subject: Debt Relief Help - How Job Loss Affects Your Options For Debt Repayment [print this page] Affected by job loss due to recession and looking for debt relief help? This has become a natural scenario and thousands of people who are suffering from financial troubles are looking for relief options to get out of their debts. This is because of the fact that joblessness has dramatically affected their debt repayment options. They have failed to repay their debts on time and they have become defaulters. Because of failure to get a genuine relief option to come out of their debts, thousands of people have filed for bankruptcy and thousands of others are opting for this option. Ironically, though the option eliminates the debt in full, it is not one of the most desired ones because of the financial troubles which follow after successful filing of bankruptcy. Thus, alternate debt relief help is what people are looking for.
There is a small twist that you need to keep in mind when you are looking for dent relief help, especially when you are out of job. This is because of the fact that the repayment option that you are going to face upon selection of any particular relief option will be affected by the situation of unemployment that you are facing.
The sad aspect of any debt relief option is that, you cannot do away with complete non-repayment of debts. This means that you need to pay either fully or partially. Thus, if you are opting for relief options like debt management or debt consolidation, you need to pay the entire amount of debt. The payment is to be done every month either in equated monthly installments or normal installments as in case of credit card repayments. This will require you to have a fixed monthly income so that you can bear the monthly installment that you need to pay. But, with unemployment in place, you cannot afford to do so. This means that you need to choose a different option where you can do away with partial payments.
The best option at disposal is the option of debt settlement where you can eliminate at least 50% and up to 70% of the debt that you have. The remaining amount of debt needs to be paid to the creditor in one single payment. This is a viable option and goes well with your debt repayment option when you are out of job!
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Debt Relief Help - How Job Loss Affects Your Options For Debt Repayment
