Yes, you can get out of debt without a loan. There are other options, ranging from getting assistance from a debt negotiation company to filing bankruptcy. You could also do nothing and keep your fingers crossed that you don’t get sued. Even if you are fortunate enough not to get sued, you’ll still have to wait years and years for all of the delinquencies to fall off your report, and from there, you’ll have to start from scratch.
If you hope to get on top of things and get caught up on your debts as soon as possible, then the first thing you’ll need to do is make a list of all of your debts and income. The list should include the balance, creditor’s name, minimum payment requirement, and interest rate. Don’t forget about items that might not be on your credit reports, such as medical bills and certain types of loans.
When calculating the balance, include penalty fees for getting behind on payments. Suppose the amount you owe exceeds the amount of money you’ll be able to pay to catch up as soon as possible affordably. In that case, you’ll have to either prioritize some of the more essential accounts or seek assistance from debt settlement or debt relief services. They might offer a solution that will help you get out of debt without a loan.
Get Out of Debt Without a Loan By Changing Your Behavior
Suppose your current credit rating is still high enough. In that case, one possible solution is to apply for a credit card with a low-interest rate. Some credit cards offer an introductory interest rate of 0% for a while. Try to transfer a balance from other cards that you owe much money with high-interest rates. This solution will help you save money at least for a few months.
A debt management plan or program includes counseling and an avenue (approved by creditors themselves) that allows individuals in debt to get some relief. It involves an agreement to make at least a 2% minimum payment each month and a fee to the counseling agency, who will then use the agreed-upon amount to make a payment to the creditors each month. Creditors may or may not lower the interest rates during this period, and there are a few who might not even agree with this kind of plan at all.
To determine if you might qualify with debt management, debt settlement, or any other type of strategy that will allow you to get out of debt without a loan, get a consultation from CuraDebt. Just fill out a form to get a free estimate – you don’t have anything to lose.