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Debt Elimination Help Types and How They Work

By: Michael Millington

In order to successfully lower or eliminate your debt, you must know what your options are. Debt elimination help comes in multiple forms and it helps to know which forms benefit you the most. While debt comes in different forms and must be handled uniquely. Here we will discuss the different forms of debt elimination help that are available and how your debt may affect your choices in debt elimination help.

Forms of Debt Elimination Help

Debt Settlement

The ability to settle debt can have a profound affect on your unsecured debt. Debt settlement is the practice of negotiating your unsecured debt down to a more manageable amount. Anyone with credit card debt, medical bills, personal loans or other forms of unsecured debt, can benefit from debt settlement. This form of debt elimination help can be achieved with or without professional help. If you need help with making payments on your unsecured debts, debt settlement can help.

Debt Consolidation

Consolidating debt has the unique benefit of allowing you to pay off your debts, secured or unsecured, with a loan. This form of debt elimination help doesn’t lessen the amount of debt you have, but it repackages it into a more manageable state. Having multiple debts means you have multiple late fees, multiple interest rates and multiple lenders. To put your debt in one area, you can put yourself on the fast track to debt elimination by having your financial focus in one place.

Bankruptcy

If you have an extreme amount of debt that cannot be handled by your income, bankruptcy might be the only form of debt elimination help that can help. While bankruptcy will have a negative effect on your credit for many years, it has the ability to completely eliminate your unsecured debt. This can be helpful if you don’t have the means to handle even a reduced form of payment. If you are to consider bankruptcy as a form of debt elimination help, make sure you do your homework on the bankruptcy process to know how it affects you.

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Completing a form on this site does not enroll you into a debt relief program. If you do enter into a debt relief program with Guardian, your program may last 24 to 48 months. Clients who are enrolled in a debt relief program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured debts, and may vary depending on your individual debt relief program. Completion rate of the program is not guaranteed, and is based on the client’s ability to make timely monthly payments. There is no guarantee that we will lower your debt by either amount or percentage, or that you will be debt-free at any set time. We do not make monthly payments to creditors, take on consumer debt, nor do we provide credit repair services, or bankruptcy, tax, legal, or accounting advice. Contact a tax professional for tax advice and consequences of debt relief. Contact a lawyer to discuss bankruptcy options. Our debt relief services are not available in all states. Depending on your location, we may be able to recommend tax professionals or attorneys to assist you. Any use of the term “debt-free” or “debt freedom” on this site or by any Guardian representative, refers only to unsecured debt enrolled in our debt relief program—and does not relate to or promise any relief from secured debt and/or unsecured debt not enrolled in a debt relief program. Please understand the benefits and consequences of enrolling in any debt relief program, including potential negative credit rating impacts.
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