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Debt Settlement

Do you think it will take a miracle to alleviate your debt problems? You probably don't. You likely could use debt settlement. Debt settlement is another term for debt negotiation, a process by which you hire a debt management company to help you manage, and in some cases, alleviate your debt load.

If you are having trouble making your minimum payments each month, or can only manage to pay the minimum due on your credit card, then you might want to consider getting an assessment by a debt settlement company. With debt as one of the major contributors to personal stress, marital problems and family difficulties, it is sometimes essential to seek the help of a professional to facilitate managing your debt and developing excellent fiscal accountability.

The Debt Settlement Process

Debt settlement companies charge you a fee to act on your behalf in dealing with creditors. They talk to creditors about your debt load and work towards reducing it and the interest rates you pay. Creditors waive the principal debt and/or interest you owe in favor of settling for an agreed upon final payment.

Having issues with credit card debt? Contact us here for a free debt consultation. We may be able to provide debt help.

It seems strange that debt settlement companies would be able to reduce your debt; after all, why would creditors agree to receive less than the full amount they are due? Because debt settlers typically deal with unsecured debt-that is, debt that is not attached to collateral such as a house or car-they bargain with creditors to reduce your debt so that you are able to make payments on time and work towards paying off your debt. When the alternative is you declaring bankruptcy and the creditors receiving nothing of the money they are owed, debt settlement begins to look like a very attractive option.

In many cases, debt settlement counselors are able to reduce the principal owed by clients, thus making their payments manageable and comparable to their salaries. For many people, debt settlement is a great option because it helps them avoid the severity of bankruptcy, which can spell financial hardship for years to come.

Which debt settlement company do you choose?
Once you have decided that you might be interested in a debt settlement program, it's important to do some research to help you determine which company is best suited to fit your needs. For example, does the company have a track record of debt reduction? After all, practice makes perfect. You do not want to be the experimental lamb for a new company that is unfamiliar with the ins and outs of debt settlement.

Second, do they offer you instant and guaranteed results? While a debt-free guarantee sounds like a great thing to look for, don't fool yourself. There is no guarantee that a debt settlement agency will be able to reduce your debt by the 60% they claim is possible.

Last, you should become well versed in debt settlement lingo and the associated fees attached to each. Words like "non-profit" debt settlement sound good, but are often deceptive in making you think there are no hidden fees connected to the agency.

Beware of quick fixes and easy solutions. A good debt settlement company will provide you with advice, an assessment before moving forward and explain your options to you in a thorough way. Shop around so that you don't end up with more stress and more debt.

Having issues with credit card debt? Contact us here for a free debt consultation. We may be able to provide debt help.


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