Letandrsquo;s begin by saying that debt settlement is not for just any consumer. For those who have difficulty managing their money or figuring out which bills to pay and in what priority to place them in, a debt settlement program is NOT for you. In most cases, it will do little more than elongate your situation and create additional hardship. Letandrsquo;s put it this way. If you enroll in a program that is 24 months long and you drop out in 7 months, you will likely have lost fees that youandrsquo;ve invested and be deeper in debt. Letandrsquo;s not forget that your creditors were notified that you were in a program and now theyandrsquo;ve been notified that youandrsquo;ve disappeared and donandrsquo;t intend to repay them anything. What now? If this is you, contact your local Better Business Bureau and find a reputable consumer credit counseling company to assist you with your debt situation. There is a longer term affect on your credit profile and it will take longer to correct your situation, but your goal will be achieved safely. This is your financial future weandrsquo;re talking about!
What type of consumer IS right for debt settlement? If you know how to manage your money and youandrsquo;ve always been able to pay your bills in the past, you are probably just facing a situation where you donandrsquo;t have enough money to manage any longer or for the first time you can see yourself being in that position in the near future. Am I right?
Ask yourself these simple questions. Your answers may surprise you.
Do I know how to pay my bills and manage my money?
Can I pay my bills with the income that I have currently?
Can I pay more than the minimum payment?
Do I live paycheck to paycheck?
Have I been denied credit, even though my payment history is impeccable?
Is my credit score dropping like a brick off a building because of the debt I am carrying?]
Am I besieged by credit card payments, struggling to find money for food and gas?
Am I at risk of being delinquent on my mortgage or car loan?
Can I qualify refinance the same home I qualified to purchase 2-4 years ago?
Donandrsquo;t be a victim of this economy. Investigate your options. Debt settlement may just be the way to help you avoid bankruptcy. In its most simplistic form, debt settlement is designed to hold your creditors at bay, long enough for you to save your money and conduct a business transaction with your creditors. Debt settlement is a shorter term process which allows for a reduction in balance owed, in exchange for a lump sum of money, delivered to the creditor all at one time.
Donandrsquo;t be mistaken, your creditors will tell you that they donandrsquo;t work with debt relief companies and that they donandrsquo;t settle or negotiate balances. Remember who they are. The person on the other end of that phone has a job to do and is responsible for collecting your payment. They get paid when you pay your outstanding bill. Why would they tell you about your debt settlement options or acknowledge and confirm that the option exists? It makes sense that they would make a andldquo;last standandrdquo;, but letandrsquo;s be realistic. This is the business of your financial future and you need to take back control of it.
If your debt to income ratio is through the roof, you need to take a look at debt settlement as a debt relief option. If you choose a program that is non-third party assisted, one that allows you to save your money in your own checking or savings account, your participation in that program wonandrsquo;t be reported to the credit bureaus. Pay attention, this is very important. This means that you wonandrsquo;t be announcing publically that you are in hardship, therefore your future credit profile can remain intact.
There are really only 2 requirements to do debt settlement; patience and money. If you are capable of saving money and you have the patience to work with someone over a period of months to help you eliminate your unsecured debt, debt settlement may be for you. If you want to be debt free in months and not years, debt settlement may be for you. If you need to refinance your house in 3 years and your unsecured debt load is too high, debt settlement may be for you. If you are in or approaching your retirement years and you are paying your bills with your retirement money, debt settlement may be for you.
Ask yourself the questions. Ask questions of your debt relief professional. Get your answers and then make an intelligent decision about your financial future. Happy Debt Eliminating!

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