Debt is a part of life and a controlled amount of debt makes your life easier, however too much loan can make life difficult to enjoy. There are two potential solutions to resolve your problem these include filing for bankruptcy or using a settlement company. Before you opt either, you must know the pros and cons of using a settlement company versus filing for bankruptcy to help overcome your financial woes.
You need to find out if debt settlement is suitable for you. The best way is to find out if your current income can support your debt payment. Let's say your salary is just sufficient to meet your monthly expenses like utilities, gas, household expenses etc then debt settlement is not a good option for you. However, if your monthly income exceeds your monthly expenses then settlement will be helpful for you.
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Another thing to check is your eligibility for settlement program. If your unsecured debt is more than ten thousand dollars then you can avail settlement to get 40% to 60% of your debt eliminated through negotiations with the credit card company. In case your debt amount is a little less than ten thousand dollars then a couple of missed payments can help you hit the mark. But you must always compare the trade off.
It is better to settle for a settlement company which is endorsed by some reputed pre-consumer group with a reasonable debt settlement fee. The charges of a lawyer to file for bankruptcy is high and a settlement company charging such high rates will beat the purpose of opting for this option.
A settlement stays on your credit report for seven years at worst but a bankruptcy ill stay for a minimum for 10 years.
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