Debt Negotiation Vs Credit Counseling - Which Debt Relief Option is Best For You?

Debt Negotiation Vs Credit Counseling - Which Debt Relief Option is Best For You

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In debt negotiation Vs credit counseling, it can be difficult for you to figure out which one would be a better choice to go for. In order to make that out, you need to weigh every aspect associated with both these processes and then make a decision. It is true that both these relief options can help you in a significant way. However, it is always advisable to zero in on the one which can provide a perfect solution to your financial problem.

Coming to credit counseling, it is essentially a process in which you approach your creditors and confess about your incapability to repay the amount of dues that you have on your head. The credit counselors patiently listen to your problem and try to come up with an alternative plan of payment which is manageable for you. These counselors are experts in their field and their job is to help you in times of crisis. Therefore, they take every factor into account and settle on a monthly or quarterly amount which can be easily be paid by you. One thing that you have to remember in this context is that you are the one who has to make the first move and approach the credit counselor. The best thing about this debt relief option is that you stop getting all those harassing calls from your creditors pressurizing you to pay their loan instantly.

In debt negotiation, you get the liberty of eliminating 50% to 60% of your dues legally. There are endless numbers of settlement companies in the market. Once you get in touch with any one of them, they immediately initiate the process of settling your dues. The most important task involves the consent of the creditors since the percentage of the waiver depends on the final outcome of the deal taking place between them. The mode of payment is also determined as per your convenience.

Now, if you compare the two processes, it can be said that negotiation method is much more feasible than credit counseling. The most prominent reason for that is in the case of the latter, you have to ultimately return the whole amount and not a single penny is reduced. However, in negotiation programs, this is taken care of quite handsomely and it also takes less time for you to become debt free once again.

Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That's why it's so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies.

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