More often than has ever occurred in the past, a significant amount of people are finding it extremely difficult to pay all of their monthly bills and as a result, have fallen behind on their payments. When issuers of credit cards receive late payments (even by just one day) their normal policy is to raise consumers interest rates by staggering amounts, leading to additional late payments, progressive collection activity and very possibly bankruptcy.
If youre dealing with circumstances very similar to these, chances are youve looked into debt settlement, but still have some doubts regarding whether or not debt settlement is the path you should choose to become debt-free. Below are some facts regarding the process of debt settlement to assist you in making a decision about your financial predicament.
Debt Settlement (Debt Negotiation) Defined. Debt settlement is a process whereby creditors agree to accept less than the full balance owed them as payment in full. In other words, if you owe your creditor $10,000, theres a good possibility that you can settle your account for anywhere between $3,000 and $5,000, with no further balance owed.
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