Is This a Fair Trade? - Reduce Your Unsecured Debt by 60% and Take a Lower Credit Score
Is This a Fair Trade? - Reduce Your Unsecured Debt by 60% and Take a Lower Credit Score
The question arises in the minds of the people that reducing debt through negotiation-is this a fair trade? The bad economy and recession has crippled the financial standing of the common man. The main aim of the people in debt is to get rid of their liabilities. There is a lot of stress involved with liability relief activity. You need to opt for a perfect solution which would be appropriate for your case.
Is this a fair trade to reduce your debt by 60% and take a lower credit score?
Many people definitely think that it is a fair trade to reduce your liabilities and take a lower credit score because the credit card companies have received federal grants. These federal grants have been introduced to boost up the economy at the time of recession. The credit card and the money granting companies are in better financial shape than before. Due to such a help from the government they have become flexible with their terms and conditions. Many people find this quite advantageous to reduce their unsecured debt and take a good credit score.
Two approaches to debt free life-Is this a fair trade?
The first option is to declare bankruptcy. When you want to declare bankruptcy your creditors will definitely negotiate with you. They would like to recover a part of the lent money. Many people feel that the creditors will suffer a loss in this trade game. But in the long run you have to take a lot of hassle. When you declare bankruptcy your assets will be put up for auction. The money that flows in is utilized to clear all your liabilities and unsecured debt. Your credit score will also be damaged for almost a decade. You can be eligible for a loan only after a gap of ten years.
Is it fair to go in for debt settlement?
In the second approach I would like to discuss about getting rid of your arrears through a settlement company. They will give a waiver on your loan amount by 60%.The balance amount can be paid in easy monthly installments for a period of 2-3 years. In this way you can get rid of your unsecured debt and keep your credits score relatively well.
Thus we see that many creditors have money from the government to make your liability elimination feasible. If asked is this a fair trade then you should agree to the fact that the time of recession has given more advantage to the debtors. Therefore you should take full advantage of the situation and eliminate your late bills efficiently and effectively.
Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the legitimate debt services. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.
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