The process of finding debt solutions follows a natural order. First there is debt management. Then there is credit and debt counseling. Then comes debt consolidation loans. This can be followed by debt settlement or debt negotiation. The last phase would be bankruptcy.

Do it Yourself Debt Settlement

These debt solutions are not actually phases, you have to pick one. In general, people usually want to find the least painful route to the solutions that they need. The easiest debt solution is to not get into trouble in the first place (I know, you don't need to hear your grandmothers advice right now).

HOW MUCH MONEY CAN YOU SAVE WITH DEBT SETTLEMENT?

You can simply use the debt calculator above and find out some interesting details about the debt that you currently carry. The calculator will tell you how much it would cost in monthly payments in order to pay off your debt in full and then how much less you could be paying with NetDebt.

Debt Counseling

With debt counseling, you are given a few different solutions that you can pick from. A good debt counselor will take a look at your overall financial situation and then show you the solutions that would work best for your particular situation.

Some of the debt solutions that might be offered include consolidation loans, debt negotiation, simple debt management, or bankruptcy. The main point of getting debt counseling will be to find solutions that can be used in order to avoid bankruptcy.

One of the more attractive and most used debt solutions is negotiation. With debt negotiation, you can try to come to a compromise with your creditors so that you only have to pay a fraction of what you actually owe.

Debt negotiation is sometimes referred to as debt settlement but negotiation is a better moniker because that's what it really is. Debt settlement is debt negotiation.

The reason why this is one of the more popular debt solutions is that it is often the last possible hope before bankruptcy. People can try for debt consolidation loans but often, they just can't qualify for them. Rather than settle for bankruptcy, they may be willing to see if they can negotiate their debts away.

Debt negotiation is one of the solutions that you can do all on your own. You simply call your creditors and ask them to reduce your debts or, ask them to lower your interest rate. If they just say yes right away then you might want to check to make sure that you dialed the right number. It just doesn't go that easily.

The debt negotiation process can be difficult and complicated. Most people would rather hire a company to do this type of work for them. Fortunately, there are plenty of debt negotiation companies out there who are ready to give you the solutions you need.

If debt negotiation and the other solutions mentions above will not work for you, the best thing to do is get a good lawyer.

Pay down your debts that have the highest interest rates first. In fact, you should try to pay them off altogether.

Stop using your credit cards. You need to put them somewhere so that you do not have easy access to them.

Make more money. Sure, it's much easier to say that than to actually do it but the fact still remains that people with excessive debt tend to get back on the right track much faster when they take the steps that are needed in order to make more money.

The idea is to make more and spend less. If you want to lose weight then you exercise more and eat less. Getting out of debt is the same way.

Don't be afraid to ask for help. You can ask your friends, neighbors, family members or your church to lend a hand. You can even hire a professional to take a look at your finances and make suggestions.

Don't think of bankruptcy as an easy way out. As just about anyone would tell you, (except those who are selling bankruptcy related products or services) bankruptcy should be something that you turn to only as a last resort. There are plenty of other debt solutions for you to use to your advantage.