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Fri, Jul 31st - 3:05AM

Debt Settlement and Elimination Basics

Debt elimination programs and facilities provide the assured way out to erase your outstanding debts. Many financial institutions provide programs which cater to this, and majority of them claim total debt elimination as a commitment. However, this isn’t true. There’s a certain limit to which debt elimination is possible and creditors don’t allow “total” Debt settlement programs you file for bankruptcy.

 

The first thing to know about debt elimination programs is that there are hundreds of “debt” companies claiming to be “effective”, and visiting their portals often present an impression of “being professional”. Such companies claim to be “working” for you and “guarantee” debt elimination by 100% or “significantly reduce your debts”. And these companies claim elimination of all kinds of debts - credit card debt elimination, bill consolidation, vehicle debts elimination etc. There’s a program available “out there” and it’s “right” or “perfect” for you. People tend to read and believe things. However when they actually avail the facilities, they find out exactly what’s in the program and how effective it can be.

"Freedom from Debt is Our Your Right."

The fact is debt elimination programs and debt consolidation program fundamentally help to lower your monthly payments since they include a negotiating activity in which you’re representative convinces your creditor to “reduce” the interest amount and allow a new monthly payment plan which is adjusted to suit your monthly earnings and paying capacity. The programs do help to get you out of debt faster than you might otherwise expect. If you have multiple “borrowings” or many loans simultaneously “underway”, it’s recommended to consolidate your debts in order to avail a better interest rate. This could help you to pay substantially less than what you might otherwise end up paying in reality. The longer it takes to pay off your debt, the more you end up paying in terms of interest for the debt. Credit Card Debt Elimination programs cater to this aspect and makes sure you’re outstanding amount is redeemed quicker so you pay less.

A debt elimination program is a sure way out to erase your debts, but it’s got to be done in the “right” way and with the “right” kind of company.

The basic advantages of debt management programs include:
  • Reduce your debts without filing for bankruptcy

  • Stop harassment phone calls from your creditors

  • Prevent collection agencies and recovery agents from hounding you
 
  • Get legal advise if you are sued by your creditors

  • Restore and repair your credit

 


Debt elimination programs need to carefully chosen since different companies offer different facilities, and their efficiency in reducing your debts also wary. A debt relief options be your answer, your way out, but it’s important to be wary before you actually avail it so you don’t suffer from pitfalls. That’s what this article is all about.

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Comment (2)


Mon, Jul 27th - 11:54PM

Debt Bill Consolidation or Debt Settlement- What to choose

 

Debt Consolidation Vs Debt Settlement

Very few Individuals facing debt issues know about Debt Settlement and debt consolidation services, and the advantages offered by them. The basic idea is to use the “standard”; method and continue with the current state of affairs - by just “working more”, trying to generate more cash by the month end, and if nothing works then “hope for the best”. Rather than using this approach, there are other alternatives available. Debt settlement as well as Debt Bill consolidation programs offers facilities which can help you find a way out of your financial issues.

 What is debt settlement?

The debt settlement companies arbitrator bargains with your creditor and convinces your creditor to waive some of your “defaulted” amount. As a result your net payable loan amount gets reduced. The mediator also bargains for a fresh monthly payment schedule and explains the importance of reducing the monthly installment amount which would facilitate the debtor to make effective payments without defaulting.

 What is debt consolidation?

The debt expert works out the total payable interest associated with your currently existing loans and your net payable loan amount at the time of Eliminating Debt i.e. when you pay the last installment of your last loan. On the basis of the figures, the expert works out a new plan which combines all your existing loans into one big loan. The loan has a lower rate of interest as well as a new repayment plan.

To Resolve Your Debt...

 Choosing the right option

Both debt settlement and debt consolidation have unique features. To simplify the comparison, the best way would be to work out a “list” of your debt related issues on paper, and match that list against the debt settlement features as well as debt consolidation programs features. The option offering more common points could be the correct option. Individuals have a unique set of issues and problems, even though the issues might appear to be the “same” or look “common” at a first glance. However, differences do exist and the debtor would be the best judge to decide.

Other option would be to avail free services offered for debt relief and debt consolidation issues by the company experts, and let the experts study your case and advice you about the right option to take.


Comment (3)


Mon, Jul 27th - 11:38PM

Welcome to Your New Blog!
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