subject: Debt Relief Options - Why Pay Your Credit Card Debt Balance If You Can Eliminate 50%? [print this page] Debt Relief Options - Why Pay Your Credit Card Debt Balance If You Can Eliminate 50%?
Filing for bankruptcy when you cannot afford to pay debt anymore is not the only debt relief options out there. Although yes, it seems to be the most convenient and quickest relief out there, it has its own drawbacks for you. So your creditors are pestering you with your balance and you excruciatingly either avoid or just endure because you know you can barely afford to pay them without sacrificing and starving yourself.
You are stressed that you kept paying your monthly balance to them for the longest time and yet you seem to find that it will take a very long time to relieve you from your debt.
You are critically on the brink of going for broke as you see it is the best debt relief option you have for now. You put yourself into dilemma because you know that your filing for one will place your credit ratings to its lowest imaginable spot and virtually closing the doors for financial assistance in the future.
Your Lenders on the other side would not want this as well. For your creditors, bankruptcy is a situation where they will be left empty handed because as soon as you file for one, they are very much aware that they can never get any form of payment from then on.
Bankruptcy is a legal process that actually has been proven to place both parties in unfavorable conditions. So comes the government and their proposal of widening your debt relief options. Instead of just simply going for broke, Debt Settlement has was made a personal relief option for individuals who can not afford to pay back their unsecured taxes.
This kind of debt relief service enables you to cut down your loan from its overwhelmingly original amount. Debt settlements are handled by professionals and experts who negotiate with your Lenders to give you a discount in return of paying them in full or whatever else is agreed upon. Your creditors will eventually agree in this form of settlement of payment or they will never be paid at all. You are eligible enough if you have credit card balance of more than ten thousand dollars and usually can eliminate your debt by 50 to 60 percent.
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.
