Are You an ideal candidate for Debt Shield and Debt Settlement?
Yes if you fall into at least one of these 3 categories:
Yes if you fall into at least one of these 3 categories:
- You cannot afford to pay minimum monthly payments to creditors
- You are committed to avoiding bankruptcy
- You may not be able to continue paying all of his creditors in the near future.
The Difference Between Debt Settlement and Debt Consolidation.
Debt settlement and debt consolidation are both viable options for handling your debt but
which one is most appropriate for you? The first step is realizing that you need help with
your debt. Ask yourself, how did I get into this situation in the first place? Sometimes it can’t
be helped. The loss of a job or unexpected medical problems can be the last straw for
some people. Hardships of this nature can send your once manageable debts spinning
out of control. If the circumstances above apply to you, then debt settlement may be your
best option.
Debt settlement and debt consolidation are both viable options for handling your debt but
which one is most appropriate for you? The first step is realizing that you need help with
your debt. Ask yourself, how did I get into this situation in the first place? Sometimes it can’t
be helped. The loss of a job or unexpected medical problems can be the last straw for
some people. Hardships of this nature can send your once manageable debts spinning
out of control. If the circumstances above apply to you, then debt settlement may be your
best option.
What is Debt Settlement?
While debt consolidation is simply the
restructuring of your original debt,
debt settlement is the process of
negotiating with creditors to settle for
less than owed. Successful
negotiations with creditors require a
legitimate financial hardship (loss of
job, medical problems, divorce etc).
Instead of paying back the full debt
amount, you’ll probably end up paying
only 35-50 percent of what you
currently owe. In some cases debt
can be entirely eliminated.
While debt consolidation is simply the
restructuring of your original debt,
debt settlement is the process of
negotiating with creditors to settle for
less than owed. Successful
negotiations with creditors require a
legitimate financial hardship (loss of
job, medical problems, divorce etc).
Instead of paying back the full debt
amount, you’ll probably end up paying
only 35-50 percent of what you
currently owe. In some cases debt
can be entirely eliminated.
Debt settlement takes time. Settlement can take at least 6 months or more to reach an
agreeable settlement. Most quality debt settlement programs will take 24-36 months to
settle all the debts you’ve enrolled. Once enrolled in a debt settlement program, you will
set aside a monthly payment that works best for you. Since creditors make their money
from incoming payments and interest, they will only consider settlements on accounts
that will or have already fallen behind.
During this time, your debt settlement company is negotiating with your creditors to
reduce the actual amount that you owe. When enough money has
accumulated in your settlement fund to settle an account, the account can be settled for
about 35-50% of your original debt. This process will be repeated until all accounts are
settled.
Debt consolidation, on the other hand, is the practice of combining multiple monthly debt
payments into a single monthly payment. Sometimes a single payment can be filtered
through a third party who then distributes payments to multiple creditors. This often is
done with a consumer credit counseling (CCC) agency. These programs can take as
long as 5-7 years to complete. The CCC company may be able to lower your credit card’
s interest rates to a pre-determined rate agreed upon with the creditors. However, if you
complete the CCC program, you would still have actually paid more than what you
originally owed.
Debt settlement and debt consolidation programs like any other debt resolution
program, can have a negative effect on your credit rating temporarily. In most cases, your
credit rating would have already been affected by your inability to pay the debt. Your focus
should be on getting out of debt quickly rather than worrying about the temporary affects
to your credit score. Now that you know the difference between debt settlement and debt
consolidation, what
decision will you make: consolidation or settling the debt?
agreeable settlement. Most quality debt settlement programs will take 24-36 months to
settle all the debts you’ve enrolled. Once enrolled in a debt settlement program, you will
set aside a monthly payment that works best for you. Since creditors make their money
from incoming payments and interest, they will only consider settlements on accounts
that will or have already fallen behind.
During this time, your debt settlement company is negotiating with your creditors to
reduce the actual amount that you owe. When enough money has
accumulated in your settlement fund to settle an account, the account can be settled for
about 35-50% of your original debt. This process will be repeated until all accounts are
settled.
Debt consolidation, on the other hand, is the practice of combining multiple monthly debt
payments into a single monthly payment. Sometimes a single payment can be filtered
through a third party who then distributes payments to multiple creditors. This often is
done with a consumer credit counseling (CCC) agency. These programs can take as
long as 5-7 years to complete. The CCC company may be able to lower your credit card’
s interest rates to a pre-determined rate agreed upon with the creditors. However, if you
complete the CCC program, you would still have actually paid more than what you
originally owed.
Debt settlement and debt consolidation programs like any other debt resolution
program, can have a negative effect on your credit rating temporarily. In most cases, your
credit rating would have already been affected by your inability to pay the debt. Your focus
should be on getting out of debt quickly rather than worrying about the temporary affects
to your credit score. Now that you know the difference between debt settlement and debt
consolidation, what
decision will you make: consolidation or settling the debt?
| Debt Settlement Credit Card Debt Debt Reduction Debt Consolidation |
Settle Debt and Enjoy Life Again!
Learn The Amazing
journey of how a truck
driver got rid of $63,000
Of Debt In Only 4 Months
Without Filing Bankruptcy
Or Using Any Type Of
Debt Consolidation
Service!
journey of how a truck
driver got rid of $63,000
Of Debt In Only 4 Months
Without Filing Bankruptcy
Or Using Any Type Of
Debt Consolidation
Service!
| PROGRAMS THAT WORK FAST |
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| Are you Tired of the Constant Attacks by Bill Collectors? Have you considered debt re-structuring services? Today there are debt settlement agencies to help. Regardless of the amount you owe there is a debt settlement solution. The sooner you settle debt and get back on your feet the sooner the path opens to home ownership. When you stop and think about it any debt consolidation or settlement is better than nothing. |
- Credit Card Debt reduced up to 80%
- Medical/Hospital Bills cut by as much as 90%
- Department Store Credit Cards payments as low a $1 per month
- Back Taxes Reduction Services.