One monthly payment in debt settlement
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One monthly payment in debt settlement

When coming to the realization that you are no longer able to pay your debts it is time to find a game plan that will best suit the needs of both you and your family. Ignoring the debt is not an option; this will only set one up for further problems in the future. This is a very stressful time for anyone to deal with, but knowing that there is solutions out there will help give each individual the peace of mind that they deserve. Changes are when one first accumulating this debt they had no idea that they would be in the situation that they are in. It happens to the best of us and is very important to know that they are not alone.

having one monthly payment in settlement

There are many reasons why one missed payments or cannot financially pay their bills. Economical reasons, loss of job or a cut in pay. None of these reasons matter, what matters is that there is something that can be done to assist those who need the help. Most people do not know that there are many debt servicing programs out there that can assist them. Consumers cringe when thinking of bankruptcy but feels that is the only way out. This is simply not true regardless of the situation that they are in there are debt programs out there that can assist these consumer before entering bankruptcy.

Bankruptcy is a very final decision that should never be taken lightly. Bankruptcy is very public and detrimental to ones financial health. Once bankruptcy has been filed the consumer is locked into a negative credit hit that stays with them for 7 to 10 years period. If one happens to get back into a better financial light and wants to pay off the debts it will still show on their credit for 7 to 10 years. Weighing option before jumping into the bankruptcy pool will be a more responsible way to approach the situation. If one has already fallen behind on the debts changes are they will not be able to catch up due to interest rates and other fees.

The debt settlement program is very beneficial to those consumers who have fallen behind or are in collections. Unlike bankruptcy or elimination consumers are able to clear their credit after the debts are paid. Debt settlement programs are structured to assist consumers with the debts while giving them a chance to pay their debts without destroying their financial futures. When doing the debt settlement program the consumers debts are settled to a lower amount. Usually consumers will have to come up with the settled amount up front, but not in the settlement program. Debt settlement will give the consumer a low payment on the settled debts. The debts are also consolidated into one payment so the consumer will have one payment once a month. This makes it more manageable for the consumer.

Consumers should look at debt settlement as a temporary set back. Unlike bankruptcy settlement give the consumer hope for a clear financial future. When doing the debt settlement program consumers are done paying their debt anywhere from 12 to 48 months. Interests are usually dropped making it possible to pay the debts off sooner than expected. Having a reputable company on your side will make the transition a lot more manageable and rewarding.

 

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