Debt Solution Definition

Debt solution is a generic term referring to any methodology intended to assist an individual get out of debt. A debt solution may be as simple as adopting a budget and sticking to it, or as complicated as a Chapter 13 Bankruptcy. The important thing is for the solution to suite individual needs and to offer an actual solution-that is, ignoring debt and hoping it will go away is not a valid debt solution. Common debt solutions include debt settlement, debt management plans, debt consolidation, and bankruptcy.