If you are losing sleep over the fact that your debt settlement will result in a drastic reduction of your credit score, then why don't you read ahead...
If you are losing sleep over the fact that your debt settlement will result in a drastic reduction of your credit score, then why don't you read ahead and understand some loan options that are available for even a person with a low credit score?
Do you have an asset? Is it free of all obligations? The asset may range from a farm house or even your own house that is completely free of all obligations and mortgages. If you are in urgent need of money at affordable rates, you can always offer the asset as a security. You should understand the difference between secured and unsecured debts.
Unsecured debt is always expensive because the borrower claims money on the basis of his or her reputation alone. On the other hand, secured debts always provide an extra layer security for the lender. In such a scenario, if you indicate that you are ready to offer more security than what the lender might possibly require, you can always get the loan at affordable rates.
If you do not have such an asset in your hand, then how much time will it take for you to create such an asset? If your debt problems come to an end with the help of debt settlement, you can always bring your finances back on track and start saving money every month.
You can get a loan from a family friend or relative and can easily purchase an asset even in the recessionary times. This will be a good safety valve that will help in the future when you need money for your son's college education or your daughter's degree.
An important point here is that there always are alternatives available for person who is managing his or her finances properly. Not all options maybe equally attractive. However, you can be rest assured that you will have access to options and remedies to overcome a sudden financial emergency.
If you make use of any option other than debt settlement, bankruptcy being the obvious, you will find yourself completely shut out from these options. You will have no choice but to wait it out and this may involve sacrifices and compromise on not just your part but on the part of your family members as well. Asking your son to pay the price of your financial mismanagement and bankruptcy decision does not make sense. That is the reason why choosing debt settlement makes a lot of sense.
If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called "Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below:
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