subject: Eliminate Unsecured Debt – A Legal And Proven Option To Get Out Of Unsecured Debt [print this page] The cost of debt is at a cripplingly high level and it seems nobody is immune. If you are one of these people, don't fret. You can eliminate unsecured debt using one killer technique. After reading this short article you'll be able to move one step closer to being debt free. Read on to see the best way to go about it...
The Good Thing about Unsecured Debt
I know you may be thinking, "What does he mean by 'good thing', my debt is killing me". Well the word good is probably not the best word but let me explain. If all your debt were secured (by collateral) your creditors could easily recover the amounts owed by claiming these items of security.
So if your house was used as security they could take that. If your car was used they could take that. What is good about unsecured debt is that it's not backed by anything except a legally binding agreement. In other words, when you get something like a credit card, all you say in legal terms is that 'I promise to pay'. This is why I say that unsecured debt may be better to have than secured debt. Moving on...
Eliminate Unsecured Debt - Why Debt Settlement Works Best
So we know that having unsecured debt is not such a bad thing when compared to secured debt, but how do we go about reducing eliminating it. Well, the single most effective method is through debt settlement.
This involves negotiating a write-off of a portion of your debt with your creditor. The simple fact is that in today's turbulent economy, many people simply can't afford to repay their loans. Creditors have therefore taken steps to protect themselves by negotiating more and more debt write-offs.
You may be wondering why they (creditors) would do this. Well, the answer is simple. Rather than have you declare bankruptcy in which case they get nothing, they opt for a portion of the loan being repaid. There is a slight cost to them but at least they don't lose out entirely. The process takes a while, usually 12 - 36 months but if handled by a professional debt settlement specialist, you can see a significant reduction in your unsecured debt.
I hope you see that eliminating unsecured debt is really possible despite the tough times we are in. And I trust that this article has made it easier for you to go about eliminating your debt.
Final Note: Having a debt specialist on your side can greatly reduce the stress, as they do all the negotiating and paperwork on your behalf. I highly recommend that you first start off with afree debt evaluation in order determine the best course of action based on your financial situation.
Eliminate Unsecured Debt A Legal And Proven Option To Get Out Of Unsecured Debt
