. Be very careful with these methods as some will devastate your Credit Rating.
How [...]

Do Nothing

1. Ignore the situation
By ignoring the situation you are let your credit go down in flames! In the future you will have a hard time getting a car loan, mortgage or even renting an apartment. You will pay more money for the exact same item than people with good credit.