Four Ways To Get Debt Relief in St Louis

by | Dec 17, 2015 | Lawyers

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Being in debt due to unemployment, medical emergencies, or simply unforeseen circumstances can really begin to take a toll on a person’s mental, emotional, and physical health. Luckily, getting Debt Relief in St. Louis is really not as hard as it may seem. Follow these four tips to reduce or entirely eliminate any debts.

Try Debt Settlement

Debt settlement is commonly called debt negotiation or debt resolution. It is the most popular way to get rid of debt. With debt settlement, a debt settlement negotiation company will work with a creditor to come up with a manageable, yet fair, lump sum of money that must be paid to the parties that are owed money. This lump sum needs to be agreed upon by both the person in the debt and the creditor.

Try Debt Consolidation

Debt consolidation is also another popular way to get rid of debt. With debt consolidation, a large loan is taken out. This loan is then used to pay off all the creditors at once. The point of debt consolidation is to reduce all the interest rates and integrate all the debts owed into one feasible monthly payment.

Try Credit Counseling

Credit counseling is increasingly becoming popular. While credit counseling is more of an aid to help those in debt determine what options they do have, it does serve its purpose. Credit counseling involves working with a professional credit counselor to evaluate relief options. Once all the choices are known, the person in debt can decide which path to take to become resolved of their debt. Because credit counseling is run by non-profit organizations, it is usually a service one can get at no cost.

Try Filing For Bankruptcy

Filing for bankruptcy should always be the last resort. While it does cancel out all debts, it also will haunt a filer for the rest of his or her life. The process is also very long and tedious. Filing for bankruptcy can also be quite expensive. Attorney fees and additional legal fees will always be a cost while filing for bankruptcy.

Consider these four options while seeking assistance with Debt Relief in St. Louis. For more information, click here to contact the Law Offices of Steven K. Brown.