Anyone experiencing overwhelming debt understands the stress and pressure it can add to an already tough situation. Finding the right debt relief option for you can be a challenge in itself, and knowing which one to pick isn’t always easy. In general, there are two choices in debt relief: (1) slow and steady or (2) quick and easy. Each strategy comes with different risks and benefits that should be carefully considered before any decision is made.
Slow and Steady
Paying off your debts yourself through an organized budget and repayment plan can be highly beneficial. Lenders look more favorably on a borrower that repaid their debts, even if it took several years to do so. If you find it difficult to repay your debt directly to your lenders, or are unable to negotiate a repayment plan with your lenders, a Chapter 13 bankruptcy can provide you with a debt relief plan that fits the slow and steady strategy.
Quick and Easy
Most of us like things to happen quickly and efficiently, as it seems to make life easier. There are several debt relief options that can provide you with quick relief from your debts, but they may not always provide you with the best financial future. A Chapter 7 bankruptcy can provide relief from your debts in a matter of months, freeing you up to move on and get back on track. However, quick and easy solutions may be more detrimental to your credit and future chances of obtaining credit.
Ready, Set, Go
When deciding on a debt relief strategy it reminds us to consider the old tale of the tortoise and the hare, where the tortoise takes its time and eventually wins the race. If you find that your financial hardship is too great for a tortoise-like approach, the quick and easy solution is available to help. It is always best to consult a financial expert or bankruptcy attorney before deciding which game winning strategy is best for you.