The Quickest Method Of Debt Elimination
Are you wondering what's the fastest way to get out of debt
. Well, your not alone. If you cannot pay-off your debt entirely on your own,or make payments well above the minimum required, then debt negotiation (also referred to as debt elimination) is the fastest method of getting out of debt.
Debt Elimination: "Let the Negotiations Begin"
What is debt elimination? It's the process of negotiating with your creditors in order to substantially reduce the balance of your debt. Reducing your debt...not reducing your interest rate, is the secret to becoming debt free!
Debt negotiation is the best solution for the vast majority of people that have an excessive amount of unsecured debt.
Debt elimination is the best option for debtors that dug themselves into a hole that they can't get out of, from accumulating too much debt. It's the rope that may pull them out.This method is also best for those that need to drastically lower their payment.
Debt Elimination Is a Bankruptcy Alternative, Without The Severe Consequences.
Pros:
* Fastest method of eliminating your debt- get's rid of you unsecured debt in 12-48 months.
* Lowest monthly payment program. Lowers your payment by $100-$600 per month.The more debt you carry.the greater your payments are reduced .
* Stops, or reduces creditor harassment.
* Consolidates your bills into just one, low flexible payment.
* May reduce the balance of your unsecured debt as much as 75%.
* Relieves stress.
Cons:
* Temporarily, negatively affects your credit.
* You may receive a summons to appear in court from one or more of your debt collectors.
* Due to the recent surge in demand, there are many unethical and/or inexperienced debt negotiating companies. A state license to perform debt negotiation is not required in many states.
"Credit Scores Are Not Etched In Stone, They Are Constantly Changing"
Although debt elimination affects your credit, it's only temporary. Credit scores are constantly changing. It's possible to raise your credit score 50 points or more in one month!
Besides, a credible debt negotiating company should offer your a free, comprehensive, credit repair program that should raise your credit score. See how credit repair may put $1,000's in your pocket.
Debt Collectors File Lawsuits As a Scare Tactic.
They know that most people don't know the law. Therefore, many debtors will get scared and pay the debt collectors in full.
Debt collectors don't want to plead their case in court. It's too expensive and risky. Think about it. They would have to hire an attorney to represent them. Also, there's court costs, administrative fees,and a substantial amount of labor involved. As you can imagine, this adds up to thousand of dollars. Consequently, it makes no sense to spend $5,000 to sue someone for an unpaid debt of $4,000!
Even if the debt collector wins the case there's no guarantee that the debtor has the ability, or the desire to pay. In addition, there's no guarantee that they will win the lawsuit if the debtor can prove that the debt collector violated federal or state law. If so, the judge may throw the case out of court.
So, as a result, many debt collectors would much rather negotiate a settlement or a payment plan before going to court- especially if they know that you have an attorney on your side to consult with.
The last potential negative aspect of debt negotiation is the possibility of hiring an unethical, or inexperienced company.
In order to drastically reduce the possibility of choosing the wrong firm is to do some homework and verify the following:
* the company is licensed by a state government agency to practice debt or credit related activities.
* there are few or no complaints filed against the company with state government agencies, the Better Business Bureau, the Federal Trade Commission, and your state's General Attorneys Office. It's also wise to do a Google search and take a look at the " rip-off report".
If getting out of debt fast, and lowering your monthly payment is most important to you, then debt negotiation may be the wisest solution.
by: Joseph Hernandez
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