When it comes to eliminating debt, you have a number of debt relief options. Right now, debt settlement and debt consolidation are very popular. If yo...
When it comes to eliminating debt, you have a number of debt relief options. Right now, debt settlement and debt consolidation are very popular. If you are looking to reduce your credit card debt (not necessarily just find a convenient way to pay it off), you want to focus most of your attention on settlement. Why? Because today's economy makes it your best option.
Lets return back to your two debt relief options; settlement and consolidation. With consolidation, your overdue bills are paid off by a third-party and you now owe them money. Some companies will try and settle your debt for less first, but not always. Basically, you owe the same amount of money but you have more time to pay it off. This is okay but don't you want better? That is why you should closely examine debt settlement because it reduces the amount of money you owe; a percentage of your debt is forgiven.
In a way, settlement and consolidation are very similar. If you partner with a professional settlement company, they provide you with a number of debt relief options. In addition to lessening what you owe, they also setup a trust-like account for you. Each month you pay them money (some will cover your fees but most will go towards paying off your debt). You are debt-free when the total you have saved matches the reduced amount your creditors agreed to settle for. So you aren't required to payoff your debts right now with debt settlement (which is nice).
In short, you have a number of debt relief options but settlement is one of your best right now. This all goes back to the economy. Less American cardholders are paying their unsecured credit card bills and, because of this, your creditors are losing money. To ensure they can stay afloat financially in this tough economy, many are making the decision to settle for less.
If you are over $10,000 in unsecured debt you really should consider getting a debt settlement. Creditors of unsecured debt are fearful of collecting and they also have stimulus money to make debt settlements financially feasible for them. Once the economy turns around it will be too late to eliminate your debt.
Check out the link below to locate legitimate debt relief companies in your area:
Free Debt Advice(http://www.debtreliefemergency.com/)
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