Are you in debt? Have you run out of options? There are solutions out there, some radical, but one or more may be what you need to help you get out of debt.
1. Bankruptcy. Yes, bankruptcy is an option for some, especially if there is no way that you possibly could pay back what you owe. The American constitution gives citizens the right to be emancipated from debt and it is a choice that some must select in order to be set free. However, recent changes in U.S. bankruptcy laws have made filing for bankruptcy much more difficult to do; search online for the latest information about the new bankruptcy laws.
2. Consolidate Debt. Before seeking relief through bankruptcy, consider combining all of your debt in order to make one monthly payment. Loan consolidators can help you come up with a plan to pay off all of your debt while helping you to maintain your credit standing. Bankruptcy, unfortunately, ruins your credit while a consolidation loan may help you reclaim it. Consider finding a credit card that allows you to consolidate your debt through balance transfers - some have low introductory rates too.
3. Redeem Your Life Insurance Policy. Your life insurance policy may have some cash value to it. Think about taking cash from the policy and using it to pay off or reduce your obligation.
4. Government Borrowing. Help may be available to you through a government entity [i.e., city, county, state, or federal] and at a rate lower than what conventional creditors might assess. Examine loan programs, grants, family gifts, etc. to uncover what may be available to you.
5. Borrow From Your 401(k). If you have a 401(k) or 403(b) plan, you might be able to create a low interest rate loan and use the monies to pay off or reduce your debt. You are borrowing from your retirement account so you will need to pay everything back [with interest] or face tax penalties.
While these solutions are radical for some people, one or more may be what you need to get back on your financial footing. Compare options carefully and choose the solution that is right for you.
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