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What is Debt Elimination?
Debt elimination is simply the wiping out of one’s debt. In other words, a systematic process is developed by which all of one’s debt is eliminated within a certain period of time, usually a much shorter period of time than it would normally be to pay off current debt. Debt elimination involves the use of an “advisor” or a “system” developed by someone and, by following it carefully, you can pay off debt much faster. Part of the process involves specific techniques to get rid of debt by negotiating it down or eliminating it totally without making any payments at all.
What is Debt Management?
Debt management, unlike elimination, does not have the goal of eliminating debt in record time. The goal of a management system is to manage the debt you currently have in fiscally-responsible and less painful manner than before.
How Are They Truly Different
Debt elimination techniques are not available without a cash outlay. This is because the people who have designed these processes make money by selling you their specific techniques. So, if you are interested in going this route, you will need to do some significant research. If you do an internet search using the term, “debt elimination,” you will be bombarded with thousands of sites, all promising to eliminate your total debt in record time. Most have testimonials from consumers who have purchased and used their methods successfully, and a price for you to either purchase an online version of the process or a cd or book. Remember, the goal of a debt elimination process is to rid the consumer of ALL debt, including mortgages, in as short a period of time as possible. The important thing here is to check the credentials of the author/salesman as best you can and to be certain that there is a money-back guarantee on anything you purchase. When you receive your material, much of it will not relate to you, because there are all kinds of personal and business debts that are addressed. Look through the material, see if there are techniques in there that relate to your specific situation and analyze if they will indeed work for you. If so, your purchase has been well worth it. If not, return the material and move on.
Debt management is usually the establishment of a program of paying off your debt in an organized manner and does not promise elimination is a very short period of time. If one is unable to manage his/her finances and is swimming in debt, then it may be time to seek the advice of a debt management counselor. This individual will establish a budget based
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