How Fast Can You Get Rid of
Debt?
This question is going to be answered by your financial
situation. There are those that are going to be able to pay
theirs back very quickly, while others will take a longer period
of time. There will be those that declare bankruptcy to get rid
of their debt, and those who will get a debt consolidation plan
and pay it off over a couple of years. How much money you have,
and how much you want to save your credit rating is really what
is going to determine how fast you pay it off.
If you are not interested in your credit, you can declare
bankruptcy and eliminate your debt almost immediately. However,
you will ruin your credit for seven to ten years and you will
have to prove that you do not have any assets that the bank can
take to pay off your debts. If you have a home, car, etc. it
gets a little sticky as they might come after some of that to
get those debts paid.
If you know that you have debt that you cannot pay back without
getting rid of some of it, you will want a debt consolidation
with a settlement. The creditors will write off a portion of
your debt and you will pay back the remainder in a debt
consolidation loan over two or three years. This is good if you
want to show good faith but honestly cannot afford the debt.
Then if you just have too many bills to pay and could pay them
if they were easier to keep track of you can get a debt
consolidation loan and pay off all of your debt over a period of
time – usually around three years.
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