Debt Settlements - How Debt Settlements Are a Much Better Deal Than Bankruptcy

Being unable to repay debts for months at a stretch can lead numerous phone calls and visits from creditors and collection agents. As time passes, you begin to feel embarrassed and ashamed of your financial problems, ignore options like debt settlements and consider filing for bankruptcy. There are many persons who opted for bankruptcy only to discover that they had underestimated the shame and stigma attached to it. Majority of individuals who opted for bankruptcy later feel that they should have chosen debt settlements instead.

Debt settlements are considered safer and less damaging option as compared to bankruptcy. Why is this so? The first and most obvious point in favor of debt settlement is that the credit score is not tarnished for years at a stretch. There are many who opted for debt settlements under the presumption that their credit score would take a massive hit and would take a long time to repair. They discover that repairing credit score after the settlement does not take a lot of time as they feared. The whole process can be completed very quickly.

Rapid improvement of the credit score takes place because the individual feels a lot more confident and enthusiastic about one's financial stability. Debt settlement often involves a waiver of the debt by as much as fifty to sixty percent of the original loan amount. If your ten thousand dollar loan comes down to just four thousand dollars in a month after you approached your creditors for settlement, would you not feel positive, enthusiastic and optimistic? The same person who was irresponsible in managing financial matters becomes responsible and disciplined. Many individuals who find themselves in the hole of financial instability are more than willing to bring their finances back on track provided they are given an opportunity to do so. By offering debt settlements, creditors are doing just that.

The benefits offered by bankruptcy pale when compared to the benefits offered by debt settlement. Bankruptcy offers nothing but shame, stigma and difficulties in getting one's of financial life back on track. On the other hand, opting for a settlement acts as a shortcut to the road of prosperity.

If you are currently experiencing short term cash flow problems and are in need of quick cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really know if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.

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