Due to monetary crisis in economy, many individuals are going through the pain of credit card debt. People usually use credit card in order to get along with their financial and living needs easily. When the financial condition of economy was good and stable, people did not face any problem in paying the bills but the hit of recession has turned down the whole scenario. The rise in unemployment level has forced the people to fail in paying back to their lenders. In order to bring some relief to people who are caught in credit card debt, the federal government introduced the methods of debt settlement and bankruptcy in market. These both methods have their own negative and positive aspects. The given writing material will help out a person in understanding that out of the two relief options, which makes more financial sense.
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The process of bankruptcy is in market for a long period of time while the process of debt settlement is the new approach for credit card debt relief. Bankruptcy holds many legal tests and other official documentations, while in case of debt settlement only certain tests and little official paper works are involved. Bankruptcy is considered as expensive way for the elimination of debt because the legal attorneys and lawyers charge high amount of fees in return of their services. In case of debt settlement the negotiation companies charge very affordable and minimum amount of fees. The new laws have legally bound the companies to take fees after delivering the services properly.
Bankruptcy brings extreme negative impacts on the fiscal life of a person. In fact it is true to say that it basically makes the person paralyze financially. The dark spots that emerge on credit report due to bankruptcy will stay on it for the next seven to ten years and in between this time a person will remain in-eligible to avail any facility offered by banks and other financial institutions. Settlement deals also bring bad impact on the credit report of a person but this impact is for only short period of time and once the he pays back all liabilities, the bad impact will move away automatically.
Getting relief in credit card by debt by debt settlement process makes more financial sense because in this way a person is able to get maximum reduction in minimum possible time.
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