America's Debt Firm - Your Debt Relief Options

Typically when you are in debt you have the following four options:

1. Keep Doing What You're Already Doing

There is a saying that the definition of insanity is doing the same thing over and over again and expecting a different result. CNNmoney.com says that if you only make the minimum monthly payments on your credit cards at the average percentage rate it could take you over 30 years to pay off your unsecured credit card debt.

Most people with debt over the past 5 years have dug themselves into a bigger hole than they can climb out of. You don't have to make a lot of money to have the greater things in life; you only have to be smart with the money you make.

A great example of this would be to keep your hard earned money in prosperity. Putting that money into equity building, retirement and/or an emergency fund would be best for you and your family so that you don't have to dig yourself into a hole every time an emergency occurs. The last place you want all of your money going is to high percentage rate credit cards. It's one of the biggest financial sins too many Americans make every year.

Creditor	Unsecured Debt	Interest Rate	What You Will Pay	Payoff Time
Chase	$1,843.00	17.50%	$3,321.00	7.5 Years
Sears	$2,550.00	23.88%	$20,106.00	32.8 Years
Discover	$2,935.00	19.80%	$6,233.00	8.9 Years
Optima	$3,128.00	23.99%	$24,586.00	32.8 Years
First USA	$3,653.00	18.99%	$4,452.00	2.1 Years
MBNA	$3,964.00	17.65%	$5,032.00	2.2 Years
Providian	$11,929.00	19.80%	$23,561.00	7.9 Years
Totals	$30,010.00	17.66%	$87,291.00	33 Years

2. Bankruptcy

Bankruptcy may seem like a quick and simple solution, and while many people file for bankruptcy each year they fail to realize that they will be forced to deal with the harsh effects of that decision for the rest of their lives.

Costly court and lawyer fees accompany the process of filing for bankruptcy. One must also be aware that bankruptcy does not fade away after 7-10 years as bankruptcy attorneys claim. The reality is that almost all credit applications ask if you have ever filed for bankruptcy, and to answer falsely is considered a federal offense.

With recent changes in bankruptcy laws many consumers will not be able to eliminate their debt simply by filing for Chapter 7. Many consumers are now required to file Chapter 13, which requires you pay back a portion of your debt under the supervision of the court, which may last for years. Bankruptcy should be considered financial suicide and one of the last remaining options in solving your financial problems.

America's Debt Firm is registered with the Secretary of State and complies with all
required State & Federal laws. We are registered with the Better Business Bureau;
ADF is an Invited Member of the US Chamber of Commerce.
Disclaimer: Services not available in all states. ADF does not provide legal or tax advice.