You may come across banners and kiosks which claim that you will get out of debt within no time if you enroll for a debt help program. Undoubtedly, these debt help companies can get you out of debt but there is not shortcut to a debt free life. In fact, experts say that a steady and systematic approach to getting out of debt will give better results than wrapping up debts in haste.

To safeguard the interests of the debtors, the Fed has formulated many norms and guidelines. The most important thing to do is get hold of a credit report. Go through the credit report thoroughly to see if there are any errors in it.

Know your credit repair rights- No one has the right to legally remove negative information from your credit report. You can order your free credit report as per FCRA or Fair Credit Reporting Act.

When can you request for a free credit report?If you have applied for credit, an insurance policy, employment and you have been turned down in any one of the above mentioned cases, you are entitled to get a free credit report. However, the request should be made within 60 days from the time your application was turned down.

If you are trying to get out of debt on your own- Not everyone can afford to hire the services of a professional to get out of debt. Under such circumstances, try to solve your debt problems on your own. It may appear to be a bit painstaking in the beginning, but it will be worth all the trouble. You can try out the following-

• First gather all information about all your debt accounts.
• Check the outstanding balances of all the debt accounts.
• See what interest rate you are paying for each account.
• Work out a budget and try to spend as per the plan
• Curb unnecessary expenses. Even if you are saving just USD$10, many such USD$10 dollars can give you a USD$1000 dollars in savings.
• Once you are done with your bit of task, talk to the creditors.
• Negotiate with them so that you can enjoy a reduced interest rate and consequently lower monthly payments.

If you are seeking professional assistance- There are many debt help companies operating in the industry. Beware of credit repair scammers. Opt for credit counseling. The debt counselor will be able to tell you exactly which debt relief option will suit your needs best. You can opt for debt consolidation, one of the most widely availed financial options to become debt free. Debt settlement, debt management program are the other options to get out of debt. The debt help companies talk on your behalf and negotiate with the creditors so that a restructured repayment plan can be worked out. They also try to lower the rate of interest and the monthly payments so that the outstanding balance becomes more manageable for you.

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