http://www.debt-free-plan.com/debt-free/be-debt-free.html Be debt free! It's not as impossible as it seems to be debt free. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Buried in a pile of debt and want to be debt free once and for all? Have your ever asked yourself, "Will I ever be debt free?" Ever wonder how it's possible for anyone to be debt free? It seems like it's so easy for expenses to outweigh income. In fact, credit card debt seems inevitable for most people, and it often leads to an overwhelming debt situation. In these cases, a lot of people fear they will have to file for bankruptcy. However, that's just not the case. Not in the world of today with so many modern resources available to make the debt free existence possible. Help! I'm in Too Deep! What Can I Do? Before you call a bankruptcy attorney, learn about the many positive alternatives to bankruptcy. To learn how to be debt free without filing for bankruptcy, browse the links at the bottom of this page. These are links to debt consolidation companies which offer ways for you to become debt free, such as debt consolidation loans, debt consolidation mortgages and other debt consolidation programs. A debt consolidation loan is handled in one of two ways. One way is to give you a loan to cover the amount of your unsecured debts. You then pay all your creditors, and pay one monthly payment to the debt consolidation company. The interest rate on this loan is usually much lower than the interest you were paying on your unsecured debt (specifically, your credit cards). The other way a debt consolidation handles debt consolidation is to contact your creditors to negotiate lower interest rates and lower monthly payments. In some cases, they can get late fees and other types of fees eliminated. Once they know how much each of your creditors will require you to pay each month and what you can afford to pay each month, you begin making payments to the debt consolidation company. They in turn divide your payment among your creditors and take a small fee that you agree to in the beginning. If you're a homeowner, you can consider a debt consolidation mortgage. This is similar to a home equity loan or a second mortgage because you borrow from the equity in your home to pay off your creditors. If you participate in a debt consolidation program, the company you choose will help you manage your debt so that you will possibly be debt free in five years. (If you continued paying only the minimum on your credit cards, it could take you up to 20 years to pay them off, and that's if you stop using them!) A good debt consolidation company will also teach you debt management and budgeting skills so you can have the tools to be debt free for good. Sat, 26 Jul 2008 15:00:00 EDT