All the information you need to make an educated decision
Debt Settlement
Debt settlement is a unique approach to debt consolidation. Debt settlement companies will work with you to plan a monthly payment schedule that will fit within your budget, and will develop a timeline of when they expect to eliminate your debt. Since the programs vary based on individual situations, the final outcome differs from person to person. Your 'hardship', or the reason you need to consolidate, will determine your settlement.
Most reputable settlement companies will base your payment on a 50% settlement plus any fees they may charge. If you make your payments consistently, it is reasonable to assume you will be debt free at the end of your individual program. Most debt settlement programs are 24 to 36 months in length, dependent upon the budget you and your advisor have decided upon.
If you choose debt settlement, all of your accounts will fall behind and eventually may charge off. Once your accounts are settled, creditors will report the debt as settled with a $0 balance, and you are no longer liable for any forgiven amounts. The agency you work with does not manage your money for you, so they do not have to report to the credit bureaus. No one will know that you are using debt settlement services except for the agency and the creditors it handles.
While debt settlement initially will have a negative impact on your credit, it also will save you the most money over time compared to other methods of consolidation. It is the quickest route to becoming debt free.
Credit Card Laws: No Debt Reduction Help
Recent legislation designed to provide clear communications between credit card companies and their customers does not assist consumers with paying off debt faster. If you're slogging through a swamp of credit card debt, here are some debt reduction solutions.
Debt Consolidation and Debt Settlement Programs: How They WorkExcessive credit card debt can ruin your finances, your relationships, and your wellbeing. Choosing a debt management option depends on how much you owe and what you can afford to repay.
Debt Consolidation and Debt Management: Three OptionsWhether you do it yourself or get debt help, debt consolidation and debt management methods can help you eliminate debt faster. Debt help is available through certified credit counseling services.
Financial Aid and Resources for Graduate StudentsA number of financial resources are available to help graduate students fund their educations. Read on for a discussion of some helpful options.
Debt Help, Debt Consolidation Help Avoid BankruptcyAlthough the Federal Reserve reports that consumers reduced their use of credit cards by about 3.75% in May, many card holders continue to receive notices of increasing fees and interest rates. Get debt help today to eliminate debt problems later.
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