subject: Credit Card Debt Relief - Am I Eligible For a Credit Card Debt Settlement? [print this page] Credit Card Debt Relief - Am I Eligible For a Credit Card Debt Settlement?
There were people who went to the debt settlement company, hired it and then realized that they weren't eligible for debt settlement. This is a classic case of people not being informed about their options. Not only that, but they also choose an unprofessional company that didn't analyzed their situation before deciding to work for them. Every time you make a decision, make sure that you have gathered enough information about it, from different sources. Only then you can make a decision. If you go to only once source, that isn't enough, because you don't want one opinion. You need to decide whether that is an effective solution or not.
How can you learn if you are eligible for different solutions in your state? You either find financial forums or consult the law in your state yourself. There are many websites where you can find such information, just do a search with a search engine and you will find whatever you are interested in. Making sure that everything is in order before deciding anything shows responsibility when it comes to your financial future.
Am I eligible for debt settlement? If you have credit cards with more than ten thousand dollars of debt on them, you are definitely eligible for that option. Credit debt is unsecured by nature and debt settlement only works with unsecured debt. Other types of unsecured debt are business loans, student loans, and personal loans. So if your debt exceeds ten thousand dollars and your loan is one of those, you can choose debt settlement. Besides that, there are no other conditions that you have to meet in order to make sure that you are eligible for debt settlement.
Whatever method you choose, get information about it before you decide on it. You don't want to realize afterwards that the method was not the right one for you. Another thing would be to use a debt counseling service just to make sure that you have decided to do the right thing. Debt counseling services can be pricey, but it's a small price to pay compared to choosing a bad debt relief method.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.
