Debt Relief Counseling - Avoiding Bankruptcy And Bad Credit Through Debt Settlement

Nothing good is to be gained by declaring bankruptcy

. You may be of the opinion that bankruptcy will help you overcome all your debt problems. However, your problems will just begin. Remember that one thing that is more important than your income today is your credibility.

You may be earning $25,000 per month and this may be enough to take care of all your expenses - essential and luxurious. However, you cannot buy a million dollar house with $25,000 per month salary, can you? You will have to save money for many years if you even want to make the down payment.

This is where credit and credibility enters the picture. If you have good credibility, you can easily walk into lender's office and seek a million dollar loan. You can repay the loan over a period of 20 years. Sounds great?

Well, you can kiss all such dreams goodbye if you opt for bankruptcy. For the next 10 years, you will have no option but to live in a leased house and drive a leased automobile. You will have to beg credit card issuers to issue a credit card. You will be forced to make use of prepaid credit cards all the time.

All this may have been unavoidable in the earlier recession. However, what is the point of committing financial suicide when an alternative is available? Get in touch with a professional debt settlement company, get a credit counseling session done and contact each and every lender of yours to find out whether a settlement is feasible or not.

Remember that even a 50% settlement will be great news because you will get installment facility ranging over 2-3 years to repay the balance amount as well. This means that debt relief will be yours and you need not to suffer any long term damage as well.

The credit score will take a hit. However, it will not be as bad as it would have been in case of bankruptcy. Secondly, the credits loss will be under your control. When you repay half the balance you owed, you will receive benefit for the same.

All this combined with your negotiation skills when you go in for a new loan means that the disadvantage of a poor credit score due to debt settlement can be virtually negated. However, no such option exists as far as bankruptcy is concern. Rather than suffering from bad credit for 10 years without any exception, it makes sense to try settlement before taking any other decision.

If you are one of the millions of Americans who has over $10,000 in unsecured debt, it is time you found out about the debt settlement options available to you. Due to the current economy an overwhelming amount of people are in debt, creditors are having no choice but to agree to debt settlement deals. To get free debt help click the following link: Free Debt Help

Visit http://www.free-debt-relief-advice.com

by: Satyendra Mishra

POST COMMENT

Chapter 7 Bankruptcy Exemptions The Different Types Of Bankruptcy Bankruptcy Vs Debt Consolidation - Which Is Right For You? Simultaneous lawsuits: aspect of filing divorce and bankruptcy together New Bankruptcy Laws: Are These Good or Bad? The Role Of The Insolvency Practitioner In Bankruptcy The Process Of Bankruptcy Bankruptcy Vs Debt Consolidation 7 Factors to Determine if You Should File For Bankruptcy What Is Involved In Credit Counseling For Missouri Or Illinois Chapter 13 Bankruptcy? Understanding Chapter 7 Bankruptcy Discharge Bankruptcy And Bad Credit: The 411 6 Steps To Avoid Bankruptcy