Credit Debt Relief Tips ? How The Recent Financial Crisis Can Help You Settle Bad Debt
The slump in the American economy has affected many people on the financial front. People were rendered jobless and were finding it difficult to repay the debt amounts in full. Thus the Federal Trade Commission (FTC) intervened to improve the situation. It laid various laws and regulations to promote other debt relief options apart from bankruptcy like ? debt consolidation, debt settlement, credit counseling, etc. The recent financial crises has helped a lot of people and can help many more in settling their bad debts by taking shelter of these debt relief options.
People, who are indebted by an amount higher than ten thousand dollars, can opt for debt settlement. Under this option, the debtor himself or by utilising the services of a debt settlement company can negotiate and convince the creditor to reduce the debt amount by some percentage and consider that amount as the full and final payment from him/her. It is a legitimate alternative to filing for bankruptcy. Earlier, the debt settlement companies were charging huge upfront fee which was further worsening the economic situation as fake companies vanished after making money. The government has now banned these companies from collecting an upfront fee. This means that the debtor will pay the fee to these companies only once the debt is reduced by the percentage as agreed. This move of the government has improved the debt settlement industry and helped debtors settle their debts more conveniently. Tax breaks have also been allowed to the creditors who agree to for debt settlement. Thus this mode is preferred by both the parties.
Credit counseling is a process wherein the professional agencies provide advice related to debt repayment, conservative budgeting, etc. after accessing the current financial situation. This helps the debtor repay the whole amount of debt and does not affect the credit score of the debtor negatively. Debt consolidation is a process of consolidating or bundling various debts under one single roof which is at better terms than the previous one. These options have made debt relief a convenient and approachable option for many people who thought that bankruptcy is the only solution to end their financial mess.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options. For a free consultation from a debt relief specialist in your area check out the following link:
www.LegitimateDebtSettlement.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.
http://www.LegitimateDebtSettlement.com
contact us for free debt advice = 8884442820
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