Consumer Debt Relief - How to Capitalize and Eliminate Unsecured Debt |
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By: Lisa Archer-Jones Posted: 2010-07-12 07:59:28 |
| Most people nowadays are looking for loopholes that will allow them to get some of their debt cleared. The most popular thing is debt settlement and this option is also the one supported by the government. Make sure that you are eligible for debt settlement before you proceed. You need to have unsecured debt and it has to be bigger than ten thousand dollars, this is the only requirement but if you don't meet it you are not eligible for it.You also need to hire good legitimate company to take care of your case, which can be really difficult if you don't know anyone. However, there are many places where you can find good companies, like Debt Settlement Networks. There are a lot of companies on those networks and you can also get advice and information about different types of debt relief. Remember to always check out all the options before making any decision regarding your debt. Sometimes the first option is not the right one and you can find out later that another option was better for your situation. You shouldn't be reckless with your finances and damage them even more.Let's say that you have credit card debt, which is unsecured debt and that debt is more than ten thousand dollars. You need to contact a company and hire them, then the company will contact your creditor and tell them that you have opted for a debt relief program. The client and the company will arrange meetings where they will negotiate your debt. You will participate at these meetings, but you don't have to do nothing, your company will handle everything. After that you need to decide how to pay your debt, lump sum or installments. Then, the process is over and you can go home and be a debt free man if you choose to pay it in a lump sum or you can start paying on the installments until you clear it.Debt settlement is very easy to understand once somebody explains why everything happens and how you get the money for the reduction. Most people think this is some kind of illegal method to clear your debt, not knowing that it is supported by the government.Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. |
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