Unveiling Debt Settlement: How To Avoid Debt Settlement Scams And Find A Reputable Debt Settlement C

With an unpredictable economy and a penchant for overindulgence

, Americans certainly aren't deficient in consumer debt. When it comes to education about this debt, however, Americans are alarmingly lacking. Perhaps it's because schools teach Pre-calc instead of Finance 101. Perhaps it's the advent of online shopping, the ability to buy things instantaneously, and the dependence we have on credit that has us going in the red on the rat race to keep up with the Jones.

There is no denying that debt is a major problem for a significant amount of people in the United States. The question is, however, what is hurting consumers more, the actual debt they owe, or their lack of knowledge as to how to repay the debt. In many cases, uneducated consumers, guided by misinformation and poor financial advisors, not only take longer to pay off the debt, but often their attempts even increase the amount of the debt. So, when dealing with debt, an informed consumer is one who will succeed in becoming debt free.

When debtors first realize that they can no longer pay their bills and that they must choose a debt resolution option, it is imperative to thoroughly explore all options. It is also important to read facts, and not to just rely on the opinions of family members or acquaintances. Everyone's debt is different, so what worked for your friend, might be a terrible debt resolution choice for you. Find out exactly how much debt you have, determine whether it is unsecured or secured and become familiar with all the other details of your debt. Knowing the specifics of your debt is key to choosing the best debt help option. Some popular debt help options include debt settlement, debt consolidation, filing for bankruptcy, and consumer credit card counseling.

Once you start exploring different debt help options, you will realize that there are conflicting opinions on every type of debt resolution. This is why it is critical to focus on the facts. Perhaps one of the most misunderstood forms of debt resolution is debt settlement. Debt settlement is a newer form of debt help that is growing in popularity. The advantages of debt settlement are rather alluring-completely paying off debt in 12 to 36 months, and paying 50% or even less than the actual amount owed. A lot of the misunderstandings about debt settlement are born out of the fact that consumers just don't know a lot about it, and are therefore skeptical of it.

There are several widespread misunderstandings about debt settlement, one of them being that debt settlement is illegal. This myth originated because of several debt settlement scams, run by illegitimate entities that pose as reputable companies and defraud consumers. Debt settlement is a viable solution to debt for many people, and the key is to avoid being swindled by an illegal set-up. Before trusting a company with important financial information, review their website and verify their legitimacy. Professional debt settlement companies will list phone numbers, and a physical address. Such companies will also hold debt industry association memberships to organizations such as the International Association of Professional Debt Arbitrators. No reputable company will ever ask for copious amounts of money as a deposit, or refuse to disclose the details of the debt settlement program. Savvy consumers who do the necessary research can have a lot of success with debt settlement.

by: Landen Davidson.

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