subject: Debt Relief Program - Would You Take a Lower Credit Score to Get Rid Of Credit Card Debt? [print this page] Debt Relief Program - Would You Take a Lower Credit Score to Get Rid Of Credit Card Debt?
It's advised to refer the debt relief network to work out on solutions of debt settlement. They study your total debt, your spending or payment capacity and chalk out a plan how long would it take to settle the debt. Now keeping the current economic condition, normally it would take you 20-30 years to repay the loan, so the debt relief agency negotiate with credit lenders on the debt amount, and settle it for something less. Depending on how efficiently the negotiation has been done, you will get a waiver on the debt. If you owe more than $10000, you can avail a waiver of up to 60 percent and thus be able to pay the debt in 2-3 years. This might lower your credit score, but is certainly a better choice than declaring bankrupt which would have closed all avenues of living for you.
