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Fast Debt Reduction: Is it Possible?

By: Michael Millington

In terms of personal finance, having your money fluctuate in any manner can take time. Making money can take months to happen. Getting rid of debt can take much longer than that. However, fast debt reduction is always a sought after service. The ability to focus on your debt enough to reduce it quickly is ideal, but not always palpable. Here we will discuss how you can reduce your debt in the fastest methods possible.

Achieving Fast Debt Reduction

Reducing debt generally takes a while, whether it’s through bankruptcy or debt consolidation. The amount of time to fully run a debt reduction program can run from a couple months to many years. Fast debt reduction can be helpful when needed in a pinch. Much like emergency debt relief, fast debt reduction can be achieved, but it won’t come without a price.

If you need fast debt reduction, you would only have a few options. One of the fastest ways to reduce your debt is also one of the more debilitating choices: bankruptcy. When filing for a chapter 7 bankruptcy, it would generally take only a few months for the action to take hold. Your unsecured debts would be discharged through bankruptcy. While this is the most immediate way to reduce your debt, bankruptcy also cripples your credit for some time. Take extreme caution when looking for fast debt reduction through bankruptcy.

Another method of reducing debt in a hurry involves lending services. Debt consolidation won’t reduce your debt initially, but it can put you in a great position to drastically reduce your debt faster than originally thought possible. Consolidating all of your debts into one lump sum can help to narrow down your focus when paying down debt. Dealing with one debt instead of many can have a remarkable effect on how you handle your financial obligations.