Everyday Money for Everyday People

As I see it, there are really only four options to getting out of debt. Here they are in my order of preference:

  1. Pay It offOn our Own.
    -This is the best option for most people since there are no additional fees.
    -This option gets pretty tough for households that have interest rates in the 20% to 30% range or higher (late payment penalty rates, pawn loans, payday loans, title and vehicle equity loans, etc.).
    -While it’s not guaranteed or even a right to expect results, we can certainly call our creditors and attempt to negotiate lower interest rates, to get rid of penalty fees, and even move our payment due date back a few days in the month.
  2. Options for Paying Off DebtDebt Management Programs (DMP) through nonprofit credit counseling agencies. Disclaimer: I am employed by a nonprofit credit counseling agency, so take that into account. However, I always try to “keep…

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