The Fastest Debt Solutions in the West

You are tired of not having enough money to pay the bills every month and now you want to get serious eliminating debt, especially credit card debt. You aren't alone; millions want to get out of debt fast. So what is the fastest way to accomplish that?

Let's start by looking at your debt solutions and options. The method you choose depends on your situation and each option has pros and cons.

Do it yourself.

You can look for extra income by selling unwanted items or if you can afford it you can pay extra each month. Establish a budget.

Doing it yourself can take time but it can save on fees and charges of that you would incur if you were to use a debt solutions company.

Debt Consolidation

Debt Consolidation could prolong your payoff time. You are just combining multiple debts into one payment but usually the term of the loan is extended. However some debt consolidation companies may help you may get interest rate. The positive is you end up with one payment (or few monthly payments than before).

Debt Settlement

There are debt settlement /negotiation companies who can reduce your debt significantly. One drawback, this could affect your credit. Watch for fees and charges also.

With this solution you could be debt free in 12 - 36 months.

Credit Counseling

Legitimate non profit credit counseling agencies will work with you to establish a budget and payment plan. They may also negotiate a partial reduction of debt by eliminating accumulated interest and charges. Generally this will not impact your credit

Most likely not the fastest way.

Home equity line of Credit

With this debt solution, you use the equity in your home as a personal line of credit.

Results are immediate in terms of using the money to pay off credit card debt, but you are replacing credit card debt with another type of debt. You have to do the math to see if it is worthwhile

Bankruptcy

Bankruptcy is a complicated issue. Your unsecured debts are wiped out but your credit is completely ruined for many years.

This debt solution is as fast as it takes to declare bankruptcy, but with dire consequences. Only use bankruptcy as a last resort

We have briefly described your debt solutions and options but as I mentioned earlier, the fastest way for you to eliminate debt really depends on your situation.