– Do you wanna know about debt settlement and your get out of debt options? (upbeat music) Before I answer if you’re on YouTube make sure you subscribe
to our channel below or click on the bell icon. That way when we release more videos, you will be the first to get notified. So what is debt settlement and what are all your
get out of debt options? Typically some of the common ways to get out of debt are as followed. Number one, debt snowball. Dave Ramsay made this one popular and that’s when you pay off your lowest credit card first, then roll over the amount you were paying on that low credit card
onto the next lowest and then you pay that off and you roll over the
amount you were paying on that credit card onto the next lowest and you keep doing that and then your debt snowballs
until it’s all paid off. The next common way is debt consolidation. Debt consolidation you may
need to have good credit for, but that’s where you want to get a lower interest rate credit card with typically a bigger amount and then you take your
high interest credit cards, transfer your balances onto your new lower interest credit card rate, and then that lowers your payment and that helps you also pay
down your credit card debt. Typically what happens with
debt consolidation option is it leaves your high interest credit card rates open and people are actually left being able to use those high interest credit cards again and then it leaves them further into debt with more payments and in further trouble. So you have to be careful when using the debt consolidation option. Option number three, filing bankruptcy. If you are in financial hardship and you can’t afford to pay what you owe, then you may wanna consider bankruptcy. But make sure you do your research because there are different
bankruptcy chapters and they all do a little
bit of a different thing. Certain chapters of bankruptcy can wipe out all your debts, however it’s gonna take a really big impact on your credit and it may keep you from getting a loan in the future. Option number four, debt settlement. If you are in financial hardship and you cannot afford to pay what you owe, you may wanna consider enrolling into a debt settlement program. Now debt settlement can resolve your debts in 24 to 48 months and how they do that is by negotiating down your debts with your
creditors on your behalf so that way you pay
less than what you owe. By setting aside a certain
amount every single month and then the debt settlement program’s top negotiators negotiate down your debts with those funds that are yours in your dedicated monthly savings account. When you enroll into a
debt settlement program, your credit may take an impact. However once your debts
are fully resolved, you can start on rebuilding your credit and start again financially. If you get sued by one of your creditors, certain debt settlement
programs offer legal help as well as a loan option so that way you don’t have to start all by yourself. Thank you for watching. If you have found this video helpful, comment below with yes and if you didn’t, comment below with no and please leave a question that you would like to have answered on one of our next videos. If you need help financially and you wanna learn more information about debt settlement, visit us on our website
at alleviatefinancial.com. (upbeat music)