Debt settlement is the new age debt sure that many consumers are now becoming aware of. When people are struggling to make ends meet and simply cannot not keep up with high interest rates, they are tempted to try different avenues to help them get out of debt. The exciting new age solution they have been hearing about is known as debt settlement. (also known as debt negotiation and debt relief) Debt settlement companies claim to get consumers out of debt in under 36 months and for just a percentage of the original debt amount owed. (Usually about 50% of the original debt amount!
At first this unbelievable solution sounded like a scam to consumers. Is this too good to be true? Am I finally getting the break that I deserve? We all know that big companies get bailouts all the time, but is this actually possible for the consumer who fell perhaps into a little bit of bad luck and can’t seem make ends meet?
The answer as to whether or not a debt settlement program will really work, is yes. Yes, debt settlement is a , real viable solution to getting out of debt and it works! Debt settlement is a much better option than bankruptcy for consumers that are deep in debt and do not have any other resources to help them eliminate their debt.
The concept of negotiating your debt has been around for a while. So why have we not really heard about it until recently? The answer is because the Internet has now spawned thousands of so called debt settlement companies. Choosing the right debt company and trusting them to do the legwork for you is a very scary proposition.
Here’s what you need to know about the new age era of debt settlement.
When you fall behind on your payment, your creditors would rather agree to settle your debts than have you file bankruptcy and not get paid at all. In exchange for an agreed-upon one-time payment, usually, between 40% and 70% of what you owe, the creditor forgives the rest of your debt and starts reporting it to the credit bureaus as settled. Not surprisingly, creditors don’t like to advertise debt settlement. They also make it an extremely difficult solution to pursue. That is why you need a good debt settlement company that can negotiate on your behalf. One that is reputable and that has experience in working with creditors. Never before has debt settlement been a more popular way to help you to get out of debt. Take advantage while you can!
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MLA Style Citation:
Nottingham, Alan "Debt Settlement Becoming Popular In The Current Era." Debt Settlement Becoming Popular In The Current Era. 26 Jun. 2010. uberarticles.com. 8 Feb 2016 <http://uberarticles.com/finance/debt-settlement-becoming-popular-in-the-current-era/>.
APA Style Citation:
Nottingham, A (2010, June 26). Debt Settlement Becoming Popular In The Current Era. Retrieved February 8, 2016, from http://uberarticles.com/finance/debt-settlement-becoming-popular-in-the-current-era/
Chicago Style Citation:
Nottingham, Alan "Debt Settlement Becoming Popular In The Current Era" uberarticles.com. http://uberarticles.com/finance/debt-settlement-becoming-popular-in-the-current-era/
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