Would you use a debt settlement company? Have you ever used one in the past to settle your credit card debt?

Do you hear me screaming NOOOOOO! Several states have started to investigate these companies that claim to settle your credit card debit ion 3 years. The one I used initial "fee" was over 75% of my monthly payment.

They did not contact my creditors. Their stategy was to have all my balances go into the debt collection system. At the end of 3 years, I stiil had over "half" my debt still on the books.

If you want to pay-off your credit card debt, contact your local consumer credit agency. For a nominal fee per month, they will work with your creditors and establish a payback program. Check out any debt relief company you are considering at the website below.

And do a web search for the company you are considering - and read the horror stories!

" There are so many different types of debt help available it is sometimes hard to know which one will be best for you. Debt settlement, also known as debt arbitration or debt negotiation, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Debt settlement is becoming the most effective solution for many consumers.

It is most valuable if you have more debt than can be paid off in two to three years, or if you are experiencing financial hardship that is causing you to fall behind on monthly payments. Depending on the type of debt you have, most cases are settled for approximately fifty cents on the dollar. Creditors often choose to settle debts rather than run the risk of you filing for a declaration of bankruptcy.

Debt Settlement or Bankruptcy? In the case of Chapter 7 bankruptcy, assets are liquidated and the debt remaining after the dispersal of funds may be dismissed. Creditors may receive nothing on their outstanding debt.

In Chapter 13 a payment plan is set up by a court appointed trustee to fulfill financial obligations. The court provides legal protection against further action by creditors. Bankruptcy provides debt help, but it also affects credit scores for up to ten years, and may be taken into consideration during the hiring process.

If the bulk of your debt is in the form of unsecured loans, you are a good candidate for Debt Settlement. What Is the Downside of Debt Settlement? This type of debt help will adversely affect your credit score, but if you are already late on payments, it may not matter.

All programs affect credit ratings. However, they are not affected as significantly as they are with bankruptcy. When the debt is settled and the negotiated amount paid in full, credit scores usually rebound.

The IRS considers forgiven debt as income, and as a result, it is taxable. This tax liability may be waived if insolvency can be proven.An accountant will be able to provide detailed information as it most closely relates to your situation. What Questions Should I Ask A Debt Settlement Company?

Before engaging a Debt Settlement company, ask questions to make sure they are fully accredited, licensed and compliant with the appropriate best practice standards. Ask how long they have been in business and how much debt they have settled. There are many companies offering debt help that look and sound professional.

But upon closer inspection, you find that their agents are sales representatives with no settlement experience. Once enrolled in a program, the settlement company will help negotiate a settlement on your behalf. Debtmerica's Debt Settlement Program At Debtmerica Relief, we customize a Debt Settlement program for each of our clients and set up one low monthly payment that fits within their budget.

This payment is frequently as low as half of their combined current payments. Our debt negotiation services will handle all of the work, while you only have to set aside the affordable monthly payment. Our solution makes it a priority to minimize creditor calls, which allows you to begin focusing on what is truly important - financial freedom and the life you want.

For more information on Debt Settlement procedures, please speak to your certified debt specialist at Debtmerica.

Credit Card Debt Settlement is a very real option if you decide to settle for credit card debt relief. You can do it and it is happening every day. And you can do this yourself.

I will show you how. Credit card debt forgiveness isn't and shouldn't be viewed as a free ride because it's going to cost you plenty. Yes, you may settle for cents on the dollar, even pennies on the dollar in some cases, but it isn't over yet.

The emotional, psychological and financial burden can be a lot to handle. For More Information visit iwmc-group.com.

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