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If your back is against the wall...
If you have debts beyond your ability to pay...
If you feel helpless and hopeless...

You have five options.

1. Bankruptcy

Bankruptcy may seem to be the quickest solution to removing your outstanding debt, and bankruptcy attorneys will tell you it will only remain on your credit for 7-10 years. However, almost all credit applications today ask the question, Have you EVER filed bankruptcy?” Even if the bankruptcy has fallen off your credit report, to answer this question untruthfully is considered a federal offense. Bankruptcy is a permanent decision that will follow you for the rest of your life; therefore, it should only be considered as an absolute last resort to solving financial matters.

2. Debt Consolidation Loan

There is no true way to borrow your way out of debt, which is the premise behind debt consolidation programs. Debt consolidation involves a financial institution providing a consumer with a home equity loan to help "consolidate" his or her outstanding debts into one monthly payment. While debt consolidation programs often offer consumers a lower overall interest rate and a larger tax break, the sad realization is that many consumers who take out consolidation loans often find themselves in a much worse financial situation than before; only now the consumer faces the very real possibility of losing one of their most valued possessions - their home.

3. Consumer Credit Counseling Services (CCCS)

Prior to the introduction of Consumer Credit Counseling companies, Americans had very few options to deal with debt reduction, other than filing bankruptcy. CCC organizations were originally set up by a major credit card company in the early 1980s as a means of recovering money from thousands of people that were starting to fall behind on their payments. They disguised themselves as "non-profit" organizations and were able to put on a friendly face, all the while working to collect money for the banks. Truth is, over 50% of all people who start a CCC program never actually complete paying off their debt. The reason is simple. CCC companies work for the creditors. These companies DO NOT reduce the total debt you owe, but rather "sell" you on the concept of combining your total monthly payments into one payment - often 5 times higher than your regular monthly minimums. Immediate monthly cash relief is what most people seeking debt assistance need. CCC doesn't always provide monthly relief, and as consumers soon find out, the new payment has a relatively minute impact on the total outstanding balances. Hence, the 4-6 year plan they were originally told about, turns out to be much longer.

4. Debt Settlement

In today's economy, consumers are demanding the most effective means to resolving outstanding debt. Debt settlement offers you an intelligent solution to becoming debt free within a realistic time frame. By reducing your total outstanding credit balances 40-60%, people can begin to realize the only alternative to regaining control of personal finances is by negotiating the total balances, rather than just reducing interest. Debt settlement is the best debt reduction option as it creates an environment that totally benefits the consumer.

5. Do nothing

3Score does not see this as a viable option, although there are a number of consumers who do. In order for things to change, you must change. Doing the same thing over and over will only yield the same results. If you enjoy how your current situation is making you feel, don't do a thing. However, if you are ready to regain control of your financial destiny and make your life less stressful, then it's time to talk with one of 3Score credit specialists.