There are many ways to eliminate debt legally.
It is important to be successful in your life and you have to work hard to achieve your goals.
However, there are times when things don't go as planned and you have take hard decisions to ensure a safer and securer future.
While you may not enjoy being debt ridden, you may find yourself in debt at some point in your life.
According to a survey carried out in 2006, 47% of those who were surveyed said that debt was a 'very serious' problem, 48% were worried about not been financially strong to pay off their bills, 44% expressed concern that old age and serious medical problem could push them into deep debt, and only 5% felt that debt was 'no problem at all'.
Additionally, 49% of Americans who participated in the survey expressed fear at getting deeper into the vicious credit card debt every month.
Frightening as these statistics may be, the good news is that you can legally eliminate debt and stay debt free.
Here are 2 ways to legal debt elimination.
Option #1- Paying off your debt is the right and responsible thing to do.
After all, you are responsible for your situation of being buried under debt.
Being debt free legally requires some amount of reorganization as well as reprioritization and a total change in lifestyle.
A few things that you can avoid in order to save money and legally eliminate debt include: not eating out everyday, save it for special occasions, make less expensive and more healthier food choices (read no junk food etc.
), not shopping at the 'drop of a hat' or at high-end shopping malls, not spending whenever you are depressed or 'in the mood' to shop on things you already have and don't require.
Simply said, plan and spend.
Option #2 - You must pay the minimum payment due on all your debts but on debts that have highest rate of interest.
Make a budget and be debt free by paying off as much as you can possibly pinch out.
When these debts are paid off, start paying toward one with the highest rate of interest.
This will help you in debt elimination in a legal and responsible fashion.
Finally, if all other ways fails to make debt free, then you may choose to file for personal bankruptcy either under chapter 7 or chapter 13.
However, bear in mind that this should be the absolute last option to legally eliminate debt.