What Are Your Debt Settlement Options - Professional Arbitration Versus Self Negotiation

What Are Your Debt Settlement Options - Professional Arbitration Versus Self Negotiation

Debt settlement is a debt relief option that uses negotiation as a way to reduce debt and help consumers pay back what they owe. To use this option you have to be in unsecured debt of more than ten thousand dollars and also have to be prepared to pay half of your debt back, or even less. You should think about this fact before you opt for debt settlement because even with lower interest rates some consumers have problems in paying back a part of their debt and so they end up again in a bad financial state.

Debt settlement options, if used in the right way, can clear debt in 2-3 years and also help your credit score get back to normal and provide future financial stability. You can negotiate by yourself or you can hire a debt settlement company to take care of this process.

By negotiating alone you can try to save money by not paying the company fees but you also risk getting a smaller reduction. Credit card companies don't usually pay attention to the consumer if he is not represented legally and so they have the tendency to push small users around until they forget about settling their debt. Some credit card companies will even try to convince you that you should sell your belongings to afford paying back your debt while other will offer you the minimum payment plan; none of these options are advantageous for the consumer. Being unsecured debt you don't have to worry about loosing your assets. By paying the minimum amount each month you will lose thousand of dollars in interest and it will take you decades until all of your debt is paid off.

You can hire a settlement company to guarantee the best deal you can get. You can find such companies online and you compare their fees before you make your decision. These fees are not high and can be affordable for most consumers; also you may find free debt settlement companies. These are charity or government supported and offer the same services that reduce your debt but don't ask for a fee in return. This makes hiring a settlement company better than taking matters into your own hands.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

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