Do you need debt settlement services?

Debt settlement is simply the process and approach to getting out from under your unsecured debts. When you get into a debt settlement program you should be given a two basic services — a solution to lowering your unsecured debt and help in dealing with your creditors — these two services should help get you back on the path to financial freedom.

Right now household debt is a serious issue in the United States, and in this economic climate coupled with this level of unemployment debt is crippling for many people. Once you’re deep in debt it is very easy to lose control of the situation. And if you’re unemployed, or you are using credit to cover bills and basic necessities, debt can overwhelm your personal financial situation. When you reach a point of crisis your options become somewhat limited. Debt settlement is the best choice for most people, but other options include credit counseling or even personal bankruptcy.

The key to getting on top of debt problem is, of course, recognizing the problem in the first place. Usually debt problems have many ways to reminding you, maybe multiple times a day through collection efforts, of the problem. The next step is to not go into despair or resignation and start taking action to fix your debt problems.

If you are looking to go the debt settlement route you are halfway there. Be sure to take your time and choose your debt settlement company carefully. Make sure the company doesn’t make claims unsupported by the Federal Trade Commission, take note of their questions about your debt situation and household budget, get all the details about your program and find out up front how you will be charged for the service.

Get out from under debt

Household debt is an issue in the United States, and in the current economic climate and level of unemployment it is crippling for many people.

Check out the trend line on this chart of household debt from the beginning of 1953 to the middle of this year:

US household credit market outstanding debt

Once you’re underwater it is very easy to lose control of the situation and if you’re unemployed, or you are using credit to cover bills and basic necessities, debt can take over your personal financial situation. Once you reach that point your options become somewhat limited. The most drastic step is personal bankruptcy, but there are drawbacks to that approach and personal bankruptcy underwent significant reform in 2005 making personal  bankruptcy a much more difficult process. Other choices include credit counseling and debt settlement.

If personal debt gets beyond your control, of the three options listed above seeking professional debt settlement help is the best for most people. You don’t need to repair your credit. What you do need is to reduce your personal debt to a manageable amount, get that debt paid off as quickly as possible and move forward with your personal finances.

From the link:

Debt Settlement is process and approach to becoming free of unsecured debts. The goal of a debt settlement program is to find the best solution to lower your debts, help you deal with your creditors, and get you on the road to financial freedom.

And:

A debt settlement program can help you be free of unsecured debts in as little as 2-3 years for a fraction of your original owed amount. Even better than simply saving money is that once the settlement payment is made, your accounts will be satisfied – meaning you no longer have any of your original debt outstanding.

Hit the above link for the six steps to debt reduction.