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      August 21, 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

 

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Debt Relief vs Bankruptcy

Every day, individuals and families are forced into bankruptcy simply because there is no other way out of their financial distress. It is important to realize that, before having to file for bankruptcy, every possible option should be explored to help avoid the single most damaging blemish that a credit report can possess.

Companies that offer debt management, also known as debt relief, provide special programs to help those eligible to repay their debts without having to file for bankruptcy. Many people assume that just because their payments are already late and their credit is already bad, bankruptcy cannot possibly hurt them. However, nothing could be further from the truth. Bankruptcy is severe and is only for those who have exhausted all other efforts. When you file for bankruptcy, your credit report will reflect the filing for up to 10 years. Whenever you apply for a credit card, a mortgage loan or even apply for a job, they will know that you filed for bankruptcy.

So, how will debt consolidation or debt settlement services prove to be more beneficial? Quite simply, either of these methods will show your attempt to repay a debt and will only be reflected on your credit report for up to 7 years. With a debt consolidation service, most creditors will begin reporting your account as current within months of enrolling in a program. A debt settlement notation will appear as "Settled account" and will show future lenders that you repaid your creditor(s) according to a mutually agreed upon amount.

Now that we have explored the long reaching effect of debt management and bankruptcy, take a moment to consider the immediate differences of each. When you enroll in a debt consolidation or debt settlement program, you are simply picking up the telephone and speaking with a credit counselor about your finances. If approved for a program, you will sign a contract and payments will be deducted from your bank account according to the agreement. If you file for bankruptcy, you will be required to disclose every asset that you own, your income and expenses. If you own more than you are permitted to keep according to your state's exemption laws, you may be forced to surrender it to the bankruptcy court who will liquidate the item(s) to repay creditors. In addition, you are required to appear for questioning by a court-appointed trustee hired to oversee your bankruptcy case. When you look at the immediate differences between debt consolidation or debt settlement and filing for bankruptcy, it's obvious that the latter should only be chosen as a last resort.

Debt consolidation is designed to lower your monthly payments and interest rates in an effort to make your budget more feasible. Debt settlement, on the other hand, is a fast and permanent solution to your debt providing you have the funds available to negotiate a fair amount. Most debt management companies will conduct a brief telephone interview, evaluate your situation and explain what options are available for your own individual situation. There is no one universal method that works for everyone, which is why debt management is a uniquely customized program that is as individual as the debtors themselves. Choosing the right debt relief program is all about recognizing the need for help and not being too proud to ask for it.

Survey: Most Americans unfamiliar with major advantages of nonprofit credit card debt relief

SUGAR LAND, Texas, Aug. 20, 2018 /PRNewswire/ -- More than half of Americans who have been in credit card debt (51%) have used some form of credit card debt relief, according to a recent online survey ...

Published:  Mon, 20 Aug 2018 03:00:00 GMT



Video: Debt settlement vs. debt consolidation

Any way you can save on your debt payments is worth it, right Not if it damages your credit so that you struggle to get loans or credit cards in the future! Watch our exclusive video above to see Mon...

Published:  Fri, 17 Aug 2018 09:46:00 GMT



New Service Offers Debt Relief to Reduce Financial Strain

Consumer debt in the United States continues to skyrocket for many families. The financial crisis in 2009 has left many Americans with the burden of high-interest debt. If you're one of the hundreds o...

Published:  Sat, 11 Aug 2018 09:54:00 GMT



Understanding Debt Relief Programs

Nobody seeks out illness, job loss, divorce or any other financial catastrophe, but sometimes things happen. Many people will accumulate overwhelming debt loads as a result of such hardship. If the bu...

Published:  Thu, 16 Aug 2018 04:02:00 GMT



Merkley, colleagues intro Medical Debt Relief Act

WASHINGTON - Senator Jeff Merkley, D-Ore., and Senators Richard Blumenthal (D-CT), Dianne Feinstein (D-CA), Elizabeth Warren (D-MA), Dick Durbin (D-IL), Bob Menendez (D-NJ) and Maggie Hassan (D-NH) in...

Published:  Thu, 16 Aug 2018 20:41:00 GMT



Resolvly Encourages Consumers to Study Debt Relief Options

Miami, Florida, Aug. 17, 2018 (GLOBE NEWSWIRE) -- ) Getting out of debt problem is easy if you have a clue about what you should do and what consumer rights are there to protect you. And that is what ...

Published:  Fri, 17 Aug 2018 08:48:00 GMT



Elizabeth Warren, Ed Markey seek debt relief for Puerto Rico amid hurricane recovery

With debt-related issues impacting Puerto Rico's efforts to recover from Hurricanes Irma and Maria, U.S. Sens. Elizabeth Warren and Ed Markey announced legislation Wednesday that seeks to offer relief ...

Published:  Mon, 13 Aug 2018 06:23:00 GMT



Arkansans fall victim to 'deceptive student loan debt relief scam'

LITTLE ROCK, Ark. (KTHV) - New developments in a story we've been looking in to for a while: Student loan debt. It affects tens of millions of Americans, and many end up seeking help to pay off their ...

Published:  Wed, 15 Aug 2018 16:15:00 GMT



Strategies To Pay Off Credit Card Debt Shared By Debt Consolidation USA

(PRLEAP.COM) Credit card debt is one of the biggest struggles for any consumer that is why Debt Consolidation USA shared an article to help people strategize on how to pay it off. The article titled " ...

Published:  Wed, 15 Aug 2018 00:55:00 GMT



Zimbabwe: U.S. Sanctions a Blow for Zim Debt Relief Plans

The decision by the United States to extend its sanctions against Zimbabwe will complicate the country's push to reduce its foreign debt of $13 billion, an expert has warned. US President Donald Trump ...

Published:  Mon, 13 Aug 2018 05:54:00 GMT



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