Alike you there are several individuals who are struggling to manage their debts but unable to do so due to low financial situation. It happens due to some unexpected financial burden or loss of job or income. However, if you have debts then you must need to repay it back. So, it is important for you to look for some efficient repayment options. You can take help of credit counselor to select best available option as per your financial situation and status of unpaid debts.
Debt management plan is an efficient option that will help you to make your payments faster without borrowing any new loan or affecting your credit score. Consumer credit counseling agency works to manage your debts by creating a new payment plan. It generally runs for five years or less than that and debts clear at the end of the period. Credit counselor meet with your all creditors and talk with them that you have signed in a debt management plan. Interest rate and other charges will be reduced to make your monthly payments affordable for you. You will make single payment to debt management Plan Company and further this amount will be distributed among your creditors accordingly.
Second available option to clear debts is bankruptcy chapter 13. When debtors are in a situation where no any option available to clear debts then they reach for bankruptcy and generally choose bankruptcy chapter 7 as an option to clear debts. But you must know that chapter 7 gives negative impact on your credit rating for almost 10 years. Chapter 13 bankruptcy plan is quite different in several manners. Instead of discharging your unsecured debts it gives you 3 to 5 years for clearing your debts. You can keep your personal and real property along with you and also have a regular source of income.
You may also chose interest rate arbitration for clearing off your unpaid debts. For this, you are just required to get a new loan either secured or unsecured at lower interest rate and use that to pay off all existing loans of high interest rate. It is a good option as now you will pay less interest for same loan amount. Your monthly payments will also be reduced and it will become easier for you to clear debts faster.
These are some efficient ways to clear unpaid debts. Select an option suits to your financial situation and debts.
Robin Smith is an experienced writer who has written several web based contents on debt issues and consecutive solutions. He has detail knowledge on debt relief order programs like consolidation and debt management plan. Read the article in full to find unsecured debt solutions.
Source: http://articlereference.net/finance/pay-off-unsecured-debts-with-efficient-ways.html
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