Secured Vs Unsecured Debt - Why Unsecured Debt is Now Easier to Eliminate
Secured Vs Unsecured Debt - Why Unsecured Debt is Now Easier to Eliminate
Everywhere you turn these days there is all this talk about debt and how it can be eliminated faster or easier, but how is this actually done and what types of debt can you hope to reduce? This is by no means a mystery, as you will see in the following lines.
The first thing to know is that there are two main types of debt we regularly deal with - secured and unsecured. This separation is made on whether or not a debt has some sort of collateral to back it up - such as property, houses, and cars, so on. This collateral is what the creditor can take from you if you fail to pay your debt and as such secured debt has collateral behind it, while unsecured has not.
As expected, unsecured debt is more risky for a creditor to hand out because he has no real way or knowing if he will have his money back. That's also the reason for the difference in interest between the two: unsecured debt usually has a lot more interest associated with it in order to justify the risk for the creditor.
With the global economy being in the subtle balance it is, it's only natural that creditors want to stay in business and to this effect they are willing to negotiate when it comes to unsecured debt. If you were to simply file for bankruptcy they would most likely see none of the money you borrowed back, so it's easy to see why they will accept having at least part of it back. Through negotiation, a creditor will give up on the idea of profit in favor of just being able to sustain their business.
With the proper negotiator behind you, you can hope to eliminate all of the extra cost associated with unsecured debt - interest, fees, and penalties. And this sum is not small either, is some cases the interest alone being as much as the original loan.
So you see, now is the moment to eliminate your unsecured debt as creditors are more eager than ever to give up their profit in order to continue being on the market.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. To locate legitimate debt settlement companies in your state check out the following link:
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