Debt Settlement – The Debt Settlement Option – Take a Lower Credit Score to Eliminate 60% of Your Debt – Fair Trade?

March 29th, 2010

The ongoing economic instability or recession has caused unemployment to raise high. Today, people are in their worst financial phase they have ever imagined. As most people utilize credit cards, under such awful circumstances it became difficult for them to pay off credit card bills, now it is piling up and up standing like a huge mountain in front of you which is very hard to overcome and so the consumer’s account is defaulted and now he is called a debtor. Half of the blame goes to credit card companies who charge very high interest rates on their credit cards and also add late fees and penalties which make the 50% of the total bill and the other half of the blame goes on the consumers who use plastic money more than its limit and have a habit of overspending.

Now when people are jammed with severe plastic money debts they want to get relief instantly. That is why they file for bankruptcy and then get stuck with other problems. Bankruptcy is used in very bad circumstances like when a debtor has no other choice. And not every debtor has such a bad case. Debt varies in different kinds and different methods are used to eliminate it. It is important that you first try out the other options for debt relief rather then going for bankruptcy because bankruptcy has a lot of negative effects on the credit reports of the consumers. It lowers down the scores to a great extend, this makes your future go bleak and the mark remains up to 10 years.

One good way to eliminate your debt is to negotiate with your creditors to lower the debt so that you can afford to pay-this is known as debt settlement program. Usually people hire debt settlement companies to bargain with the creditors on their behalf because settlement companies are more professionals and skilled. They even have established relation with the creditors so that they can provide a waiver to the debtor. The reason why creditors agree to this is quite simple; creditors were also suffering losses because their customers were cutting down on credit cards or filed for bankruptcy. They were provided with stimulus cash by the US government so that they can offset their losses and continue with their business. This made them flexible to accept the lowered amount of payments as in this they get some money instead of nothing at all.

A debt settlement company can even provide you a reduction on your debt to up to 60% allowing you to even save some money. With the help of debt settlement program you can get out of debt with 3 or 4 years depending on the amount of money you owe. Although debt settlement program also lowers down your score but this effect is minimum as compare to the benefits it provides. It is certainly not as bad as bankruptcy effects are. You can increase your credit scores by maintaining healthy credit practices.

If you have credit cards or other unsecured debt over $10k you will be eligible to eliminate up to 70% of this through a credit card debt settlement. CreditCardDebtNegotiations.com will provide legitimate debt relief help and free counseling for consumers. They are one of the largest and most respected debt relief networks on the marketplace and can help you eliminate unsecured debt.

One Response to “Debt Settlement – The Debt Settlement Option – Take a Lower Credit Score to Eliminate 60% of Your Debt – Fair Trade?”

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