Best Ways to Get Out of Debt

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Best ways to get out of debt

In January 2018, the Federal Reserve announced that outstanding credit card debt had hit a fresh high record of over $1,023 trillion dollars. This indicates, overall, Americans owe a debt with 12 zeros behind it—so if you’re struggling or stressed by your growing credit card debt, you’re definitely not alone. To determine ways to get out of debt, you first need to find out about the countless options you have. Every solution is different, because everyone’s situation is not the same. This article aims to assist you find the appropriate way to get you debt free based on:

  • Type of debt you have
  • How much debt you owe
  • How much income you earn
  • How you deal with finances (in terms of your personality)

With many of these in mind, let’s go into the 6 most frequent types of debt relief:

  • Pay Off Debt Yourself
  • Enroll in Credit Counseling / Debt Management Plan
  • Get a Debt Consolidation Loan
  • Enroll in a Debt Settlement Program
  • Refinance Your Mortgage
  • Declare Bankruptcy