People who have lost their jobs or the ones with low income are finding it more and more difficult to repay their credit card bills. This non payment of bills increases the balance with every passing day. As a result the debt becomes so massive that looking out for debt relief options becomes a must.
The two most common debt relief options that people go for are bankruptcy and debt settlement. But before you opt for either of the options the pros and cons should be carefully evaluated.
Bankruptcy provides us a temporary relief from debts. However, the after effects are more disastrous and long lasting. Very soon you will see the effect of bankruptcy in the form of a low credit score. We all need the help of banks and other financial institutions for business as well as our daily needs. With a low credit score we might find it difficult to get this help. What you need to remember is that it might take more than 7 years to come improve this bad credit score.
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You must also keep in mind the huge amount of paper work involved along with a huge fees charged by lawyers.
Debt settlement is a better debt relief option. The settlement companies can suggest you different settlement programs according to your financial condition. Many settlement programs can get you a relief of up to 60% of the total outstanding amount. In case you are unable to pay off the remaining 40% in one go, you can always make that payment in easy instalments. Don't you think getting 60% of your debts knocked off is a really good option. Debt settlement options do not hit your credit scoring as badly as bankruptcy.
A lot of people are getting rid of their financial problems with the help of these settlement companies. You should consider it too.
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