If you are looking for legal debt elimination I can only assume you are seeking a way to write-off your debts. While this is certainly possible there is a heavy price to pay in terms of your future financial wellbeing and wealth. In this article I will discuss the only circumstances I believe this course of action should be taken, as well as putting forward a much better way of becoming debt free.

Please forgive my bluntness here, but I believe the majority of people seeking to write off their debts are doing so from a position of laziness and/or desperation. Rather than taking responsibility for our debts and paying them off ourselves, it is much easier to seek to have them disappear overnight without any real effort on our part. It is easy to justify wanting to do this. After all, before the credit crunch hit, there was no shortage of people wanting to lend us money. The banks and financial institutions lent money with no regard for their customer’s long term financial wellbeing. They saw us as a means to make easy money and cared nothing for the financial plight they were going to leave us in, so why shouldn’t we seek a legal debt elimination solution? Why shouldn’t they be the ones to lose money for a change?

The answer is that although the prospect of getting one over on the banks is appealing, it will seriously damage your long-term financial health. Government legislation varies from country, but the principle is largely the same – any debt you cannot afford to pay gets written off. This will take the form of bankruptcy or a derivative of it. This course of action will of course ruin your credit rating, with many negative side effects. You may be reading this thinking, “I don’t care about my credit rating – I never want to borrow money again!” But your credit rating does not just affect your ability to borrow money. If you pay your car insurance monthly, for example, your insurer will have checked your credit rating before offering you the terms. Do you want to start a savings account for your children or grandchildren? Your credit rating will be checked before you are offered an account. What about your mobile phone? If you pay monthly, your credit rating will be checked. We could go on and on, but it should be clear that trashing your credit rating must be seen as an absolute last resort!

So, should you seek a legal debt elimination solution or not? If you cannot make your minimum monthly debt repayments, you are in a debt crisis situation and you need professional help immediately. Start by looking at your national and local government websites for help and advice. They will also have links to other agencies you can contact. Get all the free information and advice that you can, and as you do this, the way forward will become clear.

If you are at least able to meet your monthly payments, then you can pay your debts off yourself, and a lot faster than you might imagine. Whichever course of action you settle on, I wish you all the best in your quest to become debt free.

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Category: Finances
Keywords: debt,debt free,debt elimination,eliminate debt,legal debt elimination,debt elimination system