How To Settle Your Debts For Less Than You Owe
When your finances seem to have overtaken your life and you find yourself unable to make your payments each month, before you decide to declare bankruptcy you should attempt to obtain debt settlements with each of your creditors. A debt settlement is when a creditor agrees to accept less than the total balance owed in a lump sum payment, in order to close out the account and have it reported to the credit bureaus as paid.
Many people dont even consider debt settlement an option, but you would be surprised how easy it actually is to get a creditor to settle with you if you have a history of making your payments late, or if you consistently miss your payments all together. Creditors would prefer to receive part of the money owed to them than none at all, which is what they receive if you were to file bankruptcy!
There are debt settlement companies that can help you, but in many cases, you can get your creditors to settle with you on your own. Try the following steps for obtaining a debt settlement and paying off your debt with the least amount of money and in the least amount of time.
First, determine...
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