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Debt Settlement, Consolidation, Or Bankruptcy - Which Debt Relief Tactic is Best For You?
By: john fraizer
Let us make one thing very clear. Bankruptcy is not a debt relief option; particularly so when you compare bankruptcy with debt settlement or consolidation. Settlement and consolidation give you a chance of a repayment of your debt and improvement of your finances. Bankruptcy is like a rebirth.
Your old record is wiped clean and you are asking to start all over again. Of course, lenders are going to hate you for filing for bankruptcy and this will be evident from your credit history. You will have to include the mention of bankruptcy in your history for the next ten years.
Further,[link widoczny dla zalogowanych], you will have to agree in affirmative every time you are asked whether you file for bankruptcy in the past or not. If nothing else works,[link widoczny dla zalogowanych], go in for bankruptcy. Until then, it is time to check out other solutions like settlement and consolidation.
A depth consolidation deal works by using your high credit score to get a high amount unsecured loan which will then be used to repay all your existing debts. That is to say, you go in for a fifty thousand dollar unsecured loan from a single lender and use it to repave credit card debts worth sixty thousand owed to multiple credit card companies.
You will secure a discount of ten thousand dollars by making lump sum repayment. Going in for a low interest loan will increase your chances of repaying your debts in time. If you are not earning sufficient income or if you do not have a high credit score, you can be rest assured that this option will not work.
A debt settlement deal involves negotiation with your lenders to arrive at a mutually beneficial solution. You seek a discount ranging from fifty to seventy percent of the total amount owed. You request another fifteen to eighteen months to repay the balance amount. You request the credit card company to stop putting pressure on you. You promise to deposit the money in the escrow account in a prompt manner.
In exchange of all this,[link widoczny dla zalogowanych], you promise to repay the balance amount and not file for bankruptcy. Further, you promise to become a good borrower so that the credit card company may actually gain by helping you out.
Depending upon your financial condition, you should choose the right the financial option. If nothing else works, then and only then should you think of bankruptcy. This is because bankruptcy offers no other benefits except for the fact that it helps you avoid the repayment of the loan by getting a legal discharge.
If you are over $10,[link widoczny dla zalogowanych],000 in unsecured debt it would be wise to contact a debt settlement company while conditions are so favorable. A legitimate debt settlement company will be able to eliminate 60% of your unsecured debt on average. There are now online services that will compare debt settlement companies for consumers and provide a top performing company in their area. To locate a top performing debt settlement company in your area check out the link below. Free Debt Advice
contact us for free debt advice= 8884442820
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