How to Select a Reliable Debt Settlement Company
How to Select a Reliable Debt Settlement Company
A recent study showed that more than 43% of Americans are in debt.
The average household has at least $8000 in credit card debt. Since 2000, the number of people declaring personal bankruptcy has doubled. With the economy slowly recovering, this number isn't expected to decrease anytime soon.
Aurora Lillo Editor of the "Reputable Debt Settlement" website -- http://www.ReputableDebtSettlement.com -- pointed out;
"...Fortunately being in debt doesn't have to be a frightening situation. There are ways to help crawl out of the hole without filing for bankruptcy. Debt settlement is one way to recover personally while allowing you to stick to a livable budget..."
Debt settlement is a way to pay your creditors a percentage of what you actually owe with in a specified amount of time. Trying to go through the process of settling debts without outside help can be time consuming, and doesn't always work in your favor. There are agencies that specialize in this type of financial resolution. With experienced help the process can be simple and painless, and more importantly, keep you out of bankruptcy.
Finding a reputable company isn't difficult. You will have to do a little legwork on your own for this. There are several things a reliable company will exhibit.
While the services of these companies aren't free, they shouldn't set you back more than the original amount owed. Some companies will charge you a percentage of your overall savings, some will charge a flat monthly fee for the time you use them, and others will charge a percentage of the overall indebtedness. Before you start looking around you should sit down and figure out exactly how much you owe, and do the math before you make any phone calls.
In most cases you can settle for 40-75% of the original balance. 40-50% is the average. It's best to stay away from companies who promise to settle the debt for more than this. Chances are they will take a very long time, and your credit will be worse for it. Expect to have to pay about half of the original debt when choosing a company.
You should also watch out for settlement companies who haven't been around a long time. This is a multi-million dollar a year industry, and it's not uncommon for these 'fly by night' companies to pop up, take your money, and disappear. To be assured you are working with a reputable agency, check with the BBB and user reviews before making a decision.
"...It's also best to be able to speak with someone at the company. If you just fill out online forms and never hear from anyone, you won't be able to find the status of the settlement agreement when you need it..." added A. Lillo.
Further Information By Visiting; http://www.ReputableDebtSettlement.com
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