What is Debt Elimination?

If You Are Seeking Debt Relief... Keep Reading!
If you are one of the millions of American urgently seeking debt relief, then you have most likely been bombarded with countless debt programs and plans. There are enough debt options to literally drive a person crazy. You end up asking yourself the question, “Which debt solution program should I decide on?” We’re here to provide unbiased information that is clear and concise and will help make the right decision. In your search, you have no doubt come across a commonly known program called debt elimination. Before you commit to any debt counseling plan or program, you need to know the answer to the question, “What is debt elimination?”

What Is Debt Elimination?
Essentially, there are two types of debt elimination, legitimate and illegitimate. Here’s a brief snapshot of the legitimate plans, how they work and who qualifies for them:

1). Debt Elimination - Insurance Company Payouts
Various insurance companies offer products that will effectively pay off loans in the event, for example, of a loss of employment, death or other significant personal life changes. It’s a straightforward process; provided that the person has insurance to cover the loss, the insurance company will pay off the debt.

2). Debt Elimination - Income Replacement
There is a specific insurance program designed to pay bills in the event that the policyholder becomes unable to work as specified in the agreement. Once the person becomes injured, incapacitated, etc., their bills are paid by the insurer. Effectively preventing their debts from piling up.

3). Debt Elimination - The Combat Veterans Debt Elimination Act of 2008, H.R. 5148
You really don’t want to qualify for this one… H.R. 5148 amends title 38, United States Code, to prohibit the Secretary of Veterans Affairs from collecting certain debts owed to the United States by members of the Armed Forces and veterans who die as a result of an injury incurred or aggravated on active duty in a combat zone.

4). Debt Elimination - Selling Off Assets Program (SOAP)
One quick way to eliminate debt is to use SOAP. The selling off of assets in order to pay your debts. Both businesses and individuals use this easily implemented debt elimination technique. It only works if one has the assets and is willing to part with them in order to satisfy their debt(s).

These four legitimate debt elimination programs and products should never be confused with the illegitimate debt elimination programs responsible for disappointing countless debtors. To date, the number of individuals who have been taken advantage through these unlawful programs is staggering. The amount of money they have lost is even more saddening; we are talking in the millions! And these are the people who could least afford such a loss.

As more and more consumers struggle to meet their mounting debt obligations and begin exploring the available options to get out of debt, they are often left confused. The terms thrown at them seem like they came right out of a college professor’s study guide, (debt elimination, debt termination, debt settlement, debt management, etc.)

That’s why it’s important for consumers to first understand what these programs are, their limitations, pros and cons before deciding on a course of action. In the next section, we’ll examine the illegitimate debt elimination programs.

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Joel Marks brings a degree in economics and an unwavering passion to help fellow Americans come from under the clutches of debt. He believes that with the right debt advice or debt counseling, anyone can recover from the stresses of being overwhelmed with credit card bills and other debts.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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