subject: Debt Settlement.. Is It The Answer? [print this page] People in todays economy are all in the same boat. They all have debt, and they all need a way out. With the economic conditions that are present today, people are relying on credit to live their life. Although the government is attempting to help aid citizens, their debt grows tremendously and so does our debt. This is unacceptable and nobody is doing anything to stop this huge dilemma.
With such widespread debt issues, it can be very easy to become convinced that there is no way out of financial disaster. But, there is a solution. Although debt is rampant, if you look hard enough you will always find answers to the debt crisis. This will allow you to get your life back on track, eliminate your debt and get a fresh start without having to go through bankruptcy.
Most of the time, people try and get lower interest rate from the creditor as a first step. However, often times this is very minor savings and they will ultimately have no get the benefit they need. By lowering your rate and making minimum payments, your might still get higher.
As the situation gets worse and payments become harder to make , you begin looking for other alternatives. Debt consolidation is one alternative, but merely provides extra time. This is because consolidation means taking out a loan and paying off all of your debt.
Bankruptcy will eliminate your debt (chapter 7) or create a payment plan (chapter 13), but the consequences of having filed for bankruptcy can be immense. Many people will not get a chapter 7 with the recent changes in the law. This leaves the option of debt settlement. Debt settlement will reduce your debts by approximately 50% and get you out of debt within 12 - 36 months. This will allow you to get your life back on track, eliminate your debt and get a fresh start without having to go through bankruptcy.
by: Alan Nottingham
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