Debt Relief - How Consumers Are Eliminating 60% of Their Unsecured Debt Every Day

The recession and economic turbulence has changed the way lenders of unsecured debts recovered debts from their creditors. There was a time when borrowers had to fight tooth and nail for securing debt relief for even the penal interest and penal charges that had been imposed by the lenders. Today, lenders are falling head over heels to offer debt relief for even the principal amount owed by the borrower. Thousands of borrowers are making use of the changed circumstances to bring down their debts by as much as 60-70% on a daily basis.

Lenders have always adopted the moral high ground when borrowers approach them for debt relief. The "you are to blame for your problems" approach was commonly used to settle questions of interest waiver and penal charges waiver. Today, the tables have turned. The lenders were forced to approach the government for a share in the stimulus package for their survival. The government agreed but the funds have come at a cost. The lenders now had to play their bit in helping the economy get back on track. This meant offering debt relief to borrowers to help them get rid of excessive debt.

Lenders are going beyond merely suggesting debt consolidations and other remedies that simply transfer debts from one lender to another. As on date, the average borrower who opts for debt settlement owes about $30,000 spread over six creditors. Lenders offer debt relief of 60% of the original debt. In some cases, this figure can stretch up to even 75-80%. This depends on the negotiation skills of the borrowers or their representatives. This means that the average borrower is required to pay just $12000 to settle $30000 owed to different creditors. Add the $4500 fees for debt settlement companies and the borrower shall be free of debt at very generous terms.

Not only are consumers eliminating 60% of their debt in a single day but they are also getting a period of 24-48 months for repayment of the remaining amount. The only requirement for debt relief is that the borrower shall open a specific account and deposit the repayment money in that account on a monthly basis.

If you want to get out of debt and hire a debt settlement company for debt negotiation 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 is 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 settlement 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: