Do you really want to lower your credit card bills? Fortunately, now you have many methods for bringing this dream to reality. In order to help people out from misery pool of debts, the federal government has launched many credit card debt relief methods in market among which debt settlement and bankruptcy are most commonly adopted. In this particular article, you will get the information about the pros and cons of each method in details. In the end you will get an idea that either bankruptcy or debt settlement, which is the wise option to select.
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If you want to lower your credit card bills via bankruptcy then it is advisable that you should think twice before you actually file the case. The reason for this is that bankruptcy holds many negative points. The major negative aspect of filing for bankruptcy is that it makes your credit ranking bad and due to which you will not be able to borrow loans from banks for the next many years. Apart from this, another drawback of bankruptcy is that, you might lose your property and other valuable assets. The process is time taking as many legal tests and other formalities are involved in it. It is also expensive as the legal lawyers charge high amount of fees in return of their services. The lenders are also on the situation of loss in case of bankruptcy because this process is a total loss to them and they are not able to recover their money from debtors.
Debt settlement is the best method, if you really want to lower your credit card bills in no time. This process does not require any legal formalities. Besides this, the process is less time taking. Best thing about debt settlement process is that the negotiation firms charge minimum and affordable amount of fees in return of their services. The new laws have bound the companies to take the fees only after delivering the services properly to the consumers. Credit ranking gets negative impact in settlement deals as well but this impact is only for short period of time and once you pay off all your debts, you can avail the facilities provided by banks easily. Your property and other valuable assets are not in danger in case of debt settlement. Lenders are also encouraging settlement deals because in this way they can recover their money easily.
From the above mentioned facts, one can easily conclude that debt settlement is the right method to adopt for the elimination of unsecured debts. This method is more convenient as compared to bankruptcy.
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