Debt Elimination  •  Debt Consolidation  •  Debt Settlement  •  Debt Negotiation  •  Bankruptcy •  Counseling

Debt reduction (and debt elimination) is when you actually reduce the amount of the principal of your debts. Unlike credit counseling and debt consolidation, debt reduction is where you really see substantial financial burden lifted.

Debt Reduction and Debt Elimination can be the same thing. Technically, when you 'eliminate debt' using most of the different types of elimination processes, you are only eliminating a portion of your debt. This figure can be very high; it's not unheard of to eliminate nearly 90% of your debt. However, you might only be able to eliminate 50-70%; this all depends on how the process is handled. This is very common and Victim of Debt works with an Independent Debt Consultant which will guarantee a 50% or greater reduction in your debt principal.

The process of debt elimination can vary widely from process to process. For example, one form of debt elimination, you actually dispute the amount of the charges on your bill, based on the Federal Fair Credit Act in conjunction with a technicality in the way your credit card statement is calculated (hey, if a credit card company, for no reason, can raise your rates on a PAST BALANCE, then fight fire with fire any way you can). Once you dispute the amount, then you, or the company/consultant that is working your debt elimination process, negotiates your debt lower. This is only one example of many different methods of debt reduction.

After completing this type of process your credit score will probably take a hit, but you will not a have a bankruptcy on your credit and can proceed to start repairing your credit standing.

There are currently many different forms of debt elimination. People (or companies) are constantly thinking of new ways to combat the credit card companies.