How to Get Immediate Debt Relief

by Contributor ; Updated July 27, 2017

How to Get Immediate Debt Relief. Your debt may have come at your quickly or it may have built up over time. But if you want immediate debt relief, it can happen more quickly than you might think. You have to have the desire to get it done fast.

Step 1

Make a list of the debt that you have. You want this to be extensive, so get a copy of your credit reports and find out what debt is on your record. This list will be used so you know how much debt you need relief for immediately and to whom you owe money.

Step 2

Seek consumer counseling help. Nonprofit and for-profit consumer credit counseling services exist to help you acquire immediate relief to your debt. You meet with a counselor and bring a list of your debts and your account numbers, and the counselor negotiates lower payments that you can actually afford. This is immediate relief to your debt. You will pay monthly or weekly payments to your counseling service, which will then send your money to your creditors.

Step 3

Get a second mortgage on your home. Second mortgages can instantly relieve your debt. Your credit cards and other debts are instantly removed, but you do have to pay a low monthly payment on your second mortgage. The second mortgage is secured on the unused portion of the appraised value of your home.

Step 4

Cash in a portion of your retirement account. Look at the interest rate you are earning on your retirement account and compare that with the interest rate you are paying on your debt. If you are paying more in interest on your debt than you are earning on your retirement account, it might be wise to cash in a portion of your retirement account. You will be subject to capital gains taxes on your retirement account, however.

Step 5

Get an advance at work. If you have a boss who is sympathetic to debt, you may just win your case to get an advance payment from work. Keep in mind, however, that that will be money that you won't be getting later. But you will have your debt relieved.

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