Debt Settlement - What the Heck is it Anyway?

So you couldn't sleep again last night. Yesterday you woke up to the sound of your radio alarm clock. After finally arriving in the ever so special REM sleep mode at about 4:00 am, you're awakened from your slumber by your clock radio alarm system. It's only 6:00 am and you instinctively feel for the snooze button. Just ten more minutes is all you ask. After all, you were up all night stressing about money again. You hear the radio station's news man announce that gas had gone up another two cents over night. That's a county average of $4.49 per gallon. That's 30 cents more than just eight days ago.

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Times are getting tough financially. A couple years ago, you could just refinance your house and clear up all your credit card debt and get a lower rate on your home loan all at once. That's not going to happen now. After all, that's what helped lead the U.S. into the current state of economy and the great credit crunch of 2008. Home loans are hard to come by. If you qualify, will your appraisal be high enough to justify the loan? If it is, but you owe more than 80% of the appraisal, will you be able to get PMI or a second mortgage? It's at the point where that is highly unlikely. So, you've considered bankruptcy. That takes a heavy toll on your credit AND it's there for 10 years. Are there any other options? There sure is. It's debt settlement. What the heck is it anyway?

Here's the short, but sweet version. Debt settlement is an alternative to bankruptcy. It's a way out and it's also a way to lower your monthly payments by about 50 percent. It will have an impact on your credit (because you'll have some late payments on your credit report), but not nearly as bad as a bankruptcy. The better companies (or the only companies one should consider to help with debt relief) offer guaranties. They'll normally guaranty that they'll cut your debt by at least 40 percent or more, but the best ones guaranty at least 50 percent. It's a way to be completely debt free in as little as 12-48 months (you choose).

Think about it, you can be free of credit card debt in 48 months, lower your payments by about 50 percent AND you won't have the 10 year scar left by a bankruptcy. All you have to do is fill out a little bit of paper work and then the rest is handled by attorneys. The BEST part is that there is no up front fees to be paid. That's unheard of in the realm of hiring an attorney. If you're tired of staying up at night due to financial stress and have been considering bankruptcy, try debt settlement instead. It's a much better alternative to bankruptcy and you're credit will improve much more quickly than if you do complete a bankruptcy.

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