Credit Card Debt Relief - Can Debt Settlement Wipe Out My Debts?
Credit Card Debt Relief - Can Debt Settlement Wipe Out My Debts
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Many people who are in debt look to debt settlement or even bankruptcy for an answer to their problems. One of the biggest problems people worry about is if this affects their career prospects or even their chances of renting a property from a landlord.
As soon as you get behind with any payments your credit score will take hit. Worrying about how different options will affect it should not be your main concern. Your priority should be to find Credit Card Debt Relief to help you to pay off what you owe and get out of debt for good.
Debt settlement can affect your credit score. Consider this though. If you are behind with any bills and require help your credit score is the least of your worries and debt settlement may be a far better solution for you than chapter 7 bankruptcy or ending up in court.
If you go to a debt settlement company they will usually negotiate a settlement figure with your lenders far below what you owe. Once this is agreed then you start to pay off the remainder which can be up to half of the original debt to help with credit card debt relief .
Now while this is going on your credit score will initially take a hot but as you pay off the outstanding amount it will recover. The length of time this takes can be anywhere between 1 and three years. In this time there is possibility that if you apply for a job you may face some problems but this is only with companies that check your credit record and only during this period of time.
If you were to take bankruptcy as the solution this would remain on your credit record for ten years and the results which is far worse and if you let the debt go to collection without settling it then it would remain for up to seven years on your record.
The answer to this is that although credit card debt settlement or debt settlement of any type of unsecured debt may affect your credit score going any other route may hit it much harder and for far longer.
If you are in debt then debt settlement may be one solution to consider if your credit score is a concern and you are after credit card debt relief.
Whatever your debt though you should get debt relief advice and get help before doing anything, to help you out of debt as quickly as possible. Just click here to hget out of debt now.