Where do you find business debt relief? There are credit unions, consumer groups, financial support groups and even universities that operate non-profit financial counseling. However, this can be a misnomer. Just because they advertise non-profit does not mean that their services are free; most do charge fees, and many are not even reduced from those charged by “for profit” couseling firms. But the advantage to any financial counseling company is that they can often negotiate a better solution with your creditors that you can by yourself. Creditors seem to be willing to negotiate with debtors who are working with a recognized counseling program to create a debt repayment plan. Under these circumstances, many creditors will even accept a reduced amount of interest in conjunction with principal repayment.

Therefore, first of all be a bit wary of organizations that claim to be a “non-profit” organization. The use of this word does not prove that the services will be free or even lower cost and worse yet, they may not be legitimate. Some non-profit credit counseling organizations have fees that are hidden as membership costs or charges for individual services that can add up to a hefty amount. Steer clear of firms that have a monthly charge or a pre interview membership fee. A reputable credit counseling firm will charge a fee that is determined upon the complexity of your individual situation and the business debt relief that needs to be dealt with. But the bottom line is not the cost but how reputable the counseling firm is. You want a firm that specializes in business debt relief, one that is well know by creditors and that will have a high recognition value with them that will result in their trust and eventual agreement to negotiate.

The Maze Of Debt Relief Options
The best way, obviously, to get rid of debt is to attack the balance with the highest annual percentage rate first. When that one is paid off, move onto the debt with the next-highest interest rate. Always attack that high-interest debt first. On that debt, you want to double, triple, or even quadruple minimum payments. When you’re done with that one, move on to the next one. But what if you’re falling behind more every month, which is what the debt relief options are really designed for.
In this seven part series, I will attempt to shine a light of reason on the subject in hopes of providing you with the knowledge necessary to make an educated and informed decision, as well as give you the peace of mind that you desire to become proactive (finally) and take the action necessary to do something about your debt burden.

In part 1, I will briefly touch upon each option (there are really only five) and give more detailed descriptions in the following daily parts (2 through 6) wrapping it all up in the final part on day number 7.

Debt relief is possible, but it requires determination and research on your part. Once you feel comfortable and sign on with a program, stick with it. If you are using the services of another company to help you obtain debt relief, make sure you read the small print and check out their references. Ultimately, your credit standing is in your hands. Do not trust it to those who are not actively working on your behalf.

4 Debt Relief Tips To Help You Get Out From Under Your Mountain of Debt
Debt consolidation loans are done by lending institutions. They first add up all of your debt, and if you meet the requirements, then you can apply for a debt consolidation loan. Once approved, your debt is paid to your creditors and the payments you would make go directly toward the consolidation loan. It is important to research your options before you choose a debt consolidation lender. Each company has different interest rates and terms of service. It is also important that you do not make any more debt for yourself when you are repaying a debt consolidation loan. Doing this could jeopardize your financial future and end up in bankruptcy court.

Debt Settlement is another way to obtain debt relief. This is done by contacting your creditors directly and negotiate a lump sum payment. If you debt is large, this may be an option worth looking into. It is recommended that you use a professional debt negotiator. He or she is trained to negotiate the lowest settlement. You may not get the results you want if you do it yourself. It is important that you pay the settlement amount quickly. Your creditors will require payment within twenty days of the date of settlement.

Bankruptcy is the last option. When you claim bankruptcy, it is a long drawn out process that can take years to complete. It will show on your credit score for ten years and it can cost you thousands of dollars that could be used to pay off your debt.

Is Emergency Debt Relief the Answer to Your Problems?
If your creditors are driving you crazy and you think you can’t handle one more phone call, you might want to try debt consolidation. By doing this, you are taking out one loan and paying off all of your debts with that loan. This makes your creditors happy and you don’t have to deal with them anymore. What you do have to do is be sure you make the payments on your new loan and don’t run up anymore debts.

Debt settlement and debt consolidation can both be done by you or you can hire a service to do the work for you. Services that offer help with debt are trained to do this type of work and are skilled at negotiating. If negotiating isn’t one of your strong points, you may need to consider hiring a service to handle your emergency debt relief.