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      March 26, 2019

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Top 5 Benefits of Debt Settlement

If you have the finances to accomplish debt settlement, you can get out of debt quickly and permanently. As the name implies, debt settlement refers to an amicable agreement reached between yourself and a creditor for either one lump sum, or a structured payment plan, in order to achieve a discounted payoff on an account. Below are five reasons to consider this option for getting back on the road to financial freedom.

Say goodbye to your bills. With debt settlement, your bills are gone for good. In most instances, a settlement will result in the creditor closing your account. While this may seem difficult, especially if you have become reliant on your credit card(s), it will prevent you from using them again in the future and rebuilding a mountain of debt. Debt settlement you to wipe the debt away permanently.

Your phone will stop ringing. If you have ever been late with one or more bills, then you already know that creditors begin calling at 8 a.m. and are not legally required to stop calling until after 9 p.m. at night. Depending on how many bills you are behind with, your telephone may be ringing at all hours. This is not only unnerving to you and your family, but it gets even worse when the collections department makes you feel terrible about your situation. With debt settlement, the phone will stop ringing because you will no longer owe anything on a settled account.

Avoid legal action & bankruptcy. Depending on the amount of debt that you owe to a particular creditor and the severity of the delinquency, they may pursue a civil judgement against you in order to recover payment. Once a judgement is entered, the creditor can petition the court for permission to garnish your wages, attach to your bank account or other legal methods used to collect a debt. A debt settlement will prevent this from happening and will ease your mind about ever getting served with lawsuit papers. In addition, settling your debts will enable you to prevent the filing of bankruptcy, which is a stressful process and the worst blemish that you could have on your credit report. While a bankruptcy will remain on your credit file for up to 10 years, a debt settlement will expire after 7 years.

Improve your credit score. How can debt settlement improve your credit score? At first, it may not help that much. But compared to the alternative of continued late or missed payments, mounting debt related to late fees and penalty interest, a settlement will be much better for both you and your credit report. At the very least, debt settlement will show that you have attempted to repay your debt(s) and, at best, your credit score will improve as you slowly begin to rebuild your credit.

Eliminate your debt at a fraction of the balance. With debt settlement, you agree to pay the creditor one lump sum, or structured payments, to eliminate the debt altogether. In exchange, the creditor agrees to accept a fraction of the balance as full payment. Quite often, you can settle a debt for as little as 20% on the dollar, which means a $10,000.00 debt could potentially be settled for $2,000.00. If you were to continue making payments on that same account, combined with interest rates, you would likely end up spending $20,000-30,000 before finally reaching a zero balance. With debt settlement, you are not only saving the obvious difference between the balance and the settlement amount, but you may also be saving a considerable amount of money in interest.

Dave Says: Debt consolidation just moves money around

I've heard you tell people to avoid debt consolidation companies. Why do you think debt consolidation is such a bad thing The main reason is that debt consolidation makes you feel like you did ...

Published:  Mon, 25 Mar 2019 00:10:00 GMT



UseDavid Automates Debt Relief Process for Millions of Americans

SCOTTSDALE, Ariz., March 20, 2019 /PRNewswire/ -- For those carrying credit card debt, David (UseDavid.com) is making it easier than ever to take control of the situation by automating much of its ...

Published:  Wed, 20 Mar 2019 07:14:00 GMT



South Africa: Naledi Pandor to Provide Almost R1 Billion in Debt Relief for Government-Funded Students

More than 50 000 government-funded university students are set to enjoy great debt relief and focus more on their studies after the department of higher education and training committed close to ...

Published:  Mon, 25 Mar 2019 00:55:00 GMT



Debt relief law adouble-edged sword

Over-indebted low-income earners could have their debts expunged once the National Credit Amendment Bill is signed into law. The consumer-centric legislation is likely to be signed in time for the ...

Published:  Mon, 25 Mar 2019 00:08:00 GMT



Annapolis Church Wipes Out $2M In Medical Debt For Strangers

By coordinating beforehand, Revolution Annapolis was able to focus their debt relief on their local community first, beginning by purchasing all of the available debt in Anne Arundel County.

Published:  Mon, 25 Mar 2019 11:59:00 GMT



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