The "Snowball Method" of Debt Elimination and Reduction Debt reduction and elimination is an objective that almost every person in the world wants to reach. People who have enjoyed using credit cards are finally realizing the consequences of their actions and are therefore taking steps to solve their problems. You only need these: 1) Help - If you are unsure of how to accomplish debt elimination without declaring bankruptcy, you might want to get some help. Thankfully enough, there are a lot of debt elimination services that you can contact to help you with your goal. Remember that looking for help is not a sign of weakness. The collateral comes then as a requirement of the lending firms to ensure that in case you fail to pay back the loan, they have something to fall back on-and that is through your property that you put up as the collateral. In this manner also, putting up a property for the collateral means getting lower interest rates. Some people may think that debt is a convenience and given people's tendency to make use of credit cards instead of cash today, this might actually seem quite true. However, you should never be fooled by the offers of convenience given by credit companies. Remember that debt is a problem. More people are beginning to realize this fact and are taking steps to eliminate their debts. When you do such thing, there is only one sure output for you that is, to end up in the court of law! It is a big NO-NO to respond to any of these debt elimination scams. If you do respond to any of those sent to you, you are opening the channels of your own downfall. Do not be fooled by these scammers. Most of the debt counseling services will negotiate with your creditors with regards to eliminating some late fees, reducing the interest rates for the loans, and extending the term being for a loan you have in progress. Debt negotiation is said to be the fastest legal way of debt elimination. This likely rids you of the personal loans and most credit card debts while being far from getting bankrupt.