Is Debt Settlement Solution A Best Option?


by Timelinedebt - Date: 2010-07-03 - Word Count: 289 Share This!

Are you looking for debt relief options which can improve your financial position? Why don't you consider debt settlement solutions as your debt relief option? You may get debt relief from debt settlement solutions within 4-7 years by reducing the debts up to 60 % by negotiating with the creditors.

There are many other options which are available with the borrowers but it is important to understand the consequences before choosing an option to become debt-free. Below are other alternatives of debt relief options and their possible time to become debt free as well as their impact on the credit report of the borrower:

1. Debt Consolidation: The borrower can ask the creditor to consolidate the debt into a big loan. So, in such a case, the borrower has to make a single payment towards debt payments. It may take from 4-7 years to become debt-free and this activity will be noted on the credit report of the borrower.

2. Bankruptcy: Bankruptcy can be an easy option to become debt free but it leaves a negative impact on the credit report. The borrower who has filed bankruptcy as a debt relief option will not be able to take the credit for almost 10 years.

3. Credit Counseling: You may get counseling to repair your credit but you need negotiation skills and techniques to be able to make a best deal with the creditor for paying off the debts in a time period.

So, the option is yours! Whether to choose an option which can leaves a negative impact on your credit report or for a solution that can settle your accounts with the creditors by re-negotiating a deal to pay-off the outstanding debts.

Make a decision which can relieve you from stress and also from your unsecured debts!

Related Tags: debt management companies, debt settlement programs

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