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Alternative to Bankruptcy: Be a Financial Hero, Not a Financial Zero

Alternative to Bankruptcy: Be a Financial Hero, Not a Financial Zero
"""Searching for an alternative to bankruptcy? You are not alone if you are among the countless bewildered individuals who are unable to repay their mountains of unsecured credit card debt. In the past few years, the average person's unsecured debt has skyrocketed to unprecedented levels. This is largely due to families and individuals feeling pressured to exist off their credit cards and other lines of credit they have established.

Numerous individuals have reached their financing limits and are subsequently unable to use their credit cards. This has ultimately compelled them to recognize how dire their situation is. The straightforward truth is that even if all payments are made on time, it will take an individual over fifteen years to repay a $5,000 line of credit with the minimum payment. It would be optimal if it could be paid in one lump sum, but for the majority of people, even the minimum payment is difficult.

Consequently, when individuals are confronted with the harsh reality of their circumstances, personal bankruptcy is frequently a viable option for a fresh start. Unfortunately, they overlook the fact that filing for personal bankruptcy, regardless of the chapter, will have a devastating effect on their credit score. Legally, a bankruptcy filing may remain on a person's credit report for up to seven years; in practice, this is typically the case.

Does the positive outweigh the negative for you? No mortgages, no new vehicles, no new credit cards, and no emergency savings. Simply, you are financially insignificant! Even prospective employers check your credit score before employing you today. A poor credit score, especially a bankruptcy, will frequently prevent you from being employed.

The aforementioned are only a few of the reasons why an alternative to bankruptcy should be considered. Realize, however, that the options we will discuss here are viable for individuals who are concerned about their unsecured credit card debt. Non-eligible items include mortgages, auto loans, and other financial arrangements secured by some form of collateral.

The alternative to bankruptcy that I'm referring to is actually a strategy developed by a number of non-profit organizations. Through the years, these organizations have established relationships with nearly every significant unsecured lender in the country. In addition, as a non-profit organization, they have reached a financial agreement with the various institutions and lenders.

These organizations essentially assume responsibility for your debt. In most cases, the effective interest rate is reduced to 0% as a result of the lenders' concessions. As a result, you, as the debtor, pay a significantly reduced monthly payment to the non-profit organization that has consented to manage your debt. That is appealing, right?

The best aspect is that everyone is eligible for this program as long as their debt is unsecured. Contact one of these organizations immediately if you are seeking for a viable alternative to bankruptcy. Your credit history and future financial autonomy depend on it.""

" - https://www.affordablecebu.com/
 

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"Alternative to Bankruptcy: Be a Financial Hero, Not a Financial Zero" was written by Mary under the Finance / Wealth category. It has been read 142 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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