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Debt Relief Program - Would You Take A Lower Credit Score To Eliminate Credit Card Debt?
Erik Stump
You cannot consider it a gamble, to decide whether to declare bankrupt or to eliminate debt. The answer would definitely be the latter. Lower credit score would be a major disadvantage associated with settlement but it would be temporary, you can always work on improving your scores. What's more important is to get rid of the debt, settle it and start afresh. The economy underwent a major turbulence due to this recession. The lenders and the borrowers are affected equally. It would not be a bad move for credit card companies as well as the borrowers to negotiate and settle the debt. The debtors are willing to pay the amount but due to lack of means, unable to do so. The credit lenders are in no good state, and recovering anything is better than nothing, so they have agreed to waive the amount. Also the government's federal stimulus package has tried to leverage the economic condition of the loss making organization, credit card companies being the key players.
It's advised to refer the relief network to work out on solutions of settlement. They study your total debt, your spending or payment capacity and chalk out a plan how long would it take to settle the debt. Now keeping the current economic condition, normally it would take you 20-30 years to repay the loan, so the relief agency negotiate with credit lenders on the amount, and settle it for something less. Depending on how efficiently the negotiation has been done, you will get a waiver on the debt. If you owe more than $10000, you can avail a waiver of up to 60 percent and thus be able to pay the in 2-3 years. This might lower your credit score, but is certainly a better choice than declaring bankrupt which would have closed all avenues of living for you.
It would be wise to not go directly to a settlement company but rather first visit a relief network. The top relief networks only allow settlement companies into their accredited organizations that prove a track record of successfully negotiating debts and have also been certified. They are free to use and offer helpful relief advice.
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