Debt settlement is a great service that allows consumers to pay off their debts for less than the amount they owe. It's a great alternative for anyone considering to file for bankruptcy. The basic process of debt settlement is you send out monthly payments to a debt settlement company. All your funds are placed in an escrow account until you save enough to make an appropriate settlement offer. Often times debt settlement companies can negotiate your debts as high as 40% of the balance. The creditor's main incentive for settling debts is they can obtain money that would have otherwise been lost if the debtor filed for bankruptcy. It's even more cost effective for them to settle a debt with you then to sell your debt to a third party collection agency. Often times collection agencies will purchase your debt for under 10 cents on the dollar.
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Your creditors are not looking out for your best interest when negotiating with you. It's all about numbers and the bottom line, the quicker you understand this the better off you will be. If you are not familiar with the complicated debt settlement process it's a good idea to enlist the services of a professional. As you can see settling debts with your creditors can save you a lot of money. Consumers who owe more money than they can possibly repay to creditors should consider settling their debts. It can save your credit score by avoiding bankruptcy (which everyone knows can ruin your credit score for many years.) Many consumers who are in debt today feel that using a reputable debt settlement company is vital to ensure them financial freedom in the future. If you do the math on your "minimum" monthly payments for your credit cards, in some cases you can be paying for 30 years or more and more in interest than the original debt was. It's important to become an educated consumer and understand the best ways to get yourself out of debt. There are too many fly by night companies out there that are just looking to make a quick buck on vulnerable consumers. It's important to do your research and find a legitimate company that will work on your behalf. Retaining the services of an attorney is an excellent approach. Attorney's [http://www.creditlawgroup.com] are familiar with your states laws and most will not risk losing their license to practice law from ripping off consumers.
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