subject: Thinking About Debt Settlement? - Things You Should Know About Debt Settlements [print this page] Thinking About Debt Settlement? - Things You Should Know About Debt Settlements
Debt relief is a business. That's the first thing you should know if you're thinking about debt settlement. Debt relief can be the business of lawyers if you're thinking about bankruptcy, but there are things you should know about bankruptcy before you take that plunge. There are things you should know about debt settlement companies, too. There's bad business and good business and finding a settlement company can be risky. Here are some things to think about if you're looking for debt relief through avenues other than paying off those high interest credit cards:
Bankruptcy is a legal way to settle your debt. Bankruptcy is not, however, necessarily a good way. It can leave you wanting in the future. Wanting good credit again, for one thing, and wanting to erase that black mark on your credit history. Bankruptcy is one method and a way of thinking about debt settlement, but think long and hard about it.
Debt settlement companies. A settlement company is a debt relief solution if you're thinking about settlement and still want to maintain a bright future outlook toward your finances. Financial settlement is a negotiation to reduce your debt significantly so you can pay it off and settle up and go on with life without having to declare bankruptcy. A legitimate settlement company will listen to your situation and work with you to figure out potential solutions. Then they'll get down to business. They'll contact your creditors, barter for a payoff amount less than the total amount you owe, and work with you to work out the details of the settlement.
Credit card companies are thinking about financial settlement, too. If you declare bankruptcy, they lose everything. They would rather you take a legitimate way to settle your debt, will accept less versus nothing, and are well acquainted with settlement companies. They are in the negotiation business now, too, at least until the economy recovers.
If you're thinking about debt relief, think about financial settlement. It may be the solution for you.
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
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