Pay Off Debts
You have options
You really do have options when it comes to those debts. Why, on one hand, you could pay off debts by simply paying credit card minimums every month from here on till the end of time. Don't believe us? Did you know that a $10K debt at 18.5% interest usually takes around 32 years and more than $24K to pay off if you don't pay more than the required monthly minimum?
Then again, you could bypass this entire nightmare and file for bankruptcy to pay off debts. That's an overnight solution that will eliminate debts and it doesn't really harm you in the long run, right? Wrong! If you are going to ruin your credit, at least stick to paying the minimums. When you file for bankruptcy to pay off debts and start anew, it stays on your credit report for 10 years, making it difficult to obtain credit, buy a home, get life insurance, or sometimes even get a job. The results we are talking about here are long term.
Other options
So what other options do consumers have to pay off debts? To pout it quite simply, other than minimums and bankruptcy, there are smart options. We are talking about the professional programs that people use in order to reduce debts and pay off debts completely. We are talking about programs like debt consolidation, debt consolidation mortgages, and debt settlement.
When you enroll in a debt consolidation plan, you lower your interest rate dramatically, allowing more money to go towards the principle. The same amount of debt that you have been struggling with could be paid off in about five years with help from a debt consolidation plan. And to think you almost spent another generation paying minimums. Or even worse, you almost ruined your credit rating.
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