Debt Elimination Pro has a debt elimination program that helps you to avoid bankruptcy and fight creditor harassment.
Here's what you can do to get rid
of your excessive problem debts.
Here are the five main debt management options:
1. BANKRUPTCY
Did you know that over one million Americans file bankruptcy each year?* The pressure from creditors is what brings forth this enormous figure. No one wins when you file bankruptcy.
*Source: American Bankruptcy Institute
The bill collectors will receive no money and your credit will be scarred for up to a whole decade! Your bankruptcy discharge can also appear in public court records up to TWO DECADES.
In addition, bankruptcy can negatively affect your ability to purchase a home or car, find a job, obtain insurance, or gain a security clearance.* Moreover, depending on which bankruptcy you file for (Chapter 7 or Chapter 13) the courts may force you to make payments to your creditors.* So may need to pay back a portion of the debt with interest. You should only consider bankruptcy as your LAST RESORT!
*Source: American Bankruptcy Institute
2. DEBT CONSOLIDATION LOANS
Statistics show that about 80% of people who apply for a debt consolidation loan find themselves digging themselves into a deeper debt.*
The philosophy is simple : It is impossible to borrow your way out of debt!
Debt consolidation loans do not reduce the amount you owe; instead, you end up paying back 100% of the loan plus interest. You are simply exchanging one debt for another at a lower interest rate. When applying for a debt consolidation loan, you will be asked to secure the loan against some form of asset (collateral); usually a house or car. But this transfers your unsecured debt to a "secured" loan, which put your possessions at risk! Numerous loans are consolidated into a home equity loan that is stretched out over a 30-year period! What would happen to your property if you had future financial difficulties? The majority of people who enter a debt consolidation loan program neglect to cancel their credit cards after they have been paid off, so it leaves them with a new source of spending power. Before they know it, people are over the limit and in debt once more! Statistically, 65% of people who use debt consolidation loans to pay off their debts will go over the limit on their cards again.* In the end, they not only have to pay back the consolidation loan, but the credit cards as well. They unknowingly double their debts!
3. CREDIT COUNSELING
Although they claim "non-profit" status, many credit counseling programs work in a similar manner as a collection agency.
 Their credit counselors get paid an average commission of 12-15% of the amount they collect for the creditors. In addition, they can charge you a monthly program fee ranging fro $15-$40.* Today the word, "non-profit" is nothing more than a filing status for the multi-billion dollar credit counseling industry. According to a recent report many of these "non-profit" counselors employ very high-paid executives.
The benefits you can expect to receive through credit counseling are that they have prearranged figures with creditors to reduce your interest rate and minimum payments. The average minimum reduction is 8%. However, some creditors will not go below 20% and some refuse to participate in these programs.* All of your credit cards will also be cancelled and you will need to pay 100% of the full debt amount, including interest! But there's more. Did you know that your new monthly payment through credit counseling is generally higher than the original minimum payment on your accounts? How can you handle paying a HIGHER monthly payment when you are already struggling to make ends meet? These programs can take about 4 to 7 years to pay off your the creditors. However, statistics show that "79 out of 100 people that enroll in these programs drop out" before they complete them.*
4. DOING NOTHING
 Your other option is to do NOTHING! This is apparently the most common, but least effective choice. However, many people who do this do not realize that they are only avoiding the inevitable: YOUR DEBTS MUST EVENTUALLY BE TAKEN CARE OF!
5. DEBT NEGOTIATION
Finally, a more sensible approach that can affordably, safely, and quickly ELIMINATE your debt load! It's called debt negotiation, and Debt Elimination Pro offers you a superior solution: the MyDebtNegotiation™ Program.
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Use this great debt calculator to figure out your debt settlement needs.
