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Payday Loans & Title Loans: These are a loan of last resort.The rates are so high that it almost never makes sense to use these as options for getting yourself out of debt..If you use debt settlement, make sure you find a good company, go through an exhaustive list of pros and cons and always ask about their rates and payment plans.
Understanding all those options can be incredibly confusing, especially since they all have similar names, but that’s not excuse for learning what your options are before taking the plunge.Do nothing: For all your credit card debt and most other unsecured loans (excluding student loans, childcare, and liens) if you do nothing for 7 years, technically your slate is wiped clean and the creditors can no longer legally pursue you or ding your credit score any more.Pros: You don’t have to pay anything Cons: Your credit score can be destroyed for 7 years, and you will suffer the agony of being hounded by collections agencies for years on end. Even though the collectors have no more legal rights to pursue the money from you, they will still harass you in hope that you’ll pay up out of ignorance.They usually charge a monthly fee, legally it can’t be over a month, but most run around a month.Pros: They have minimal impact on your credit score Cons: Their program lengths can run for 5 years, which means you can easily have paid 00 in fees before you’re done Recommendation: You can use these if you don’t have a lot of debt and you can be quickly in and out of the program.
Pros: You get instant cash Cons: The exorbitant interest rates will keep you in the debt cycle.