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Is Debt Settlement the Right Debt Remedy for You?
12/17/2008 - By Admin With the recent recession in the U.S. economy American families are often finding themselves in challenging, if not dire financial straits. Financial obligations like home and vehicle payments inarguably must take precedence over unsecured debts like credit cards, and gas cards and even student loan payments. It is a vicious cycle as missed or delinquent payments to unsecured creditors only lead to harassing collection calls, ridiculously high interest rates being assessed on outstanding balances, and over the limit and late payment fees. The financial pressure mounts and it seems as if living debt free is a dream that will never be realized by the average, hard working American family.
If you find yourself in this financial dilemma of deciding who to pay, if you can even make the minimum monthly payments, and then how to make ends meet for the week in your household budget, perhaps it is time to explore a debt remedy solution that can improve your future financial outlook. Debt settlement is a credit card debt reduction method, that ultimately can help you realize that dream of living debt free and enjoying your life as you should be! However, there are both advantages and disadvantages when you are involved in a debt settlement program (often referred to as credit card debt negotiation). It is critical you do your homework thoroughly and equip yourself with all available information before making such an important financial decision. Debt negotiation may be right for you and your family, but it also may not be best suited as your debt remedy of choice. Below is a quick summary to assist you in your evaluation of debt settlements advantages.
Debt settlement isnt just for credit card debts. You can contract medical and hospital bills and even the deficiency balances on auto repossessions. Most unsecured debts will qualify.
Debt negotiation programs are generally more flexible with your monthly payment amounts giving you much needed relief from the financial burden you have been under.
You may be able to save thousands of dollars in the long term when compared to other debt reduction methods like consumer credit counseling programs or debt consolidation loans.
Entering a debt settlement program with an experienced and reputable firm should help reduce the number of harassing creditor calls you have been receiving.
You may be able to pay off your debt in a fraction of the time, allowing you to start rebuilding your credit even sooner than you had hoped, and reaching that dream of debt free living.
You will not have to file bankruptcy which saves your credit score from being severely damaged for years to come; 10 years in fact.
This isnt to say there arent a few negative aspects involved in selecting debt settlement as your debt remedy of choice. Remember that if something sounds too good to be true, it probably is. There are always consequences to our actions and walking away scot free with a gleaming credit report really is too good to be true. Summarized below are a few of the disadvantages of entering into a debt negotiation program. Further research is always advisable as this information is just meant to be a brief recap.
Once your debts are settled they might be reported to the credit bureaus as settled rather than paid in full. That credit report remark does tell future lending institutions that you did not pay your full balance due.
Your credit accounts are automatically closed by your creditor once they are settled. This amounts to a far less desirable rating than closing your accounts yourself.
Keep in mind that some of your current creditors will never issue you an account again regardless of your credit report score appears in the future.
Whatever amount of money you save from your negotiated debts (the forgiven portion) is in fact reported as taxable income to the Internal Revenue Service. You would need to paln accordingly to insure you can handle the upcoming IRS tax liability related to the settled debts.
In most cases, late fees and interest will continue to accumulate increasing the total amount due on your accounts. You could end up with an even greater debt problem than you started with, particularly if for some reason you are not able to stay on track with the debt settlement program designed for you.
Debt settlement is definitely growing in popularity as a desirable debt remedy solution. It provides many tangible benefits to individuals who have been struggling with heavy financial burdens over long periods of time. It does offer the hope of living debt free as a future way of life. But remember that a debt negotiation program takes commitment and dedication in order for it to be effective and successful. Always thoroughly research the benefits and risks of embarking upon a new financial commitment before you begin.
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