subject: Debt Settlement Delivers Debt Relief, Despite Doubting Financial Gurus [print this page] If you are struggling with debt, it is likely that you have consulted with some of the many New York Times Bestselling books on the subject. Famous financial advisors like Suze Orman and Dave Ramsey not only have books, but also TV shows, radio shows and informative websites. They put consumers on strict debt diets and have them cutting up their credit cards in order to start paying bills. And when it comes to debt settlement, these and other 'trusted' and popular financial advice resources such as MSN money, all agree-just say no!
Many Americans are a little leery of debt settlement because they have been hearing that debt settlement is bad from finanical advisors in the media. The debt coaches featured on Ophra's "Debt Diet" series have echoed this same negative opinion, and Americans have grown up hearing that "if it sounds to good to be true, it is".
And debt settlement sure does sound good. Debt settlement is a way to eliminate debt by negotiating with the lending institutions owed. The objective of debt settlement is to pay off the debt for at least 50% less than the actual amount owed. And all this is achieved, mind you, usually within a 12 to 36 month time span.
Debt settlement is a completely legal way to eliminate debt, whether you do it yourself or have a company handle the negotiations for you. So why are so many popular and sough-after financial advisors against it? The answer lies in the fact that not all debt settlement companies were created equal. The debt settlement industry is still quite new and growing rapidly to meet America's rising demand for debt relief. Unfortunately there are not enough regulations in the industry, and there are some debt settlement companies that are less than reputable. Popular financial authorities avoid endorsing debt settlement because they don't want to come under fire if their fans take their advice, but end up signing up with an illegitimate debt settlement company.
Carefully choosing a debt settlement company is the key to avoiding a scam. Some red flags include no address or phone number listed on the website, or asking for large deposits of money upfront. When evaluationg a debt settlement company consumers should consider a couple of things. Professional debt settlement companies will hold memberships to the Better Business Bureau, local and national Chambers of Commerce and debt industry organizations. Representatives of a legitimate company will be more than willing to answer your questions and explain their debt settlement program to you.
One of the other reasons why money management advisors warn against debt settlement is because it isn't the debt solution for everyone. Debt settlement is only for unsecured debts, and works best for debts in excess of $5000. Debt settlement is a viable solution for people who are struggling to make the monthly payments on their bills, or who are no longer able to do so.
Despite the negative representation of debt settlement by some popular financial advisors, it is actually one of the best debt resolutions available. Debt settlement is the fastest way to become debt free and move on with your life.
