A debt ridden life can prove to be harsh and complex. You will find that at the end of the month you either will have no money left for yourself or savings or else you are falling short of money. Such instances can give rise to even more debt and frustration. So, it is extremely important for you to avoid debt as much as possible. However, if you still are in debt you will have to make sure you know the way out of it. There are various debt relief processes which can help you in becoming debt free.

The different debt relief processes
Some of the different debt relief processes which ultimately can help you in becoming debt free are the likes of:

- Debt repayment plan – Debt repayment plan is the option in which you get to make the payments as per a repayment agreement. You are required to negotiate with the creditors and prove that you are in financial hardship. Only then may the creditors agree to offer you a repayment plan.
- Debt settlement – In debt settlement the outstanding debt amount owed can be lowered. That means, you are required to pay back only the settled amount which is less than the actual amount owed. The other part gets forgiven. You can settle the debts of your own or you can also get the help of a debt settlement agency.
- Debt consolidation – If you opt to consolidate the debts, it is going to help you by lowering the interest rate. Furthermore, you are required to make a single payment every month rather than the several ones you have been handling till date. In this case too, you can consolidate the dues of your own through balance transfer or debt consolidation loan. Or else, you can get the help of a debt consolidation accompany who are going to do the negotiations with the creditors, on behalf of you.
- Credit counseling/Debt management – Credit counseling or debt management program in general, is offered by same company. It is a credit counseling agency which helps both with managing credit and debt at the same time. This helps you not only to pay down the debts but also with improvement of the credit. N case of debt management, you can get help of the counselor who is going to negotiate with the creditors o lower the interest rate. Furthermore, the late fees and penalty charges may get waived off in some cases.
- Bankruptcy – Bankruptcy is the only process which is legal and so it is the safest process too. Yet financial advisors would ask you to avoid bankruptcy as much as possible. For, bankruptcy has a drastic negative effect on your credit. You lose the ability to obtain new credit soon enough as bankruptcy lowers your credit score by 200-350 points.

The above are the options through which you can solve your debt issues. But, you will have to avoid incurring further debts so that you can easily do away with the debts. Otherwise, it may never be possible for you to get out of the debt cycle. For More Visit : http://www.creditcarddebteliminationhelp.com/Debt-Relief-Process.html