Debt consolidation and debt settlement are two different things and consumers who are trying to get out of debt should understand the difference betwe...
Debt consolidation and debt settlement are two different things and consumers who are trying to get out of debt should understand the difference between the two. Debt consolidation is where you take several lines of credit and combine them into one payment. There are usually finance charges that come along with debt consolidation and you will still be responsible for repaying the entire balance. A debt settlement is where you are able to eliminate a portion of your unsecured debt and only pay back a portion of the owed amount. Debt settlements have become very popular among consumers who are at least $10,000 in debt and they are currently being negotiated for very generous percentages.
If you are under $10,000 in debt you might want to consider debt consolidation as a way to better manage your finances. It is estimated that the average American has 8 credit cards in their wallet at any given time. When you have several lines of credit that are maxed out it would be prudent to get a debt consolidation so you it will be easier to keep track of your finances.
If you are over $10,000 in debt it would be a wise financial decision to look into a debt settlement. Settlements are currently being negotiated for very generous percentages on average around 50%. So on average, a debt settlement company will be able to eliminate half of your unsecured debt. The only negative aspect about this is that your credit score will take a slight hit but nowhere near as bad as bankruptcy. Most Americans are more than willing to take a lower credit score in exchange for being able to eliminate half of their debt. Now, every case is different and consumers should know how to find a legitimate debt settlement company online in order to get the most favorable deal.
If you want to get out of debt and hire a debt settlement company for debt negotiation on your behalf then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who that affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today.
To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:
Free Debt Advice(http://www.CreditCardDebtNegotiations.com)
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