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debt settlement option

Which Debt Settlement Option Works Best For You

By: Michael Millington


There are many ways to relieve your debt should you need to. When debt gets out of hand, knowing the best way to help yourself can be key. From the advice of credit counseling to the elimination powers of bankruptcy, many debt relief options exist to cater to your individual needs. Debt settlement is one option that can help with your unsecured debts, but there is more than one way to achieve debt settlement. You can either settle your debts through a third party company or you can settle them on your own. Here we will discuss each alternative and which debt settlement option can work best for you.

The Debt Settlement Option Breakdown

Using Debt Settlement Companies

Having multiple, large and unsecured debts can be a daunting task to undertake when it comes to debt settlement. For many, the use of a debt settlement company can provide a welcome barrier between them and their creditors. Debt settlement companies can negotiate on your behalf to help lower your debts. This can, in turn, allow you to focus on your debt settlement program while avoiding the detriments of past due debt (like collection calls and notices). If you intend to use a third party to help settle your debts then they will most likely charge you for their services. However, you will never be charged upfront fees by a reputable settlement company.

A debt settlement company might be best suited for someone that has a lot debt through multiple sources. The ability to organize your debts is not unique, but the more debts you turn over to a program the faster you can count yourself among the debt free. Debt freedom can even be achieved faster than if you attempted to pay it on your own. The only detriment you may run across is waiting to have your debts taken care of.

Settling Debt On Your Own

It’s entirely possible to settle your debt on your own. Reaching out to your credit providers can initiate debt settlement if you ask. However, if you have a problem dealing with your creditors, a one on one confrontation might not be the best debt settlement option. Even though it might be a bit scary to speak to the people who you owe, they want to settle your debts almost as much as you do. No lender is obligated to help you settle your debt (or accept a settlement offer from a third party). However, the reason that many do settle debts is because they fear the alternative: bankruptcy.

If you’re a bit more knowledgeable about your debts, settling your own debts can be a fruitful endeavor. You will have to be organized in what you relay to your creditors, keeping a log of your conversations and any written correspondence can help to keep creditors honest. This can become confusing at times hence the need for a third party to handle such matters. Should you have need for such assistance, be sure to research and contact a debt specialist today.

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