There are some legitimate ways to terminate and eliminate unsecured debt that you can employee to save some serious money. You will, however, have to use extreme caution since there are so many scams related to things like this. Still, if you are ever so diligent and cautious, it can be done. This can help to reduce your balances on credit cards and other monthly obligations, so you can have more spendable money each month. Let's look at how you can terminate and eliminate unsecured debt, along with a popular topic, stimulus relief.





This is a legit way to terminate and eliminate unsecured debt. Essentially, you contact your creditor and claim financial hardship and ask to settle the obligation. There are reports of companies willing to reduce or completely remove any and all late fees and interest, if the client is willing to make a lump sum payment. According to some, it's entirely possible to reduce your total obligation by as much as 50% this way. This makes it a good way to terminate and eliminate unsecured debt.

When you attempt to make a credit card settlement on your own you will need to use extreme caution. You should be absolutely sure to get any and all agreements you make with the creditor in writing, so you have something to fall back on. Be sure to gather up your statements and other bills, to figure out exactly what you can do. It won't always be easy to terminate and eliminate unsecured debt this way, but it's a good place to start the process.





This is another way to terminate and eliminate unsecured debt, but it won't be a freebie. You will still need to pay off the obligation, but when you use consolidation loans to pay credit cards, you can often greatly reduce the interest rates, which allow you to pay off the balances much more quickly. Basically, you roll up all of your accounts into one new account, so you only make one payment each month, reduce the number of late fees and penalties you may face, and pay down the balance faster. It's a legitimate way to terminate and eliminate unsecured debt which could help you save tons of money. Those with bad credit will need to pay close attention to interest rates, or there may not be much for savings. Those that own a home with some equity in it can really make out quite well with this one. It's worth checking out as a way to terminate and eliminate unsecured debt.

Financial Hardship:




You may want to tell your creditors that you are experiencing financial hardship as a means to lower your payments. This will not eliminate and terminate unsecured debt, but it will reduce the payments and possibly the interest you have to pay. It's not really the best option, since it does not exempt you from making payments forever, or reduce your total obligation. Don't think of this as a way to terminate and eliminate unsecured debt so much as a way to reduce payments to allow you time to get caught back up. That's really the best way to view something like this.  Dealing with collection agencies will be something you'll need to check out if you do this.

To claim financial hardship as a method to terminate and eliminate unsecured debt, you will need to do so in writing. Draw up the financial hardship letter and mail it to your credit card company. Be sure to send it certified mail. You should make absolutely sure you retain a copy for your own records and follow up with a phone call to the creditor. It could be a good way to help reduce obligations, but not necessarily a way to terminate and eliminate unsecured debt.

Hard Work:




Perhaps the best way to terminate and eliminate unsecured debt is through hard work. A second job may be just the thing. I know unemployment is way up, but there are still some part time jobs to be found out there. If you work just one shift each week, at eight hours, with a rate of pay of just $9 per hour, you would make about $300 per month. This could be used to help you pay down your obligation to credit card companies, and other creditors quickly. While this certainly isn't the easiest way to terminate and eliminate unsecured debt, it may be the best way. You will not need another loan, which you may not even be able to get if you have bad credit, and you will help to repair your credit score. Best of all, you can use this method to terminate and eliminate unsecured debt in conjunction with the other methods, like claiming financial hardship or credit card settlements.  There are many unique ways to make extra money.

Credit Counseling:




This is not the same thing as bankruptcy. This can help you terminate and eliminate unsecured debt quicker, since the consumer credit counseling company with work with creditors to reduce your interest rates, late fees, and penalties you may be facing. If you go this route to terminate and eliminate unsecured debt, be sure you select a nonprofit group and read the terms of the contract carefully. There are some horror stories out there, so be sure to use appropriate caution.

Stimulus Relief – Use Caution:




You may have read about "stimulus" packages that allow you to terminate and eliminate unsecured debt, up to $10,000. I was trying to find some form of mention of it by any official government site, but I cannot seem to locate anything. While I have found a few blogs that mention it, along with a nice link to companies that charge a fee, I cannot find real info on it. It would be really wise to use extreme caution with this method pay off your bills.

Be Resourceful:





There may be some other ways to terminate and eliminate unsecured debt. You can check out grants, but you will need to be quite cautious. You can also head to your local library to check out the many books dedicated to helping you pay off these types of bills. There are some options out there to terminate and eliminate unsecured debt, so keep on looking. You may find the right one for you.


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