Debt Elimination 1

If you have multiple debts, you may well be wishing you had a
debt elimination wand to wave and make all the debts disappear.
You would probably wish even harder for that magic wand if you
were falling behind with, or at least struggling hard to keep
up with, the monthly payments on those debts.



The notion of debt elimination, though, is in most cases a
fanciful one, at least in the short term. If you have debts of
$15,000, where will you suddenly find $15,000 for the
elimination of those debts? If you have debts of $30,000, how
can you suddenly just wipe out that amount? Realistically, you
have little hope of reducing your debt balance to zero in the
short term, if your debts are anything like that sort of level.
Unless they win the lottery, or come into some inheritance
money, the average person cannot suddenly find such sums.



If your debt situation is really bad and out of control, then
you may be considering bankruptcy. That may wipe out your debt,
but it can be a very unpleasant process to go through. The laws
vary greatly between countries, but can sometimes be quite
draconian, and greatly inhibitive for your future actions
relating to money. Debt elimination by bankruptcy is an extreme
which, if at all possible, is to be avoided by those who have
pride and wish to make a genuine attempt to resolve their debt
problems and plan a better financial future.



Also, if you have debts out of control, you may be considering
debt negotiation. While this will not lead to debt elimination,
it may help reduce the immediate pressures and make it easier to
eliminate those debts some time in the future.



Of course, with lower amounts of debt, you have more of a
chance, so it really does depend on both the debt level and
your personal situation as to whether it is feasible to reduce
your debts to zero in the foreseeable future. In the longer
term, it is definitely possible, but there again the difficulty
level will depend on the amount of debt and other personal
circumstances.



What Are The Steps To Eliminate Debt?



Your precise steps to debt elimination will depend on your
current financial situation and other personal circumstances.
However, there are some broad steps that you can follow which
can help you achieve debt elimination with patience and
determination.



The follow up article will discuss the steps you can take to
eliminate personal debt.Roy Thomsitt is the owner and part author of
http://www.eliminate-credit-card-debt-now.com

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