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Debt Settlement

Debt Settlement is the process of negotiating down unsecured debts like credit cards, repossessions, medical bills or any other kind of unsecured debt for less than the amount claimed to be owed.

It is often the quickest and most effective way to regain financial freedom and become debt free. If you have money available to settle your debts, you can avoid bankruptcy and the stress and aggravation of debt collection.


There are a number of different debt relief options to consider when you are working towards debt relief.

It is imperative to consider all factors before deciding which debt relief option is best for you.

1. Bankruptcy, although the most drastic form of debt relief, allows the debtor a fresh start.

2. Loan modification is perhaps the least invasive and allows the debtor to renegotiate the terms of a loan with the intent of reducing his or her monthly payments.

3. Consumer Credit Counseling Services are established and funded by credit card companies. Often these companies make payments to your existing creditors in full. Typically, accounts are not settled and no savings are realized. Also, please be aware that there are many fraudulent debt settlement credit counseling services that only take money for their fee and do little else.

4. Debt consolidation pays off your existing creditors by getting a large loan. Unfortunately, consolidation usually requires assets (e.g., a home) and may take a much longer period of time to satisfy your debts.

5. Do nothing, which is just like it sounds. Unfortunately, even if you are doing nothing, ignoring your debts will never make them disappear, and will most likely cause you more grief in the short and long run. (e.g., creditors can sue you and garnish wages, etc.)


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