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    Debt And Tax Debt Today.
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Get Out Of Debt Doing It Yourself

Get Out Of Debt Doing it Yourself

Many people think that they can get out of debt themselves and that they don’t need help. There are many things that can be done to help yourself get out of debt. There are also situations where people simply need help. There may be things that are out of their hands and have affected their life and they simply cannot meet their financial obligations any longer, as much as they would like to.

Also there are many people that are in denial or don’t realize the gravity of their situation. The truth of the matter is, if someone owes more than $10,000 in debt, it is unlikely that they would be able to pay it off themselves in a timely manner. There really isn’t much someone can do themselves once they are in situation where they are struggling just to make the minimum payments.

Here is an example:

If you owe $15,000 in debt and your interest rate is 18% (which is a low estimate, interest rates can go as high as 30%). At those terms your minimum monthly payment is $375.00. If that is all you can pay each month it will take you 382 months to pay off the debt, that’s almost 32 years to pay off that debt, and you’ll end up paying almost $22,000 in just interest. That means you end up paying MORE in interest than the original amount you owe!

If you can’t make the minimum payment, or miss a payment, it is very possible your interest rate will go up and there will also be additional fees which could stretch out the length of your repayment even more. Credit card companies are more than happy the longer you take to pay off your debt. It is in the interest to charge you the most amount of interest for the longest possible time.

People also think they can try and negotiate with their creditors. However, this rarely works as well as people think. First, because they don’t know how to negotiate properly with the credit card companies, and second because they have no leverage.

A much better alternative is to chose a debt settlement company to help negotiate your debt. These companies, if they’ve been around for a decent amount of time, have experience negotiating with credit card companies and know how much they can negotiate the debt down to. They also have the advantage of representing many different clients which gives them more weight when they start negotiating with the creditors. Most importantly, they are up to date with the laws that affect the financial and tax industries and can make sure that credit card companies are treating the client fairly and not trying to get extra money from them.

Get a free consultation to see how CuraDebt can help you today, click here

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