If you are struggling to get out of debt and cannot seem to find a way out from underneath it all, you are not alone. Millions of Americans are dealing with the same exact problem.
It would be nice to think that you could simply explain away your situation and that you would no longer have to deal with it. After all, your financial struggles are most likely the cause of a few things that were completely out of your control.
It Wasn’t Your Fault
You might have been laid off from work. You might have experienced a major illness. There might have been a death in the family. These are all things that you would not have asked for or wished on anybody.
However, your financial problem is present, and it is something you have to figure out. As far as complete debt forgiveness goes, that is not going to happen unless you file bankruptcy. No company is going to wipe out all of your debt for you.
Is Bankruptcy A Good Option?
While filing bankruptcy may sound like a great option, we assure you it is not. Bankruptcy may solve your financial problems for a moment, but it will surely cause you additional struggles. You will not be able to rebuild your credit for ten years, which means you will not have access to emergency credit should you need it. In addition, you could miss some employment opportunities thanks to the bankruptcy.
The closest you can get is a partial forgiveness of your debt. What you are looking for is that of a debt settlement. This is where you reach an agreement on a lump sum to clear your debt. This lump sum will be an amount that is lesser than what you owe at this moment.
When you agree to the settlement deal, you will not be able to make payment arrangements for that. Your creditors will make this deal because you have not been able to pay them in many months. They would much rather get a large chunk of the money they are owed than to receive nothing at all.
You benefit from this because your debt will show as paid on your credit report. However, it will show paid with a lesser amount than owed. This does affect your credit slightly, but it is much better than not paying at all or filing bankruptcy.
The damage to your credit report will be short lived. You have the ability with the debt settlement to rebuild your credit. With proper planning and restrictions, you will be able to rebuild your credit in no time at all.
Settling Debt Yourself
You have probably heard that you are capable of settling your debt on your own. While this is true, it is not something that is wise to do.
It takes a lot of negotiating with all of your creditors. This takes time, patience and persistence. In many situations, this takes numerous months. When you are denied repeatedly, you must keep trying.
By allowing a professional to help you, you will be able to reach a settlement agreement a lot easier. You will not have to stress over this because someone else is taking care of the dirty work for you.
All you have to do is to make sure that you are ready to pay off your debts. Settling your debt has never been easier.
What Debt Can I Settle?
Luckily for you, there are many different types of debts that can be settled. Lines of credit, medical bills, credit cards, and personal loans are just some of the debts that qualify for settlements.
You need to know that there are some debts that do not qualify for settlements. These debts must be paid in full even if it is through a payment plan. IRS debts, taxes, government loans, student loans, mortgages, auto loans, and utilities are debts that do not qualify for settlements.
Finding The Right Help
Many companies out there claim to be able to help you settle your debts. However, not all of them are a perfect fit for what you need. Allow us to help match you to the perfect company for your needs.
Call us today for your free debt analysis. Learn more about debt settlement and change your life for the better today.