Unsecured Debt - What is it?

Whatever the size of your current debt, debt reduction will take some time, lots of planning, and work. If you are serious about it and want to tackle it yourself, you must have a plan. If you know your way around Excel, setting up the numbers on a spreadsheet will be very helpful. This is not difficult. You should enter your income after taxes, all your normal, necessary expenses and every amount you owe to credit card or store debt with the highest interest debt listed first and the others in descending order. Enter your minimum payments and see if there is anything left over you can use to increase your monthly payments. Calculate how long it will take to significantly reduce your debt.

If it looks like it will take a very long time, or if you can’t make the payments at all, You will need to revisit your expenses and cut out whatever is not really necessary. Sell some things that you haven’t used or don’t need in a yard or garage sale, and start looking for an additional, part-time job that will give you some added income. This may not be easy in today’s economy, but if you’re not lazy and are working now you may realize that there are people who always have one or two jobs because they bring a lot of energy and effort to their searches.

Any extra income should go straightaway for payments on the debt—highest APR and largest amounts first. As you see balances get smaller you will be encouraged to keep going until you’ve made a real dent in it.

Stay within your budget and postpone any purchases that are not truly necessary. If at all possible, try for some zero-APR balance transfers that will reduce the compounding interest on your old cards, and use the new card(s) only for debt reduction. You can also try to negotiate with your creditors to see if they can lower your interest rates somewhat. If they already have raised your rates, the new legislation with respect to interest rates may help you lower yours. Every little bit helps.

However, if you don’t have the time or the inclination to do the work to achieve significant debt reduction, or it just seems to intimidating a task to you, there is another option. You can contact Fast Track.

Fast Track’s debt settlement program has professional negotiators working with your creditors. Debts are negotiated in an orderly manner as agreements are reached with your creditors subject to your approval. The program takes about 12-36 months and is completed when all debts in the program have been settled. The Fast Track program provides ethical and dedicated service to help achieve your goals.

When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. Fast Track’s goal is to settle all debts in the plan for 40%-60% of what you owe.