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Three of the Best Debt Plans: All You Need to Know 

Having a debt plan is crucial if you wish to pay off your debt on time and that too, without hurting your finances. Not to forget, maintaining finances is pretty hard, especially if you don’t have the right direction to move in.

To help you in such a desperate situation, I’ve come up with three of the best debt plans. They’re all amazing in what they do and opting for one would definitely make paying off the debt easier for you. Let’s have a look:

Individual Voluntary Agreement (IVA) 

One of the biggest issues people face when paying off their debts is aggressive debt collection from the creditors. To avoid such a situation and make the process of paying off the debt easier, individual voluntary agreement (IVA) is the recommended process.

It’s a binding, legal agreement between you and your creditor or financer. It not only saves you from aggressive payment collections but also buys you a significant amount of time. Plus, due to the legal parameters, your creditor cannot violate the terms.

The Debt Avalanche 

The second option for today is the debt avalanche. It’s the best method for those who have multiple debts hanging on their heads. In the debt avalanche method, you make minimum payments on all your debts every month.

The amount you’re left with is then directed to the debt with the highest interest rate. Hence, it saves you a prominent amount of money that would have been otherwise directed to pay off the interest fee. However, please know that in order to make the debt avalanche work, you need to have a considerable amount of money in your bank account beforehand.

Bankruptcy

Last but not least, there’s bankruptcy. It’s the final resort and works well for people who are unable to make regular debt payments. If your finances are out of your hands and you’re drowned in debt, there’s no better option than declaring bankruptcy.

Bankruptcy can provide you with a fresh start. However, you need to be very careful about it as you may lose some of your prized possessions and expensive items when declaring bankruptcy. The bank will also take your credit or debit cards away.

Thus, all these things require considerable thought. Read it out and check what works better for you. I wish you good luck, my friends. Have a great day!

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