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How can someone get completely out of debt? How can someone raise there credit scores. I would just like to start fresh witho

How can someone get completely out of debt? How can someone raise there credit scores. I would just like to start fresh without any credit cards or loans at all.

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Bill's Answer
(7 Votes) | Find Learn Save

Thank you for visiting Here is an answer to your debt question.

There are many forms of debt relief, including: i) debt consolidation loans, ii) credit counseling, iii) debt negotiation, and iv) bankruptcy.

In your case, the only solution that will not impair your credit profile is a debt consolidation loan.

Debt consolidation can benefit you in many ways: i) monthly cash flow, ii) total savings, iii) interest deductibility, and iv) your credit rating.

However, all forms of debt consolidation are not the same. You need to consider your specific situation, including if you own or rent your home, your monthly debt to income ratio, and your credit rating. A program like a debt consolidation loan may lower your monthly payment, get you a lower rate than most credit cards, and the interest is tax deductible.

Alternatively, a program like negotiated debt settlement may lower your monthly payment, get you debt free fast, save half of what you owe, but it could negatively impact your credit rating. makes it easy for you to apply for Mortgage Refinance.

I hope the information provided helps you Find. Learn. Save.



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  • SF
    Jan, 2012
    San Jose, CA
    I became a partner in a small business by an already established company. When I became a partner, I volunteered to open up a credit card to help the company get through some hard times over several months. I opened up this credit line under the agreement that it would be paid back through the company money. (I have no signed agreement. It was only a verbal) Eventually it became apparent my business partner was too financially unstable to work with, so I left the company. He agreed to follow through with paying off the credit card which had quickly gotten up to over 8k in debt. He left the company bank acct. info with the credit company, and every month for several years I was able to call in and make a payment. (never one over $300.00) Recently the payments were coming back declined. I called my former business partner. He informed me that he sold the business and closed the bank account. He still works for and runs the company. I told him there is still money owed from that credit card. He said he would call the credit company and give them the new banking info. After several weeks he still has not done so, and is not returning my calls. I'm not sure what I should do. Payments are now way overdue, and i'm sure fee's and interest are accumulating.
    0 Votes

    • BA
      Jan, 2012
      Sam, you need to speak with a lawyer, to see what steps you can take to force your former partner to resume payments or to take action against him for not doing so. You also need to speak with your creditor, as not only is the account overdue and growing with fees and interest, but your credit rating is taking the hit. See what it will take for you to get the card back into good standing.
      1 Votes

  • 35x35
    Aug, 2009
    The easiest way to get out of debt is to get on a budget, find out exactly what you owe and start paying off your debts from smallest to largest.
    0 Votes

  • 35x35
    May, 2007
    my husband and i really want a bill consolidation loan. but with our credit being terrible due to to many bills and some other stuff on there we don't qualify. a debt consolidation loan is our best option and a window of opportunity for us to get out of debt alot there anyway, your company can help us?
    0 Votes