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      May 25, 2019

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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.

What Is Debt Negotiation?

According to the United States Census Bureau, 69 percent of Americans are in debt by an average of $70,000.

The same report indicated that consumers with the greatest amount of growing debt were those in the age group of 35 to 45, with roughly $108,000 in debt. Those aged 45 to 55 were carrying $86,500 in debt and people aged 55 to 64 were saddled with $70,000 in debt.

So how do people get so far in debt in the first place?

All it takes is one job loss, one health crisis or one unexpected expense for the average American to become financially stressed. Once a personís credit is over-extended, it creates a vicious cycle of paying only the minimum balance and accruing penalties and fees until the original amount owed has tripled or worse.

If you are among the 69 percent of Americans who are carrying around more debt than you can reasonably pay off, then itís time to explore options for reducing the financial burden.

There are a plethora of companies which offer debt negotiation services. However, not all debt negotiators are created equal.

The concept behind debt negotiation is to convince creditors to reduce the total amount of money owed in lieu of a set fee. The set fee usually is required to be paid up front.

Sounds like a great idea, doesnít it?

Thereís only one problem Ė most for-profit debt negotiation companies are nothing more than crooks. They require hefty, upfront fees for their services, and then not only fail to contact your creditors on your behalf, but also will not put any of the money you gave them toward your owed debt.

So how do you know if youíre about to be taken by a company that has no real intention of helping you reduce your debt?

The Federal Trade Commission offers the following warning signs for identifying fraudulent debt negotiators:

  • They will promise they can reduce your debt to the point that youíre paying pennies on the dollar for what you actually owe
  • They will promise that some of your debt will be eliminated entirely
  • They lie and tell clients that unsecured creditors do not sue debtors for non-payment
  • They claim they can remove negative information from your credit report

Debt negotiators are not lying when they say they can negotiate with creditors on your behalf. However, what many fail to disclose to clients is that creditors are under no obligation to agree to a debt negotiation.

Debt negotiation can be a very effective tool for consumers looking to get out of an overwhelming debt situation. Finding a quality debt relief service is an important first step in the process.

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