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    Blog Author Mona Weathers (monawea)


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Some Options For Getting Out Of Debt Fast

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As I have mentioned on this blog before, I believe the best way to get out of debt is to stop borrowing money. We can’t expect to change the way we handle our money if our attitude towards money hasn’t not changed. Debt will hold you back and not allow you to gain true financial freedom. If you are at a point that you know you are never going to get into debt again (with the exception of buying a house you can afford on a 15 year mortgage) then there are some options for paying down debt fast.

My first suggestion would be to use Dave Ramsey’s debt snowball but if that is not something you want to consider then there are a few other options.

I had a negative view of debt management companies until a friend of mine explained why she decided to use the services one a company. She and her husband were at the point of never returning to acquiring more debt. They had been months behind in bills and could not longer stand the stressful calls from the credit card companies trying to ask for money they did not have. They decided to use a debt management company and do have to pay a small monthly fee for this service.

Using this service does mean that there credit is no longer good and it will be a long time before it will be repaired. Since there mindset about going into debt has changed the need for a good credit score is no longer necessary. It is true that they may want to buy a house (on a 15 year mortgage) some time down the road and may run into problems with credit but they understand that poor money management may delay this option.

Though some financial counselors will tell you not to go through a debt management service, I do think it’s important for each person to make a decision that is best for there family. The key to this story is that my friend and her husband have made a discussion to not go back into debt. I think may people file for bankruptcy, do a debt consolidation, a IVA, or seek debt management thinking it will be a quick fix and they vow “never to do it again” but then the second their credit is good again they go right out and borrow more money. Does that sound familiar? If you do plan to use seek help for debt management do it only if you are truly serious about getting out of debt and staying that way.

If you are looking for more information on debt management visit MoneySolve. They offer an ethical approach to debt management. If you live in the England, Wales or North Ireland you may also qualify for an IVA ( Individual Voluntary Arrangement) through MoneySolve. MoneySolve is based in Handforth near Manchester in the UK.

January 17, 2008 | Filed Under Debt Help, Sponsored Reviews 

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