This article is written to help people better understand who debt settlement is for and how to best make the decision as to whether or not it is the best option for them.
It is all too easy to fall into financial hardship in today's economy in America. For people facing grave financial difficulty debt settlement makes a good option.
Debt settlement is not for those who simply want to "save a buck" on paying their debts. It is not mean for those who simply want to save money after a shopping spree. It is not a program designed for revenge against creditors. If hardship is not real debt collectors are likely to not settle the debts favorably and much more likely to pursue legal action.
Debt Settlement is an option best used to avoid having to go to federal court and file for bankruptcy. It is a way to move forward for people whose financial situation is such that even if they dedicate all they have to paying their bills they cannot move ahead or even continue to move backwards. It is for people who skip meals or are late on rent to pay a credit card bill minimum payment. It is for those who have accrued debts far beyond their means, often due to a substantial drop in income or unexpected medical emergency. Also it is for those who have huge bills such as those arising from an unexpected medical emergency they have no hope of being able to pay. This program is for those who want to pay their bills but simply cannot afford to do so.
Consider debt settlement only after you have fully assessed your finances. Do a full audit of your finances. Who do you owe and how much? How much are your payments vs. your income? Is it even possible for you to catch up on your bills? Do you have other assets or people that can help you? Are there lifestyle changes you can make to help you to get on top of your finances? Can you possibly improve your income to get caught up on your bills? In general a person must conclude that they cannot escape the debt on their own.
If you conclude that nothing you can do will work to get you out of debt then it is time to speak to a professional. The three main options that exist are consumer credit counseling, debt settlement, and bankruptcy. Weigh all your options carefully before you decide on doing anything. Good companies that provide these services will provide free quotes and free consultations.
Debt settlement can be a very useful tool for those with real hardship and nowhere else to turn to resolve their financial situation.
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