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Eliminating debt is a problem for most individuals in the world. Eliminating debt leaves you in a position to save
more money and also to live better. Getting rid of debt as quickly as possible requires motivation and direction.
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Choosing the Right Debt Solution
By Melanie Taylor
If you're looking to get out of debt, choosing the right debt solution is important. Each debt solution is
designed to suit people in different situations, and the right choice can make a big difference to how
quickly - and how easily - your debt problems are solved.
Debt management plan
If you are struggling to repay your debts under the current terms but think you may be more able to
repay them at a slower pace, a debt management plan could help. A debt management plan is an
informal arrangement between you and your creditors which allows you to make smaller monthly
payments towards your debts.
It is possible to arrange a debt management plan by yourself, but this can be time-consuming, since it
involves a lot of negotiation with creditors. Many people prefer to arrange their debt management plan
through a professional debt management company, who will negotiate with creditors on your behalf,
meaning there is no effort required on your part.
Usually, a debt management plan will involve an agreement to repay your debts at a more
manageable pace. You will make a single monthly payment to your debt adviser, who will distribute this
amongst your creditors on a pro rata basis (i.e. according to how much they are owed).
Debt consolidation loan
A debt consolidation loan is particularly effective for people with multiple debts who want to reduce
their outgoings and/or simplify their finances.
A debt consolidation loan is used to pay off all your existing unsecured debts, afte