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Can military approach help to avoid consumer bankruptcy?

Few Maryland consumers relish the thought of having to file for personal bankruptcy. Before reaching that decision, many will try a number of debt relief options. Some repayment strategies are inherently better than others, and savvy consumers will research the available options before choosing a course of action. Many will find success, but there are some financial circumstances in which consumer bankruptcy offers the best choice for immediate and lasting debt relief.

One means of repaying financial obligations involves taking a military approach to debt relief. A recently published book written by a former soldier and current financial planner advises readers how to pursue repayment of existing debts. He begins by urging readers to compile a list of all debts, including interest rates and type of debt. Once that process is complete, borrowers can begin paying down the debts with the highest interest rates first.

It is also important to stay on top of one’s credit scores during and after the debt repayment process. An individual’s credit score is the means by which lenders evaluate one’s creditworthiness. A low score can mean little to no access to new lines of credit, and can also lead to the need to pay higher interest rates and deposits on certain accounts. Consumers should obtain their credit report from the top three bureaus, and correct any errors that are contained within.

By structuring a plan of attack and sticking with repayment efforts, many Maryland residents will be able to pull themselves out of debt over time. In some cases, however, the level of debt has reached a point at which repayment is simply not a viable option. In these instances, a faster path toward debt relief is called for. Many find this path through consumer bankruptcy, which can lead to the elimination of debts through discharge.

Source: MSN Money, "A soldier's guide to getting out of debt- MSN Money", Gerri Detweiler, May 21, 2014

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