This immediately dissolves your debt. However, certain consequences come with bankruptcy. If you make use of this business debt elimination strategy, your net income will be restricted for three years. Legally, you say that you don't have any money left. Because of this, the government will be obliged to see to it that your claim is true. The minimum balance required by most credit companies often just takes care of the principal, but it does not help to decrease the interest. By following this debt elimination tip, you would be able to reduce the interest and shave years off the time you have to pay. b) Put your plan into effect as soon as possible - The longer you delay eliminating your debts, the larger the interest will be. It must be remembered that the debt consolidation calculator must be used with extreme caution. Yes, it provides you with the assistance in finally summarizing the financial situation you are facing at the moment but all the debt consolidation calculator can offer you are purely estimations. The results created are often utilized for the evaluation of the most probable outputs of consolidating certain debts as they are geared towards an equity loan. By getting a debt consolidation loan, your cash is saved because you are now to pay only one debt on a monthly basis. It therefore means only a few interest rates to deal with. You may likewise opt to choose the terms of the interest rates. Next is credit counseling. In here, a third party exists who helps out in consolidating the existing debts. The payment is thus to be made for one loan. Debt management is a very effective legal debt elimination procedure. Through debt management, a financial circumstance is devised. A professional trainee consultant will handle things for you so there is no need for you to be anxious. He or she will know what to do. The bogus line like banks can uphold "no money lent" is a form of a debt elimination scam. The scammers will claim that the credit card agencies are operating with their daily procedures in an illegal way so that every time you use your credit card, you are not actually borrowing any money from the company.