March 23, 2018

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Related Articles

Benefits of Debt Settlement

Debt Consolidation vs Debt Settlement

Debt Relief vs Bankruptcy

Pitfalls of Declaring Bankruptcy

Reasons for Debt Consolidation

The Bankruptcy Process Explained

What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt


Top Consumer Reviews Articles provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Americans Look for Relief as Consumer Debt Levels Continue to Break Records

Consolidated Credit sees a 30% increase in calls as more Americans look for solutions to record-high debt levels FORT LAUDERDALE, Fla., March 22, 2018 /PRNewswire/ -- The beginning of each year is usually a busy time for consumer credit counselors as ...

Published:  Thu, 22 Mar 2018 05:09:00 GMT

5 Reasons Debt Relief Programs Cause More Pain Than Relief

You've seen the ads. "Hounded by creditors More than $10,000 in debt Call us to reduce your debt, lower your monthly payments and be debt free in 24 months." Gosh that sounds great, where do I sign up Obviously, per the article title, debt relief ...

Published:  Mon, 19 Mar 2018 13:12:00 GMT

Inexpensive And Enjoyable Hobbies Listed Down By National Debt Relief

There are a number of cheap yet enjoyable hobbies consumers can take up during their spare time and National Debt Relief shares a great list to choose from. The article titled "8 Fun Hobbies You Can Do on the Cheap" released March 21, 2018, helps ...

Published:  Thu, 22 Mar 2018 09:44:00 GMT

Lawsuit calls for Education Department to end partial student debt relief

March 19 (UPI) --A legal services clinic called on a federal judge to block the U.S. Education Department from using Social Security data to deny loan discharges to defrauded students. Harvard University's Project on Predatory Student Lending filed motion ...

Published:  Mon, 19 Mar 2018 21:09:00 GMT

Former Corinthian College students continue to be denied full debt relief

Amy Martyn is a writer and investigative reporter now based in San Diego by way of Tijuana, BC, Dallas, TX and Los Angeles, CA. She primarily writes about how consumers, taxpayers and businesses are affected by corporate and government policies. Read Full ...

Published:  Tue, 20 Mar 2018 11:42:00 GMT

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