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Is Debt Settlement The Answer?

By Alan Nottingham

Businesses, movie and pop stars, hot shot executives and regular Joe’s all seem to be encountering the dreaded debt dilemma these days. Turbulent economic times are causing even the most money wise people to use credit more often than usual. And although the government is trying to aid its citizens during this time, in reality our government has the biggest debt dilemma of all!

With such widespread issues with debt, it is easy to become convinced that everyone is on a one way train to financial ruin. But, believe it or not, this is far from the case. Although debt may be rampant, there are answers to the debt dilemma.

In the face of substantial debt, the first option that most people attempt is renegotiating an interest rate or monthly payment. Creditors might give you a slight break, but for the most part creditors tend to hide little relief in the guise of a big deal. When it comes to attempting to lower your rate, you usually get much less relief than what you actually need.

As the situation gets worse and payments become harder to make , you begin looking for other alternatives. Debt consolidation is one alternative, but merely provides extra time. This is because consolidation means taking out a loan and paying off all of your debt.

Bankruptcy will eliminate your debt (chapter 7) or create a payment plan (chapter 13), but the consequences of having filed for bankruptcy can be immense. Many people will not get a chapter 7 with the recent changes in the law. This leaves the option of debt settlement. Debt settlement will reduce your debts by approximately 50% and get you out of debt within 12 – 36 months.

Locating the right solution takes time. Make sure you get debt help before your debt gets worse. Take the time and get a debt negotiation consultation.

Article kindly provided by UberArticles.com

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Article Citation
MLA Style Citation:
Nottingham, Alan "Is Debt Settlement The Answer?." Is Debt Settlement The Answer?. 3 Jul. 2010. uberarticles.com. 13 Feb 2016 <http://uberarticles.com/finance/is-debt-settlement-the-answer/>.

APA Style Citation:
Nottingham, A (2010, July 3). Is Debt Settlement The Answer?. Retrieved February 13, 2016, from http://uberarticles.com/finance/is-debt-settlement-the-answer/

Chicago Style Citation:
Nottingham, Alan "Is Debt Settlement The Answer?" uberarticles.com. http://uberarticles.com/finance/is-debt-settlement-the-answer/


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