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Wednesday, February 20, 2008

Debt management

About nine years ago I had some consumer debt, which I was able to pay off in two years. The strategy I used was to enroll with a consumer credit counseling company and began paying off the highest debt first as well as negotiating interest rate terms. By the time I was finished paying off my debt, my credit score was 750 and I was able to purchase a house.

What a relief it was to only have to worry about living expenses, a mortgage and my student loan. Now, after only five years, I’m in an even worse financial position than I was before. But my hope is that I’ll be able to pull myself out once again by using the same or similar strategy to pay off my debt.

There are resources for Debt Management that are available to consumers. It is not necessary to resort to bankruptcy and a debt management plan can help you negotiate with creditors regarding debt repayment terms.

There are advantages and disadvantages to participating in debt management, but isn’t it time you took control? Having debt can be like a monster looming in your closet. Isn’t it time you tame it, take control and get your financial standing back?
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