Debt settlement is just one of the multiple
ways to climb out of debt. It is always advisable that one should go for debt
settlement when all the other options are exhausted. In other words, debt
settlement should be best considered when you’re on the verge of filing
bankruptcy. Since bankruptcy hurts your credit score for the next seven years,
you can go in for settling your debts through a Credit Repair Company. Read on to
know how you would avoid bankruptcy with credit card debt settlement.
Top 5 Tips For avoid
bankruptcy with credit card debt settlement
1. Single and
convenient monthly payment:
Debt
settlement can come as a respite for those who have become tired making
multiple payments towards multiple credit card accounts. It is a process in
which the debt consultant of the debt settlement company will negotiate with
your creditors and reduce your debt amount. In exchange of their services,
you’re required to make single monthly payments to the debt settlement company
that will be distributed among your creditors with due time.
2. Drastically
reduces debt:
Among
all the debt-relief options, debt settlement is the only option that
drastically reduces your debt amount. Though after FTC has passed a new set of
rules where debt consultants cannot make grandiose promises of reducing your
debt burden to its half, yet your debt amount reduces to a certain extent. This
may not be possible with the other debt relief options as you may extend the
term of repayment, but it will cost you more than what you owed.
3. You become
debt-free sooner:
By
settling your debts with a debt settlement company you can get rid of your debt
burden within 36 months. As your debt amount is drastically reduced, it becomes
easier for you to repay the amount in single affordable monthly payments. As
you start making your payments to the debt settlement company, you start reducing your debts
and ultimately become debt-free and avoid filing for bankruptcy.
Read More: https://www.creditrepairease.com/blog/how-to-avoid-bankruptcy-with-credit-card-debt-settlement/
Comments
Post a Comment