People are always in dilemma to find best solution to get rid of unsecured debt. People in debt lead a stressful life. They are in search of ways to get out of it and live peaceful life. If you are one of those struggling with unsecured debt then this article is for you.
Debt settlement is considered as most viable option for unsecured debt. If unsecured debt is more than $10k, debtors can opt for debt settlement policy. In this process negotiations are carried out between debtor and creditor. Debtor can choose for credit debt resolution companies to carry out negotiations if they have no idea in settlement process. The settlement process requires tactful negotiations in order to get maximum reduction in total unsecure debt. Hence, it is always viable to approach credit debt resolution companies. Earlier many fake settlement companies existed. They used to charge heavy leverages from their clients. Due to this reason many opted for filing bankruptcy. But, even filing bankruptcy has many cons attached to it. Filing bankruptcy is very time consuming process and expensive process. You need to run beyond court and attorneys'. It will almost take one year to settle down. Once case is settled your credit history will be damaged. You need to appoint an attorney for dealing bankruptcy.
Thanks to Government of America to launch FTC laws which cancelled upfront fees of credit debt resolution companies. Now consumer need not pay even a penny in advance to these settlement companies. Moreover, counterfeit settlement companies have vanished.
According to FTC laws consumer need not pay any fees if credit debt resolution companies fail to reduce debt by 35%. This is great news for many debtors willing to go with debt settlement policy. Reducing minimum of 35% of total debt is like a dream come true. If debtor is really blessed, debt can be reduced up to 70%. These credit debt resolution companies charge up to 15% of reduced debt amount.
Debtor can end this settlement cycle by repaying reduced debt amount in monthly installments or in a single pay. It is advisable to pay at single pay to avoid interest rates. Hence, with all of these advantages debt settlement is considered as most viable relief option.
If you are falling behind on paying your bills then debt settlement can be a legitimate option to avoid bankruptcy and eliminate debt. It would be wise however to speak with a debt relief specialist before making such a decision. Check out the following link for free help from a certified debt relief specialist:
