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The Pros And Cons Of Ringing Debt Of Your Life With Debt Settlement Programs
Lindy McRamsey
Credit cards are a convenient source of funds, which, unfortunately, also makes it harder to stick to your budget and resist impromptu spending sprees. Sometimes, there are subtle minimum balance payment hikes, and you get unpleasantly surprised to find out that you now have to pay at least 4 percent of the principal outstanding instead of 2 percent. Soon, you find yourself deep in credit card debt. One way to handle this is through a credit card settlement.
There are other options -- filing for bankruptcy, using a Consumer Credit Counseling Service (CCCS), getting a Consolidation loan, doing nothing (especially if unemployed and there are no assets for creditors to pursue), to name a few. Before making a decision, however, you must be aware of the advantages and disadvantages. Before settling credit card debt, the following pros and cons should be considered:
Depending on how well negotiations with your creditors go, can be reduced up to 40-60 percent with a settlement program. There is no need to file for bankruptcy, which stays in your credit report for up to 10 years. There is also no need to get a loan to pay off debts.
Payment is simple -- just deposit a single monthly payment to a trust account set up by the settlement company. After negotiations, the accumulated amount is used to pay off creditors. This way, you don’t worry about different interest rates and multiple creditors.
Creditors are less likely to file a lawsuit if you are in a settlement program. Negotiations could also include elimination or minimizing extra charges such as late payment fees. Unfair collection practices and harassing collection calls can also be avoided if a settlement program is in place.
Your credit score will still be affected. Late payments or charge-offs and a “Settled” account status on your credit report can lower your credit rating. Unless negotiated with creditors, the account status on your credit report will be “Settled” instead of “Paid in full”.
Negotiations may drag on, and in the meantime, your credit card increases. If it takes more than 18-24 months to agree on a settlement, bankruptcy might be a better option. The chances of accomplishing one’s settlement objectives become lesser the longer it takes to reach an agreement with creditors.
Given the pros and cons above, the settlement option is obviously not a perfect solution to credit card debt. A settlement program provides a quick way out of debt, but could cost you your credit rating. However, if you are willing to take a chance and accept the potential drawbacks, then settlement could be the best option for you.
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