According to an economic survey more than 80% of the America population is suffering from the burden of credit card debt. The previous fiscal year was not at all financial friendly for the citizens as majority of people lost their jobs and some of them experienced the problem of decline in the wage rates. This thing has really made people fiscally unstable and that is the reason why majority of citizens have started experiencing the problem of massive unsecured liabilities. In order to overcome this problem of citizens, the government of America has launched the option of bankruptcy and debt settlement in the markets.
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These two are considered as the most commonly adopt remedies for the elimination of credit card debt. Both these options are legal and work under the full confidence and support of the federal administrators. If you are confused about the selection between bankruptcy and debt settlement then you must read this article as you will get a clear idea that which method can bring maximum benefits for you.
Bankruptcy is the traditional way for the elimination of credit card debts while debt settlement is a modern approach. In bankruptcy, the court has the right on your personal assets and other valuable things while in case of debt settlement no such rights are given to the court. The process of filing bankruptcy is time taking and long as you have to pass many legal formalities and other official documentations. The process of debt settlement does not require much paper work and legal formalities. Credit card debt reduction via bankruptcy is expensive because the legal lawyers charge high amount of fees in return of their services. On the other hand, the settlement firms charge minimum and affordable amount of fees from their clients. In fact the new laws of settlement have now bound the companies to take the fees only after they successfully settle the amount of their customer's debts.
The process of bankruptcy is also not good from lenders' point of view and that is why they discourage this process. The lenders are willing for settlement deals as they want their clients to go bankruptcy.
Debt settlement is the best option for credit card debt reduction because it is the only way by which you can come out from the pool of debts in no time.
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