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Legitimate debt elimination involves payment of your debts in full, bankruptcy which is not a good option for most, or negotiating with your creditors to reduce the balances. Which option is best for you depends on your financial situation. Before applying for a personal loan, you should ensure that your credit report has recorded all your payments correctly and it has no errors. This is very important especially if you have a bad credit history. The lenders will first study the report and fix the interest rate and conditions accordingly. Then apply for quotes from as many lenders as you can. You will then be able to compare quotes for many lenders to get the best rate.