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Advantages Of Debt Settlement

Aug 17, 2007
As you prolong paying off your debts, the interest rates rise, the debts begin accumulating and they seem to be never diminishing. During such a situation people become desperate and consider filing for bankruptcy. However before plunging into this, debt settlement may prove to be very beneficial. This helps you to decrease the rising interest rates, reduce the debts by around 65%, pay off your debts and thereby avoid bankruptcy. Below are ten reasons that that state why debt solution could be your best solution:

1. You can save a lot of money thereby reducing your debt by half.
Only debt settlement makes saving money possible. Other debt solutions like debt consolidation and debt counseling will help you pay the debts but increase the costs due to the extended payment plans.

2. Debts can be paid off within 6 to 36 months and you can start building your wealth again. Debt solutions like debt consolidation extend the payment period by about 20 to 30 years. As you continue to pay off the debts all these years the amount saved will be hardly anything.

3. Your Destiny is in your hands. In debt settlements you can negotiate and formulate a plan that is ideal for you and meets your requirements. You can settle on the amount you wish to pay and the period for which you would like to pay.

4. Guaranteed privacy. Here your information is safeguarded. If you file for bankruptcy, your information is made public. This can now be accessed by anyone online.

5. No social stigma. People filing for bankruptcy are looked down upon in society. They are considered to be poor money managers and people who have no control over their expenditure. This could lead to depression and lower the self confidence of the person. Debt settlement gives you a feeling that you are yet in charge and are taking care of your responsibilities.

6. Flexible payments. If your income undergoes variations each month, you can vary the debt payments too. This is the only debt solution with such a facility. Debt consolidation, counseling, etc have rigid payment procedures. You cannot afford to vary your payments.

7. The debt settlement company handles the paper work. Here, it is the responsibility of the company to negotiate and fix terms with the creditors and assist you in formulating your payment scheme. If you file for bankruptcy al the paperwork, handling the court proceedings, etc becomes your problem. You could hire a lawyer but you will have to pay his fees in spite of your poor financial condition.

8. Your wealth increases immediately. As this solution gets rid of the debt within half a year, you could then deposit your savings in the bank and begin expanding your wealth. Here, the increasing interest rates do not drain your hard earned money.

9. Choice with accounts. The tremendous flexibility with the debt settlement plans will enable you to determine the accounts that you would prefer to close and those you would prefer to remain open. You ca yet use the open accounts.

10. No late penalties and years of interest. With debt solutions you do not have to bother about paying a penalty if the payment is late or paying the interest for years and coping wit the increasing rates.
About the Author
Jay Moncliff is the originator of http://attorneycollectiondebtdeals.debtrelief2000.info ; a website specialized on debt management service , resources and articles. More info on debt management service , counseling credit debt at: counseling credit debt .
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