Harry Hedaya

Debt Relief Options from National Settlement Services

You’ve accumulated too much credit card debt and something has to give! The monthly payments are more than you can handle and you’re heading for real financial trouble! The good news is that you are not alone. Thousands of people are taking advantage of the many debt relief options available today.

But how do you know what they are and which one is the best for you? Let’s take a look.

One of the more popular debt relief options is Bankruptcy. Many people don’t feel comfortable filing bankruptcy because they would be marked for life or it would be detrimental to their career.

Keep in mind that the banks lobbied Congress and won the right to make it much more difficult to file Bankruptcy and walk away from your debts. In fact, if you have an income, it may be impossible to wipe the slate clean with bankruptcy. If you are considering this option, you will need to consult with a reputable Bankruptcy attorney.

Another option is Consumer Credit Counseling. The credit card companies learned a long time ago that some people can’t even pay their minimum payments. Rather than watch them default with no hope to recover their money, they helped tosupported the development ofing non-profit Debt Management firms where they could send their troubled clients.

There are 2 main downsidess with , this choice:

Number Number one1: Firsttheyly, t tend not to give you a break in the amount you owe, which means you end up paying back 100% of your balance.

Number Number 2: PpSecondly,pParticipating in a Credit Counseling is considered a negative item on your credit report and that many lenders see view it much like a bankruptcy when it comes time to offer you new credit.

One of the more popular options for your debt relief is called Debt Settlement. Debt settlement offers you the opportunity to do the right thing, avoid the public record of Bankruptcy, and allows you to pay LESS than you owe.

Debt settlement is an aggressive approach to debt relief where your creditors receive a smaller but equitable share of their money over time due to your financial hardship.

Debt settlement plans last anywhere from 1-4 years and allow you to set aside a small amount that you can afford into a special purpose savings account that YOU control.

As you build funds in this account, they are used to ne